How to Enjoy your Credit Card without Going into Debt

Alina Anjum
March 23, 2017

Credit cards have revolutionized the way people use or transact money. The chip money has been used in foreign countries for a long time now but it has recently found acceptance in countries like Pakistan too. The credit cards in Pakistan although offer many plus points but can be vicious if used ignorantly.

To help the newbies who have recently started using credit cards, here is a list of points that will help you use your credit cards smartly. By the end of this post you will became a pro at using your credit card and also will have an idea of how to choose a credit card that provides the maximum benefits to you.

Tracking your spending

Always keep track of your spending. The card receipts that the cashiers hand you are your friend. They are not for the trash cans but for you to keep track of your spending.

 

On time payment

Schedule your payment time on your phone to help you remember when to pay off your credit card bills. The months that you use your card more than usual you should always remember to pay it off the next workday.

 

Smart credit limit

This is a very crucial point as it governs the fact that how much you can spend at one given time. If you have set forth a limit of Rs. 3 lacs for example and you forget to pay your bill then you are more likely to drown under debt rather than a smaller credit limit i.e. Rs 50,000.

 

Check your statements

Checking your statements on a regular basis is a major plus for card money users, as it helps timely payments. They have vital information regarding changes in interest rates, changes in account terms, account activity, minimum payment warnings and transaction fees. These statements can help track how much you spend where you spend so that you can keep a check on yourself if your inner shopaholic decides to show his/her face.

 

Efficient use of Store cards

Store cards are basically credit cards of high street chains like Chen One, Gul Ahmad etc in Pakistan. They work the same way as a credit card where you can pay the credit at the end of the month. We advise you to keep less store cards as too many of them might be difficult to manage.

 

Never exceed your limit

These are words to live buy if you want to live interest free. Never exceed your credit limit because you are charged an additional fee with every exceeding payment. So, it is better to decline your transaction if it is above your credit limit. This also helps to flag habitual customers and can result in cancelling of your credit card.

 

Why is it important to make credit card comparison:

In order to find the right credit card for yourself the most important part is to compare different banking systems and what they can offer you as a reward point.

There are numerous credit card discount options that are now a day accessible which offer a wide range of benefits. These include discount offer on multiple brands, cash backs, security plan, insurances policies, hospital plans, discounts at restaurants, book stores and so many similar advantages.

What needs to be kept in mind while getting a card it that whether it will fulfill your needs and requirements or not. Credits cards help you to get rid of the need to carry cash and make it easier for an individual to make payments especially when buying online services.

For people who love to shop credit card discount offer are a huge added advantage other than not having the trouble to carry large amounts of cash with you.

In Pakistan, many credit cards offer a huge array of discounts at different brands. Bank Alfalah credit card is a thriving example that offer discounts on Amir Adnan, Al-Razi Healthcare, Avari, Shapes, Liberty Books, PTDC,  Habitt, Port Grand, Puma,  Studio Empoli, Food Panda, Careem, Highland Resort, DHL and Beach Luxury.

Similarly, HBL credit card offers amazing discounts on IL Posto Caffe & Ristorante, 1969 & time goes on, Aamir Adnan, Alpha Supermarket, Aga Khan Clinical Laboratories, Arizona Grill, Avari Hotel, Beach Luxury Hotel, Bar B Q Tonight, Beaute Collection and many more places.

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