iDentistry The Journal identistry_may_aug2019 | Page 29

The Journal
find themselves panicking and distraught.
TIPS to use credit card judiciously
Do we know how to use a credit card wisely for
everyday purchases?
Do we choose to use them? Why or why not?
Credit Card Juggling – Is it advisable?
interest. Take advantage of any cash backs or
reward points so that we can be sure that our
credit cards are acting like the valuable financial
tools they ought to be. It is up to the customer to
meditate on what sort of reward program he
wants to enroll in. For this, we must have an
idea about our own spending habits and which
reward program will prove to be the most
beneficial for us. There are many options in the
market and one of which will certainly be best
aligned with our needs, so, we have to take our
time and research thoroughly. There are a few
much needed tips to use a credit card wisely
and how a cardholder can be more aware about
the same. There are many situations where we
may have used up credit for a while and
perhaps have accumulated some debt or even
late payments, so we need to be extra cautious,
but for beginners, here are a few unspoken
rules and tips for helping us get the best that our
card has to offer and also for credit card safety:
1. Read the fine print very carefully:
(Image Courtesy: BankBazaar.com)
Our credit card gives us financial independence
and convenience like no other financial
products. From making that high–ticket
purchase to pay our utility bills on time, we are
introduced to a world of new possibilities but we
should remember that like any other business,
credit card companies (read: banks and
financial institutions) are also out there to make
money. The reward programs might make it
seem like that the bank is giving away free
money to the user. This, however, is not true as
the credit card business is highly competitive
and the reward programs are just there to entice
the customer, mostly. The rewards and benefits
work in the customers favour as long as the
customer acts smartly. Unfortunately, the
bank’s tactics often involve creating such rules
that take advantage of consumers more and
more so don’t use the credit cards blindly. Learn
about additional fees that we may have to incur
and pay off our balance each month to avoid
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Read the Most Important Terms and Conditions
(MITC) of the cards that we want to apply for.
Many a times the benefits and privileges offered
on the site blind us to the downsides of a
particular credit card. This could be in the form
of high interest rates or a steep reward point
conversion fee or an annual fee promised
initially as nil in verbal but existent in written.
2. Not sharing card details:
Never divulge credit card PIN and other vital
details (including CVV number) to any telecaller
or anyone else. Don’t give the card for swipe or
punch if the EDC machine/terminal is not in
view because that makes it an easy prey to card
skimming, cloning or simulation. Check the
amount to be paid always before punching in
the PIN in the EDC terminal.
3. Minimum payment is necessary every
month to keep a ‘clean card’:
Vol. 15
No. 2
May-Aug 2019