Numerous card clients commit the error of maximizing their card limits and figure out afterwards that they don’t have additional money to pay the current outstanding. The issue is even intensified when sources of interest-free credits or advances from companions, families, and also from their bosses, are not accessible to them. So, they must choose the option to apply for this type in advance.
To maintain a distance from such an unhappy event, card clients must know about the accompanying credit card traps:
- Make sure your credit score fulfills the criteria: It is important that you choose a credit card which offers you the appropriate budget. For that, your credit score plays a vital role. The company will also carefully look for all the credit essentials before sanctioning you a credit card. You might face trouble in getting credit cards that require a higher credit score. So, apply for a credit card which comes within your credibility.
- Observe the installment plan: A cut-off date is the due date set via card issuing organization as a top for credit acknowledgment in a specific instalment cycle. And, a month is given to card clients to pay their contribution and refrain from paying extra charges. Do remember that your registered agreement differs from the original one. So, try to stick to the official date for the installments with respect to your contract. This is to ensure that you stay away from penalties and drop more into credit pits.
- Empower ways of managing money: A few individuals have the wrong idea that it is a benefit to possess a credit card as it makes them cooler from other individuals every time they utilize it. On the other hand, such inaccurate thoughts and reasons might lead one to plunge into credit and obligation traps. Unless you are financially capable of paying up the instalments, do not get into credit cards.
- An excess of reliance: Many people these days keep more than one credit cards. This is done to ensure that if one is not able to fulfill their shopping requirements, then the other card would be helpful. But, these benefits come at a price. You should be able to pay for the debts on you when the instalments are due. So, beware of that.
- Benefitting from promos: Try not to commit the error of taking advantage from the offers particularly if you are not in need of the things they are offering. For instance, why profit from one-day dealsoffering staple things when your pantries and fridges are still stocked with basic supplies and nourishments that will keep going for over a week? Why purchase extra match of shoes when, despite everything you have one set that you haven’t utilized yet? If you are having BDO r BPI credit cards, use BDO Credit Card promo or BPI Credit Card Promo only when required.
Credit cards are awesome when it comes to purchasing power. Then again, utilizing it can likewise prompt to buy of unnecessary things. So, get a credit card only if you have the power to return its favors.