Getting a new Credit card evokes all kinds of intriguing feelings in us. We start making our plans in mind and creating a shopping list of items that we will buy with our new credit card. All we know it feels like we can buy anything we want with our newly expanded credit limit, But with this newfound happiness also comes the responsibility of using a credit card wisely. Before going all in, you must keep these five things in mind.
Start with activating your credit card
You can only use your credit card after its activation. Most people forget this first and crucial step until their card gets declined. There are two methods of activation. First, you can call a given number on the pamphlet with your credit card and request activation by providing authorization details. Another way is net banking. Your card may already be linked to your account by the bank. The second method is the best possible course of action because, from here, you can control all the functions of a credit card and set a credit card limit.
Read the terms and conditions carefully
Every credit card comes with a bundle of booklets. Make sure to go through all of them. Banks may have a different set of rules with different types of credit cards, and with higher limits comes stricter policies. You must also understand all kinds of charges applied to your credit cards, such as withdrawal charges, late fees charges, and interest rates. The reward system information may also be within these documents. Therefore, Keeping yourself informed can never hurt.
Download credit card app
Every bank provides the facility to view and manage your credit card but to access this facility. You need to log in with your net banking account. You can download a credit card app to make this process easier and less time-consuming. Nowadays, many banks have their dedicated credit card app, or you can also download third-party apps from the play store of your choice.
Credit card apps help you manage your card and provide you with various facilities like paying credit bill reminders, earning more rewards, and much more. Its most attractive feature is you can monitor your credit score regularly. Credit card apps also provide tips to improve your credit score. So it is worth downloading.
Acquire reward on time
Many credit cards require you to activate benefits for these rewards, which can accumulate using a credit card. The new user generally remains unaware of this process. For activation of the benefit of your new credit card, you need to make phone calls to customer care or sign in. Note these rewards are available for a limited period. Rewards may include cashback, access to the airport lounge, shopping vouchers, etc. Ensure that you are not missing these additional benefits. You can use credit card app to check the validity period of rewards regularly.
Set on auto-pay
Paying a credit card bill on time is as paramount as owning a credit card. Even a single miss on payment can affect you adversely. Setting your card on auto-pay will save you from late fee charges and paying more interest rates. You can set auto pay for the entire amount and deduct the minimum amount on not having sufficient balance. With timely bill payments, you can also improve your credit score.
All the information regarding what you do when you will avail a credit card has been discussed above. When you do the five things mentioned above on your new credit card, it will bring you maximum benefit and a hassle-free experience with the new credit card.