Secrets To Using Credit Cards

credit card is a means of payment, the money on which belongs to the bank.

The amount of the loan amount is calculated individually. The contract provides for a period of interest-free use - 60 or 100 days.

How profitable and convenient it will be will depend on how competently the holder will dispose of the card.

The secrets of using the card are simple - just study the rules of the credit card in order to avoid unnecessary expenses. Below we will tell you in detail how to achieve this.

Avoid delays and arrears

By signing the agreement, the borrower undertakes to make payments on time. Failure to meet the payment deadline may result in:

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Penalties (0.1% of the amount of the missed payment for each day of delay);

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Cancellation of the grace period - you will have to pay interest for the entire time the money is used;

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Blocking the limit until full redemption (in case of a systematic violation, the card will work only for depositing funds);

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Submitting negative information about the duration and number of delinquencies to the credit bureaus;

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The debt can be transferred to collectors or collected through the courts.

Try to make all necessary payments on time, without delaying until the last moment. Please note that with some methods of replenishing a credit card, crediting may not be instantaneous (for example, when transferring from another bank using the account details).

Withdraw cash correctly

In most banks, when withdrawing cash from a credit card, it is provided not only to charge a commission, but also to cancel the interest-free period. This means that from the moment you receive the banknotes in your hands, you begin to accrue interest for the use of money, as stipulated by the agreement. It turns out that you pay twice for the same amount.

This is unprofitable - it is better to use a credit card only for non-cash payments.

For every credit card holder, it's worth starting to use the helpful tools on myfin. You won't regret it