We use credit cards quite fondly. When the bank gives us a credit card, it does not tell many things related to it to the customer, due to which our profit is less, the loss is more. In this article you credit card disadvantages We are going to tell about it so that you also know before taking a credit card –
Disadvantages of credit card-
Nowadays the craze of online shopping has increased a lot. In such a situation, people use credit cards only. Many experts consider credit cards as the safest and most convenient way to make online payments, as it gives 50 days to use the credit limit. In which you can pay this money later.
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Credit cards are very useful to use in an emergency. If you do not use it properly, then it can cause some damage to you which is as follows –
Payment of minimum payment –
Whenever you get a credit card bill, two types of amounts are told in it. In this, one is the payment of Minimum payment and the other Total due, out of these two, many times what the customers do is that they pay only the minimum balance and do not pay the Total Due, they think that doing so will work.
According to the credit card terms and conditions, by doing so, your credit card remains unpaid and the credit card company levies various charges and interest on it, due to which that bill increases month by month. So whenever you get a credit card bill, pay the total due in it.
Non-payment of time-
Whatever shopping we do in a time and period, then whatever bill is made on it, if you do not pay it on time, then the credit card company charges you many types of charges and many types of interest on it. Do not do this, whenever you have a credit card bill, pay it on time so that you do not have to pay charges in any way and you will not have any effect on CIBIL.
Problems related to No Cost EMI –
Many times when we do online shopping, we get the option of No Cost EMI on Credit Card. We can take advantage of it, but many types of terms and conditions apply to it. If you do not pay all those EMIs on time, then many companies charge you a hefty interest on that too.
Before using this type of No Cost EMI, once you must read about the conditions related to them so that you do not have any problem related to it in future.
Round of Reward and Point –
Many times, whenever we use a credit card, we are told about giving rewards and points in return. In such a situation, many companies give us rewards and points, but it does not tell how to withdraw all those rewards and points or how and where to use them.
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Increase in Service Fees –
Many credit card companies charge very high fees for the use of credit cards. Although all these fees are not told to the customers, but only when the fee is deducted, the customers come to know that such an amount has been selected.
No alert for payment
We see many times that whenever the balance of our phone comes down to zero, then there is a lot of messages on our phone. But whenever the time comes to fill back our credit card balance, no message is called by the company for that.
In such a situation, if you forget to pay your payment, then the company charges a lot of interest on it and takes many types of charges. If the payment is not made on time, that company also charges late fee along with interest from you which is not fair.
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Credit card upgrade
Many times the credit card gives such offers in which you promise not to charge any fee on upgrading the credit card, but after you upgrade your card, after that the bank will charge about 200 to 700 rupees on it. takes.
Increase in credit limit
Credit card holders get calls many times that their card limit has been increased. Now he can do as much shopping as he wants. But the customer probably forgets about the fact that the credit card company does not increase the annual fee with the limit, which is completely unreasonable.
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