The decision to get a credit card depends on your use. For example, I will tell about my credit card usage. I have a cash back credit card of hdfc and I only use it to get petrol filled in my car. The first advantage of this is that I get the cashback points and the second benefit is how much I spent on petrol in the last month. Along with this, I get a credit of 50 days. Thus, if you make a credit card wisely It is right to use a credit card if you use it.
On the other hand there are also disadvantages of taking a credit card. One, your wasteful expenditure increases. Things you don’t even need, you buy those things. Credit card has the facility of emi, so many times you buy expensive items and you pay emi for a long time. You don’t even know and money keeps on being spent.
Apart from this, if you are unable to pay the bill at the right time, then you have to pay late charge and interest. The rate of interest is around 40%
In the end, the most important thing is that when we buy with a credit card, the money does not go out of our hands and we do not realize how many rupees we have spent but if we made a purchase in cash, we would surely realize That is how many rupees we have spent.
If you take a credit card then your expenses will definitely increase. Purchasing on credit card borrowing is possible. Credit cards are called plastic money and each bank has a separate credit card. Credit cards have a limit of usage and spending beyond the credit limit is not possible. Credit card can also be withdrawn at the time of need, but interest will have to be paid if you do not return the money on time. Credit card interest rates are very high. Credit card interest rates can be up to 48 percent annually
From your question it seems that something is wrong with the credit card. I tell you Frankly that a credit card is like a poison if you do not have stable income.
Let me also explain the reason:
If the payment of credit card is not made on time, then first of all you are charged high late payment.
Secondly, when the payment is late, your free credit is over and you get a bruising interest of 42% annually. One who eats one’s earnings.
Charges do not stop here, you also get tax in it which adds to interest and late payment. That too 18% Extra
Never go towards 5% minimum payment. You will only avoid late payment, but the interest will eat up your income.
So tell me where is the credit card right?
Yes, if you have stable income then you can also have the following benefits:
If you pay on the due date then your credit score increases.
If you use 25 to 30% of the credit card limit, then your credit score increases.
You also get free credit time if used properly and you can also make reward points and cash them as recharge, online shopping.
It should be remembered that if your income is not stable then read this message and break the credit card. This is better for your life.