Skip to main content

Things you should know while paying through credit cards | Hugecount

The presence of credit cards has made our lives much simpler. We can now buy things we do not have the money for and pay later. However, the usage of best credit cards is a huge responsibility. If not handled properly, it will lead to severe debts and may cause one to go bankrupt. This is the reason why many personal finance experts recommend that you should know how to use a credit card. However, if done responsibly, the usage of credit cards has more pros than the cons. This article talks about all that you must know about paying through a credit card.




  • Grace period

Unlike a debit card payment, here the money remains in your bank account till you pay your credit card bill. That increases the time value of money and will contribute to your overall wealth accumulation. Now, if your money is in a high interest giving account, the money will give a decent interest in the interim period. This extra amount can then be deducted from the purchase you made and the product thereby becomes much cheaper for you.



  • Cashback

The credit card of most banks gives the user a good amount of cashback. The idea here is that for every Rs 100 that you spend, the bank gives you back 3 or 4 rupees. The exact value varies from bank to bank. In the case of credit cards, the cashback does not depend on the merchant. This means that the cashback is credited to you irrespective of whether you spend the money in a petrol pump or a shopping mall. Over time, the cumulative cashback value adds up to a good amount.



  • Safety

Contrary to popular promulgations, a credit card is safer than a debit card. Let us consider a scenario, wherein both the cards are stolen. Now, for a credit card, you can inform your bank about the fraud and avoid paying for the same. In case of a debit card, the money is already deducted and it may take some time for the bank to reverse the transaction even after you prove the fraud. In the meanwhile, if there isn’t enough money in the bank, it may cause checks to bounce or scheduled online payments to be missed. This will cause you a lot of inconvenience.



  • Wide acceptance

When in a foreign land, local merchants often refuse to accept international debit cards. That is true even when the card has the logo of a major bank in it. Across the globe, rental car companies, hotels, and other service providers prefer customers paying by credit card. The idea here is that in case of any damage to the car or hotel property, it is easier for businesses to charge their customers through credit cards. At such a point, if you insist on using a debit card, the service provider will make you keep a security deposit amount with them.


As you saw, the rewards are a bounty for payments made through credit cards. But the bottom line here is the financial discipline involved. If you are confident about that aspect, it will be wise to shift all your spending to your credit card. The debit card can be restricted to cash withdrawals, which in most cases, is minimal. The universal acceptance and better cash-back here will simplify payments for you.


Source: https://hugecount.com/business/things-you-should-know-while-paying-through-credit-cards/

Comments

Post a Comment

Popular posts from this blog

10 Reasons You Need a Digital Marketing Strategy in 2019 | Hugecount

In order to keep up with the pace of the modern digital world, small and medium scale companies are doing everything possible to make sure that they have a strong business. To help such businesses in getting their online marketing strategies right, many digital marketing agencies   and other cities as well are offering lucrative services for a steal. The trend of digital marketing   and throughout other cities in India has paced up in the recent few years. Since more and more businesses are gaining online branding and reputation, there are always enough reliable customers for all these SEO services   in India.If you have just started out and are confused about the benefits of digital marketing strategies, then read on to find out why you would need a digital marketing strategy in 2019 for the phenomenal growth of your company. 1.Clear Strategy  Any digital marketing company will definitely provide you with the best online strategy that will help you boost your sales....
Post a Comment
Read more

Disability Has Nothing to Do With the Body | Hugecount

Over the past years, researchers and academics have increased their focus on disability and its relationship to the body. This has led to an expansion in perspectives, literature, cultural studies, social policy, philosophy, history, and sociology pertaining to disability. Recent studies in the field of disability have led to an understanding of the controversies and […] Source: https://hugecount.com/creative/disability-has-nothing-to-do-with-the-body/
Post a Comment
Read more

5 Definite Ways To Take Your Dissertation From Start To Finish In Time! | Hugecount

Students enrolled in a masters or PhD program are well aware of writing the most important scholarly written document required from them in the final year. The students are well aware that writing the most important research work of their entire academic career is a challenging and difficult task. These research work commonly known as thesis and dissertation both constitute of long processes including different steps i.e.; planning, data collection, researching, writing, revising and proof-reading. The dissertation is a well-researched document written specifically on a research problem. A researcher tends to investigate all the aspects and perspectives of the problem along with proving adequate solutions to it. A dissertation is a door for achieving the most precious doctoral degree. A dissertation tends to mark development in the field by contributing new addition to the knowledge of particular subjects. A dissertation may take up to 3 or more years to complete because of the challen...
2 comments
Read more