Credit Cards

Do figure out the interest rate (APR) that you would be charged and try to get the card with the lowest possible rates. Most companies charge about 2% - 3% per month, which per year comes to around 35% - 45%.

You can either pay your bills by clearing all your dues as soon as you get your monthly billing statement or you could pay in monthly installments.Make sure you settle your bills on time and do not leave any outstanding balance (i.e. do not revolve on your card). You do not want to end up paying interest on your outstanding balance. Non-payment or default in repayment could also adversely affect your credit history.

If your credit history is good, you could request for an increment on your credit limits. If there are cards you may not be using anymore, you might want to cancel them. If you have multiple cards from the same issuing bank, you could also ask for the credit limit to be consolidated into just one card.

Eventually, the decision to choose a Credit card is yours to make. Avail a card that fits your needs. And don't forget the interest rates, the grace period, the free offers, the discounts and the likes.

Here are few features that you should not miss.

Add-on Card
Add-on card is more of an additional Credit card that you apply in the name of your family members (father, mother, sister, brother, spouse, children), within the overall credit limit. Family members applying for Add-on cards have to be 18 years and above. All the payments for the services made from Add-on card(s) is done by you. Most banks allows for at least two Add-on cards.

Global Card
Global cards are accepted in over 200 countries. You can also use it as an ATM card.
It also gives you the flexibility of using your card instead of using cash or traveler's checks.
If you are a frequent traveler, abroad, then it is best to make your Credit card, Global.

Photo Card
If your card comes with your imprinted photo, then it is a Photo card. This type of card is considered safer as it is easier to identify the Credit card user. It also serves as your identity card.

Some safety measures to be taken
• Sign your card as soon as you receive it.
• You will also receive the PIN number after a few days. Keep your PIN/account number safe.
• Every time you use your card, be aware when your card is being swiped by the cashier so as to ensure no misuse of your card takes place.
• When making payment with your card, make sure you check if it is your credit card that the cashier has returned.
• Do not forget to verify your purchases with your billing statements.
• After using your card at an ATM, do not throw your receipt behind.
• Also do not discard your Credit card statements or receipt that has your PIN or account number. Shredding or burning them would be wise. Here are few features that you should not miss.
• Never give your Credit card information over the phone, unless you are really sure you can trust them. Same in the case while purchasing online.
• Save receipts of payments made through Credit card and check monthly statements and check for billing errors, if any.
• If your Credit card is damaged, destroy it and request for a duplicate card.
• Incase you lose your card, inform your Credit card company as soon as possible. Also make a police complaint.

Credit cards are for your convenience, so it is very wise to use them within your limits.

Credit cards can temp one into overspending, but if you manage it properly, it could turn out to be your best money lender.

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