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Thread: Overview : Credit Card

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    Overview : Credit Card

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    What is a Credit Card?
    A credit card is a card issued by a certain bank as a payment card that is given to its customers (card holders) to enable the card holder to pay merchants for the goods and services used. Credit cards impose provisions on cardholders to pay back money borrowed, plus interest, as well as other additional fees that have been agreed upon by the cardholder and the card issuer (bank) previously.

    Credit Card Benefits
    There are various uses of credit cards that make it easier for cardholders to transact with merchants. Credit cards allow us to borrow money from banks to make purchases of goods or services that we want.
    One example of using a credit card, I want to buy a new laptop to support my work. However, I don't have enough money to buy it yet. In this case, if the merchant provides a payment method on a credit card, then we can use a credit card to buy the laptop we want. Credit cards are not only useful for buying everyday items that we will use, such as bags, shoes, cellphones, laptops, etc.

    Several Ways to Use Credit Cards Effectively

    1. Choose the most appropriate credit card.
    Before your fellow readers choose a credit card, make sure colleagues have considered what value you want from the credit card. For example, do your fellow readers want low interest rates, high bonuses, or maybe you are looking for a credit card that is accepted by all merchants, both local and international. Try to find out more information from several banks and choose the credit card that suits you.

    2. Don't Forget to Read the Fine Print.
    After fellow readers have chosen a credit card, fellow readers still have to read the terms and conditions of the credit card that explain the price of your credit card. Once approved, fellow readers will receive a complete credit card agreement which is a much longer contract with all the details of the credit card rules. So, make sure your fellow readers have read and understand the fine print.

    3. Understand Credit Card Interest Rates.
    The third thing that fellow readers must understand is credit card interest rates. Credit cards have different interest rates that apply to different types of balances. So, it is important for fellow readers to know which interest rates apply to your balance.

    4. Read the Credit Card Statement Carefully
    The credit card statement contains a lot of information about the activity on our accounts during the previous billing cycle. However, do not assume that all the data contained in it is already accurate. To avoid unwanted things, we should read credit card statements carefully. Because there is a concern that there are payments that are not implemented properly, refunds of fees that have never been posted to the account, even fraudulent transactions that are in our account. So, we have to be more careful.

    5. Know Other Charges Applied to Credit Cards
    Understanding the other fees on credit cards is the only way to minimize the cost of the loans we take. If fellow readers manage credit cards wisely, then fellow readers can use credit cards properly and avoid debts that torture your finances. Other fees such as annual fees that are automatically charged to the credit card or balance transfer fees that are charged for certain types of transactions.

    6. Create an Online Account for Credit Card Management.
    We can manage credit card usage by creating an online account from each bank (card issuer) that we choose. To do this, we can download an online bank application from a cellphone or tablet to make credit card account management better and more practical.


    Advantages :
    - Instant loans whenever needed
    - Facilitate buying and selling transactions both online and offline
    - Promotions offered by every credit card issuer.

    Disadvantages :
    - High Fees For Cash witdrawal
    - High Credit Interest And Card Fees
    - Became the target of hackers

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


  2. The Following 6 Users Say Thank You to yuyul For This Useful Post:

    alkatiri (2020-09-20), ismar (2020-09-20), jindon (2020-10-19), kantu (2020-09-27), m148 (2020-10-06), Unregistered (1)

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