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How to use a credit card wisely?

To use a credit card wisely, budget your spending, pay bills in full and on time, keep balances low relative to credit limits, and avoid cash advances. Be mindful of interest rates and fees, choose cards with rewards that align with your spending, and regularly monitor your credit report. Responsible credit card usage helps build a positive credit history and avoids unnecessary debt.<br><br>Read more: https://ccduniya.com/how-to-use-a-credit-card-wisely/

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How to use a credit card wisely?

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  1. How to use a credit card wisely?

  2. Choose the right credit card: You can only use a credit card wisely when you have the right credit card. Analyze your needs and spending habits and then choose a card that matches them. So that after receiving it you can earn the benefits instead of just increasing the expenses.

  3. Earn rewards/cashbacks: Know the rewards program of your credit card. Use your credit card to earn the reward points/cashbacks. Being mindful of the rewards program, use your credit card only for those transactions that allow you to earn incentives in return.

  4. Redeem the rewards: Rewards come with an expiry date. In order to use your credit card wisely and to make the most out of it, redeem your rewards points as soon as possible once you are eligible for the redemption because they will expire if you do not redeem them.

  5. Pay more than the minimum amount: Thinking of paying just the minimum due amount so that you can avoid the interest charges. Then you are wrong, paying the minimum due amount will only help you to avoid the late payment charges. Do yourself a favor and pay more than the minimum due amount as it will take some load off your shoulder while paying the rest amount with the interest charges.

  6. Pay the credit card dues in full: Frequently defaulting on the credit card payment can affect your credit score negatively. So, pay your credit card dues in full and on time as well. If you forget the due dates then you can register for the auto-debit services. On every due date, the credit card dues will be debited from your account automatically and it will also help you in building a good credit score.

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