Credit Cards might be labelled as one of the most controversial financial products of all times. It has its loyal backers as well as vociferous detractors, but no matter what, they still enjoy immense popularity amongst people of all age groups and from all types of economic backgrounds. The process to find a Credit Card suitable for your requirements is very simple. All banks offer you the facility to Apply for a Credit Card Online. Once you submit the application, if you meet their eligibility criteria, you would receive your new Credit Card at your home within a few days.

People who are against Credit Cards have many arguments against it such as high-interest rates, increasing debt, exorbitant charges, and so on. But the fact of the matter is that it is not the Credit Card which is at fault here, it is the user who has acted irresponsibly to be in a situation where they are under the burden of Credit Card debt. If you follow the advice of these detractors blindly, you might be missing out on one of the most useful financial products of your times.

Things You Must Know About Credit Cards

Here are five things about Credit Cards that no one might have told you before. You just need a little bit of smartness while using your card to emerge as a winner and prove all those naysayers wrong:

  • Opt for cash back or rewards card

Credit Cards are one of the most rewarding forms of loan product. There are many types of Credit Cards available in the market, but you must make it a point to get a card with a good rewards program or numerous cash back benefits. This way when you will be paying your bills and other expenses you would, in turn, be earning points and cashback, which you cannot achieve through other means. Most banks run a fantastic rewards program for redemption of Credit Card points and then you can use your accumulated points to buy some amazing stuff without actually spending anything.

  • Set all your monthly bills on auto debit from your card

Every Credit Card comes with an interest-free period during which you need not pay any interest on the amount due. You can use this period to your advantage by setting all your monthly bills on auto debit from your card. This way you will never be late for your monthly bills and would not have to bear late charges. Additionally, you would not have to worry about multiple bills, you just need to take care of your card bill and then the opportunity to earn fantastic reward points, and cashback is like a cherry on the top.

  • Pay the entire amount due

As stated above, every Credit Card comes with an interest-free period, and if you pay the entire amount due within that period, you need not pay any interest on the amount utilized. So, you must make it a point to not fall into the minimum payment trap which would push you under a mountain of Credit Card debt. Always make it a point to pay your card dues in full. At any point in time, your Credit Card utilization should not be over 30%.

  • Cards with an annual fee

You might think of it as stupid advice but going for a Credit Card with an annual fee is a smart choice. These Credit Cards come with a host of benefits which far outweigh the additional cost incurred. It could be in the form of free airport lounge access, free ticket upgrades, buy one get one free offer or free dinner vouchers. You also earn more reward points on purchases through these Credit Cards. So before saying no to a Credit Card with an annual fee, think thoroughly and weigh the pros and cons carefully.

  • Indemnity against losses

No Credit Card hater would tell you this, but Credit Cards are one of the safest options for making payments. You are insured against any unauthorized charges up to a limit, and if you report the loss of your Credit Card to your banker on time, you are reimbursed against any unauthorized usage. You also get complimentary travel insurance, personal accident insurance and a host of benefits with your credit card without incurring any additional charges.

With everything said, using Credit Cards requires a lot of care and attention from your side. Credit Cards are notorious for pushing the user under a huge pile of debt. Feel free to use your credit card but with a little caution.

Also Read: 10 Tips to Handle Your Credit Card the Right Way

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