Credit Card Options
Sachin had been working as a sales executive for a long time when he decided to get a credit card for himself. He loved partying but after a tiring month at work, he usually ran out of cash. This was one of the major reasons why he decided to opt for a credit card. Credit card allowed him to manage his expenses well on a monthly basis. However, the debt management strategies that Sachin employed truly helped him in keeping his expenditures in check. In India, there are various credit card providers; and with the arrival of prominent banks like ICICI and HSBC in the credit card market, more people are opting to apply for credit card deals.
Credit cards are not only convenient methods of shopping, but they are quite flexible as well as they offer different spending options to the holder. They have become an integral part of our lives as they can help keep the monthly spending in check and even help in learning the importance of debt management. If you don’t manage your debt consistently, you might get stuck with a lot of outstanding debt to be paid off at a short notice. The acceptance of credit cards by most of the merchant establishments around the world is one of the strongest reasons why people are switching over to this tool for shopping. However, a smart shopper and card holder needs to know some golden rules which can help in better debt management. Borrowing cheaply and racking up rewards are not the only things that a card holder must do.
Have a closer look at the offers being provided by the top 5 banks in India.
| Bank | Special Features |
| HDFC Bank | Indus Health plus and Tangent The Furniture Mall (Special discounts) |
| American Express | Zero cost lost card liability and low processing fee |
| Standard Chartered | No joining fee and low annual fee |
| Axis Bank | Emergency assistance and free auto debit facility |
| ICICI Credit Card | Exclusive privileges regarding dining and entertainment |
As on 8th April, 2014
Credit cards are a convenient mode of payment today. They are accepted by a wide range of merchant establishments that operate in multiple formats. Moreover, with the introduction of credit card loyalty programs, customers are further encouraged to spend using their credit cards. Add to this the fact that a lot of private labels are also offering credit cards and loyalty programs, customers are drawn to offers that are designed to promote spending with a particular card or brand in mind. In such a situation, you will find a lot of people burdened with debt, especially from credit card companies. As a smart spender, here are a few tips that you might already know or might find useful to avoid paying high interest rates and waste your hard-earned money trying to clear debts that you could have easily avoided.
Altering the Lifestyle
Lack of regular checks, balances and excessive spending could cause your debt to rise quickly. People use credit cards for buying necessities like clothes and food items. This could certainly hamper the monthly spending in a big way because the overall purchases tend to go up and accumulate heavy amount of debt. One should avoid making unnecessary payments through credit cards and this can only be done by altering the lifestyle a little bit. Try and limit your spending by shopping during the off season when the rates are low.
Know When You’re Overspending
For making an enduring change, it is crucial to comprehend the problem areas. You need to take your card bills for the past one year and assess them carefully to see the areas where you’ve overspent. Use the right tools available at your disposal to gauge the areas where you could improve. By controlling overspending, you could easily improve your credit rating in a great way.
Avoid Late Fee
Making late payments and avoiding late fees can prove to be deadly for you as a credit card holder. If you wish to keep your credit rating on the higher side, you should try and make all your payments in time. Get all the information you can for managing the debt wisely.
Shopping Safely
You need to be cautious when shopping online because credit card frauds are on the rise. The federal law guards the credit card purchases in India but even then you got to use the credit cards safely. All kinds of disputes can be settled by the credit card company and in case of any misconduct you must talk to them directly.
Credit card debt can be managed efficiently if the card holder takes some crucial steps and works hard towards improving the credit score. Get the finest card deals on https://www.bankbazaar.com/credit-card.html.