In this episode of Let’s Talk About Money, we’ve got an interesting tip for you that can help you save on your Credit Card bill. Interested? Watch the video now!
If you’re looking to save some money on your Credit Card bill, here’s the biggest piece of advice we could give you: Set a practical credit limit! Don’t just go for whatever credit limit you’re offered without thinking about it. Let’s say your provider offers you a limit of Rs. 1 lakh, but you know you can only afford to pay back 30,000 a month, then lower your limit to 30,000. Always keep your credit limit to what you can afford to pay back in FULL each month. Usually, that’s about 30% of what the bank offers you.
If you spend the limit and can only afford to clear the minimum payable amount, you’re going to waste your money paying high interest later. Stick with a reasonable limit for a year and see how well you manage your money, before you’re tempted to raise it. That thing they say about always pushing your limits? It doesn’t apply to your Credit Card.
Don’t have a Credit Card yet? Check out these options.