New Delhi, Business Desk. In today’s era, it is easy to get a credit card on a phone call. For this, you need things like ID documents, address proof, income proof, salary slips, bank statements. In today’s time, people prefer to use credit cards more than cash, whether it is a restaurant bill or a grocery bill. But when you are using a credit card for the first time, then you have to take care of some special things.
Budget: Always maintain a limit on credit card expenses. Make sure that you have at least 15% of the credit card money saved from the prescribed credit card limit given by the company. If you give your mobile number to your respective credit card company, you will continue to receive alerts and notifications regarding your credit card spending and balance credit limit.
Payment : At the time of payment on the money spent with credit card, at least payment facility is available. This is harmful for you because if you did not pay the entire bill and paid only a small amount of money, then later you will have to pay the remaining money later with more interest. So try to pay all the money together.
Do not increase the credit limit : When applying for a credit card, the bank sets a fixed credit limit based on your income and repayment capacity. As your earnings increase, the bank becomes more confident about your repayment capacity, they increase your credit limit. Whether or not to increase the credit limit is up to you.
Can withdraw cash : Credit also allows you to withdraw cash from ATM. But the interest on this seems very high. Therefore, use credit card as cash withdrawal only when you need it very much. If you ever fail to pay its bill, then you will have to pay a big amount for it. Therefore, it is very important to keep these things in mind when using a credit card for the first time.
