Card Insider guides beginners The Right Way to Use a Credit Card
Card Insider guides beginners The Right Way to Use a Credit Card

Card Insider guides beginners the right way to use a credit card!

ANI | Updated: Oct 20, 2021 15:10 IST

New Delhi [India], October 20 (ANI/SRV Media):, a financial services related company aimed at helping individuals make the right financial decisions, thrives among the consumers for a comprehensive beginner's guide on 'how to use credit cards in the right way'.
At Card Insider, one can compare credit cards and choose the best suitable card as per their financial needs.
On the growing demand for plastic money, Ankur Mittal, Founder, said, "In this modernized era, the demand for Credit Cards has been increasing drastically. Plastic Money can be a blessing in terms of financial tools when used responsibly. Nowadays, a lot of people have become dependent on credit cards and find it difficult to manage their finances without them.
If you are just entering the world of credit cards, you might have many questions running in your head like what is a credit score, revolving credit, cash advance, etc, and you would also want to compare credit cards. Card Insider is here to guide you with the best practices and tips to help you start your credit card journey."
Card Insider highlights on few important points that users should be aware of:
Credit Score- A credit score is a number that represents the creditworthiness of an individual. It is the most important thing that plays a huge role in your whole credit journey.
Credit Limit- Credit Limit is the maximum amount you can spend using your credit card in a month. It can be different depending on the credit card as well as the cardholder.
Annual Fee- The annual fee of a credit card is the amount you need to pay every year for using your credit card and availing its benefits. However, there are several lifetime free credit cards that come with zero joining/annual fee.
Billing Date- The billing date of the credit card is a fixed date on which your credit card bill is generated every month. This is not the day when you need to pay your bill.
Billing Cycle- It can be defined as the time frame between two billing dates. A billing cycle ends on a billing date and the next cycle starts from the very next day.
Payment Due Date- It is the last date by which your card issuer expects you to pay your outstanding balance.
Grace Period- It is the period between the billing date and the payment due date. No interest is charged on the outstanding balance during this period.

Charges on Revolving Credit- Charges on revolving credit/finance charges are the interest rate charged on the amount that you carry from month to month.
Late Payment Charges- It is the fee that you have to pay when you fail to pay your outstanding balance by the payment due date.
Minimum Amount Due-It is the minimum amount you need to pay on the payment due date if you are unable to pay the full amount due.
Total Amount Due- It is the total amount that you have spent in the previous billing cycle, including all the fees & charges (if applicable).
Cash Advance Charges- Cash advance fees are the charges you need to pay when you withdraw cash using your credit card.
Forex Markup Charges- It is an amount that is charged when you make an international transaction using your credit card.
Card Insider also consults beginners on how to choose the best credit card. According to them, as a beginner, one must try to get a credit card with no annual fee and with the benefits as per individual's requirements like spending habits, credit limits, etc, then compare credit cards and choose a card that can benefit the most in that particular category.
For example, if one loves to shop on Amazon, the Amazon Pay ICICI Credit Card might suit him/her the best. One can read more about Amazon Pay credit card here. Similarly, if someone travels frequently, he or she may look for the best travel credit cards and so on.
Card Insider emphasizes the benefit of the credit card and also creates awareness of its demerits. On one hand, Credit cards give you the freedom to purchase expensive products through the credit card EMIs system and thus build a credit score. One can earn reward points or cashback offers through hassle-free cashless transactions.
Also, there is zero liability against any loss on the credit card. On the other hand, overspending can lead to unmanageable debt to the consumers resulting in missed or non-payments that affect the credit score.
If used responsibly, credit cards can be very advantageous and can help you amazingly in managing your expenses. Before getting a credit card, it is highly advisable for the users to understand their spending behaviour so that they can make the most of the credit card.
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