Use your credit card to the best possible
Banks are now trying to give credit cards a makeover! Button and
light controls to choose if you want to utilise reward points, security
measures prompting you to enter a pin and even smart phone aligned credit card technology is being researched aggressively to make the plastic cards obsolete.
However the scenario in terms of utilising credit cards seems to
have changed in India compared to yesteryears. In recent times credit
card usage has seen a significant decline compared to its rapid growth
especially between 2005-2008.
After that due to the recent global financial crisis the credit card
usage took a dip replaced by a consistent rise in debit card usage.
Credit cards can be a smart tool if made use of judiciously
especially when you want to ramp up a good credit score. Here are some
pitfalls you need to look out for in order to utilize your credit card
to the optimum.
The ‘interest free’ period should not be taken for granted. To
understand the interest free credit period in better light let’s take
the example of Ashish. His credit card provided him interest free
credit for upto 55 days. He however had the good sense to know that
this did not hold true in the case of cash withdrawals as the interest
rate meter starts ticking from the moment cash is withdrawn not to
mention a withdrawal charge of around 3-4%.
Click to Apply credit card and know more about latest Credit card offers
Though he refrained from withdrawing cash using his credit card he
however did not read the fine print thoroughly and got confused with
why his interest free period varied with every purchase!
After paying up the interest debating with the credit card company
he learnt the hard way that he does not get a 55 day interest free
period for every purchase he makes!
It only means that the maximum number of days you won’t be charged
interest for a new purchase is 55 days and this is tied to the day of
the payment cycle (billing period) you make your purchase.
Ashish’s credit card statement starts on the 1st of every month and
ends on the 30th of every month. If he had up to 55 days interest free,
his credit card bill will be due on the 25th of the next month.
So for instance let’s consider:
1st October - first day of the credit card statement
31st October - last day of the credit card statement
24th November- the day the October credit card bill is due
This means that there is a total of 55 days from the 1st of October including the day his bill is due.
Now let’s say he made a purchase of Rs. 100 on the 1st of Oct. No
interest will be charged on the amount of the purchase up to, and
including, the 24th of Nov. So, he will get 55 days interest free on
the purchase billed to his credit card on the 1st of Oct.
Here is what happens in other scenarios.
If Ashish makes a purchase of Rs.150 on the 20th of Oct, still no
interest will get charged as including 24th of Nov from the date of
purchase he has a 35 days interest free period.
However, if Ashish makes a purchase of Rs.200 on Nov 22, he still
will not get charged interest as he would get 2 days of interest free
purchase after which his interest meter will kick in and reflect in his
next bill. Ashish can prevent this by making a full payment for all the
purchases made in this billing cycle. Instead if Ashish merely stuck
with making minimum payments, then things can get tricky for him.
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