structure of indian financial system pptWhen bank cards are used properly, you can earn perks and points so that you can have a great vacation or even just a less stressful wallet. Other people who don’t use their cards wisely charge their vacation expenses to their credit cards and come home having a stressful bill. If you prefer the perks involved with wise credit card use, keep reading for some great tips on getting the most out of your charge cards.It is a smart idea to have a couple of credit cards. If you can pay your bill in full each month, this number of cards will help you to improve your credit score. Having more than three open helps lenders look at you in a bad light when they see your credit report.You may want to consider keeping a couple of credit card accounts open at any given time. You will improve your credit score. Paying off all of your cards monthly helps even more. But, if you have over three cards open, creditors may look upon that fact unfavorably.Keep a close eye on your balance. Make sure that you know of any credit limits that have been imposed by your creditor. If for some reason you exceed your limit, you will be liable for large fees that you might not know about. It is going to take longer to pay down the balance if you keep exceeding your limit.type of company in indiaLots of credit card companies give bonuses for when you sign up for new credit cards. Make sure that you’re fully aware of what’s in the fine print, as bonuses offered by credit card companies often have strict requirements. Many times, the creditor will require you to charge a particular amount in a set time to receive the bonus.When you make online purchases with your credit card, always print out a copy of the sales receipt. Keep the receipt so that you can review your credit card bill, to ensure that the online company did not charge you the wrong amount. If they didn’t, call the company and immediately file a dispute. This is a fantastic way to be sure that you’re never being charged too much for what you purchase.
Credit CardBe sure not to leave any any portions blank when you sign a receipt at a store or restaurant. If there is a tip line and you are not charging your gratuity, mark a line across the area to ensure nobody adds in an unauthorized amount. When your monthly statement arrives, compare the charges with your receipts to ensure that everything matches.Aim to set up your own budget when dealing with charge cards. Your income is already budgeted, so make sure you make an allowance for credit card payments within this. You should not think of a credit card as simply extra spending money. Have a certain amount set aside that you are willing to spend on your card each month. Stick to it, and make sure you pay them off every month.If you have bad credit, think about getting a credit card that is secured. A balance is required as collateral with these kinds of credit cards. Essentially, you’re borrowing your money and you pay interest on it. It is probably not the most appealing option in the world but sometimes you have to do this to repair a poor credit score. Choose reputable companies when you sign up for secured cards. They will be in a position to offer you a regular, unsecured credit card in the future, and you can further improve your credit by using it responsibly.Make a realistic budget to hold yourself to. Remember, your credit card’s credit limit is not a target to aim for. Be aware of how much you can pay monthly so that you can do that consistently and avoid those interest charges.One tip for every credit card user is to avoid making payments on your card as soon as you come home from charging something to it. Instead, pay off the balance in full when your card statement comes in. That will be a better reflection on your history of payment, and that will lead to an improved credit score.structure of indian financial system pptYou need to sign your charge cards the minute that they come in the mail. Many people fail to do this and as a result their cards are stolen and the cashiers are not aware of that. A lot of stores have the cashiers make sure that the signature on the card matches the one on the receipt.IF you plan on shopping around for a secured card, don’t use a prepaid one. These are, in fact, debit cards, and big credit bureaus take no notice of them. A lot of them will charge extra fees and are basically no more than a checking account. Put a deposit down and get a secured card that reports to the credit bureaus and helps to improve your score.Credit cards can be tied to various types of loyalty accounts. You should find a rewards program that will benefit you for regular usage of your card. Over time, the perks add up and will give you some great additional income or discounts.Keep a running total of the monthly expenditures you charge to your credit cards. Remember that impulse purchases can really add up fast. You may not notice until your statement arrives that you have a large amount to pay and not enough income to pay it!Don’t have any new charge cards sent to you if you have a mailbox that is not locked at all times. Many of the bank cards reported stolen have been taken from unlocked mailboxes.Never send your card number by phone, fax or email to anyone unless you are certain it’s secure. If you’re getting unsolicited offers that require a card number, you should be suspicious. Many scammers exist who want your card number. Remain diligent and guard your information.
Interest RateIf your card is lost or stolen, report it immediately to the relevant company. If a thief uses your card prior to the theft being reported, you might end up paying for whatever they purchased. Once you report your stolen card, the company won’t charge you for its future use.
To keep more money in your wallet, don’t be afraid to ask your credit card company for a better interest rate. If you have a strong credit rating and have always made payments on time, an improved interest rate might be yours for the asking. Simply call up your creditor and ask for a better rate.Request an interest rate reduction if you run into financial difficulty. If you are late with your payment, the credit companies can and will raise your rates and tack on extra fees. A call to the credit company can sometimes reduce these extra charges.Be cautious when you are using charge cards online. When applying or doing anything with bank cards online, always verify that the website you are on is secure. This is the best way to keep all of your personal information safe. If you receive emails asking for your credit card information, do not respond. They are likely phishing for your information.ppt on financial marketIt is not wise to always choose your credit card instead of your debit card just because you are trying to collect rewards or frequent flyer miles. You will almost certainly spend enough to earn the points. The interest rates and fees you pay may end up being more that your flight was worth.A lot of experts agree that a credit card’s maximum limit shouldn’t go above 75% of the amount of money you make every month. If your limit is higher than this amount, it’s best you pay it off immediately. This is because the interest you are paying will quickly snowball out of control.When you travel, bring two cards along; that is especially true for foreign travel. Having cards from two different banks will give you more options. You probably won’t be able to access funds with either card if you have a problem with one and the other is issued by the same bank. By having cards from different banks, you are more likely to have access to credit.It is a good idea to contact credit card companies and request that they lower your interest rate. Some companies will decrease the interest amount that they charge to their customers if these people maintain a good relationship with them for a long period of time. It can save you a lot and it won’t cost you to simply ask.Most credit cards have limits about how much you can spend. Ensure you aren’t exceeding this limit. Therefore, you should only use a card for emergencies. If you max out your cards, you might not have the credit you need for a real emergency.Never lie about your income to get a card with a higher limit. There are companies that will not do an income verification, which often leads to higher limits that are difficult to control.Watch out for card teaser rates that claim they are zero percent. You may find interest-free offers to be appealing, but at the end of the introductory term, interest rates frequently shoot up significantly. Always keep track of your credit card balance if you intend to use the card.If you have more than one credit card, it is wise to pay at least one off each month. Even if you’re carrying lots of debt on some cards, maintaining one card that is well managed is good for your credit score.Know your credit score before applying for new credit cards. It’s not hard to do. Just make sure you receive a copy of your credit report to check out your situation and to tie up any loose ends. If you see anything that is wrong file a dispute. If you find any negative marks that aren’t false, see if it’s possible for you to find a way to correct them.Always remember that interest rates are negotiable. It is possible to get yourself a new, lowered interest rate. This tactic works especially well for consumers who always make on-time payments, keep their balances low and do other things to prove that they are reliable customers.If for some reason your credit card company charges you a late fee, contact them and ask to have it removed. If you typically make timely payments each month, your company may be willing to waive a late fee as a one-time courtesy for being a good customer.After having secured bank cards that are in a good state, some companies will offer you cards that are unsecured. Also, once you have proven yourself you may begin receiving credit card offers in the mail. This is when you are going to have to go into decision-making mode, yet again, when re-evaluating your situation.Familiarize yourself with the terms of the new credit card billing act passed by congress. This helps credit card users not to pay for unauthorized charges made on to their credit cards. If you are the victim of fraud this law will protect you, but you need to have a basic knowledge of it. Sometimes credit card companies will try to make consumers responsible when they shouldn’t be, which is where this law comes in.