Credit Card WOW's!
Is a credit card a woe or a wow? Read on and be surprised by the power of credit cards! Personally, I own credit cards and have cultivated innovative ways of utilizing them based on my experiences. Below is my list of tips to maximize the benefits of your credit card(s) in India: 1) Repayment (Don’t pay interest): Pay your FULL credit card bill each month. This way, you can completely avoid the interest charges (as high as 36% per year!). Yes, if you pay the entire amount billed in your credit card statement, you do not pay any interest to the company. As a credit card holder, your primary responsibility is to maintain manageable debt and interest rates. The interest rate does not reduce to zero, until you repay the full amount at some point. Incase you are unable to pay the full amount due to financial constraints, refer points 2 and 3 below. 2) Balance transfer (Pay in parts, keep it dormant): You can transfer the balance from one credit card to another credit card (of yours, not oth