Paying by credit card: Use credit card THESE ways to avoid penalties | Personal finance news


New Delhi: In recent years, the volume of digital transactions in the country has increased rapidly. People are paying in different ways other than debit and credit cards amid the growing trend of digital transactions. In the midst of all this, some people think that buying with a credit card is more expensive. Not only that, but some people believe that using a credit card will result in a penalty. Let us show you how to use a credit card in five different ways.

If used like this, it will be beneficial

Even paying the credit card bill on time is a challenge for some people. They fear that if the credit card payment is late even for a day, they will be charged a penalty. However, if you have a basic understanding of how to use it, it could be a win-win deal for you. We’ll show you five such methods that will give you a host of other benefits besides saving money.

Make purchases from e-commerce businesses

Shopping on e-commerce sites can save you money. By partnering with the credit card-issuing bank, all e-commerce businesses can realize additional savings. You can get instant rebate as well as free EMI and cash back bonus when you use your credit card. You can examine which company credit card offers the most discounts when selling an e-commerce business.

Shop with reward points

When you shop with a credit card, you get points. You can cash in your reward points or order anything from them once you have accumulated enough. Banks that provide credit cards pay 20 to 75 paise for each reward point. If you have 10,000 points, for example, you can get anywhere from two to seven thousand five hundred products for free.

Co-branded credit card

Co-branded credit cards are offered in conjunction with a certain company. Co-branded credit cards are beneficial if you use them at places like supermarkets, airlines, and gas stations. You can earn points and use them to pay bills with co-branded partners using this method.

Take advantage of the money back offer

Credit card companies frequently offer cashback. It has its own set of rules. If you follow these principles when shopping or paying bills such as energy, water and telephone, you will undoubtedly benefit.

Don’t wait for the payment deadline

Always pay your credit card bills a day or two before the due date. If you do not comply, you may be subject to a penalty, which will reduce your costs. The bank can easily provide loans to customers with good credit at cheap interest rates.

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