With the growing popularity of financial instruments such as credit cards, it is imperative for individuals to learn how to use credit card for shopping to maximize such usage. Most credit card users are prone to making mistakes when making purchases, which lead to a negative impact on their credit scores, and overall financing woes.
However, they can get various benefits from this type of financial instrument if they know how to use one wisely when using it to shop for various products. They can implement some of these techniques to formulate a strategy and derive maximum benefits from a credit card. Some of them are explained below.
- Shop from partner stores online or offline to avail the best offers on purchases.
- Pay outstanding amount in time to avoid paying penalty charges and additional interest on any unpaid amount.
- Make the most of the grace period allowed by credit card issuers by making purchases at the beginning of a billing cycle.
- Check monthly credit card statement thoroughly to identify spending patterns and spot inaccuracies.
- Avoid paying only the minimum amount due as interest is imposed on the unpaid amount by all credit card issuers.
- Individuals must keep track of their credit usage as utilising the full amount can leave a significant dent on their credit scores.
- Credit card users must utilise their reward points earned by making purchases using a credit card.
Users can avail cards like Bajaj Finserv RBL Bank SuperCard that further provide withdrawals from ATMs without any interest charge for a maximum period of 50 days.
Individuals owning a credit card must adopt these techniques to make the most of their payment tools and manage their debts more effectively.
