Tips on managing credit card usage
A credit card is a convenient payment mode as it can be readily used for making purchases at merchant outlets. However, if you do not use your credit card carefully or settle your monthly statements on time, you may owe more than you can repay and find yourself having financial problems.
- Don't get credit card if you can't handle the repayments.
- Pay before the due date to avoid late payment charges. Make sure your card issuer has your latest address so that you will receive your statement on time.
- Pay in full to avoid paying interest.
- Limit the number of credit cards based on your needs and what you can afford.
- Use a debit card instead of a credit card to pay for your purchases.
These 'Credit Card Transactions & You' Knowledge Base articles give you some tips on how you can shop for a credit card that best meets your needs and how you can use your credit card effectively and wisely.
Reprinted with permission from BankingInfo (A Consumer Education Programme)
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