Present day generation is completely technical generation and most of us are searching for different easy ways of doing things without efforts. Credit cards are such scope which are providing the easiest way in all aspects like using gadgets and finding easy ways of things to be done. Everyone is interesting to pay their bills from their smartphones instead of going to banks for which there is no burden and waste of time. Hence usage of Credit card is increasing tremendously now-a-days and people are feeling comfortable in using. There is no need to carry huge amount with us. We should also be careful before choosing as it involves many risks.
Initially we should know the exact difference between Credit and Debit cards. The only main difference is generally we will use our own account balance through Debit cards and through credit cards we will use bank’s money. Bank will pay for you at that point of time and later we can pay in certain instalments also if needed. Initially they will inform you many times and we have to respond before action. We should be careful for such actions and always keep in mind about time period given.
Tips for managing Huge Credits in better way
Initially we will get some alerts about due date and the amount of interest that is adding to our actual amount. They will not ask for the complete amount to pay at a time. They will offer us to pay some minimum amount at that point of time. If we failed to pay that minimum amount at least without any intimation then the bank will take actions. The interest for the due amount will be on increasing continuously for every month and sometimes interest will be more than the amount we have to pay. Late fee also be charged with late fee fine if we fail to pay minimum amount also.