Apply for a credit card for the first time, then know these 5 important things

Credit Card: Start with a low limit credit card, this will make it easier to pay the installment You can apply credit card on your FD, it will be taken as bank security.

Credit Card: Start with a low limit credit card, this will make it easier to pay the installment You can apply credit card on your FD, it will be taken as bank securitySince the work from home culture in the Corona era, most employees are getting half of the salary. In such a situation, credit card people are very useful to survive in this difficult time. People are using it to fulfill their needs. But there are still many people who do not have credit cards, but they are thinking of applying for it. If you are also planning to get a credit card for the first time, then it is important to know some things before that. Otherwise, financial burden may be increased on you. No-frills card is a better option If you are taking a credit card to meet your daily needs or requirements, then initially take a card with a low spending limit. This will not hurt you in paying the installment. Also, there will be no problem of paying any annual fees in this. Such cards are called no-frills cards. Apply in your bank If you are planning to get a credit card, then apply in the same bank where you have an account or fixed deposit. By doing this, you will get a credit card easily from the bank because you will be regular customers of the bank. It does not have to do much paperwork. Can take credit card on FD If you do not have a credit score or have a low credit score, then such people can take a credit card on their FD. With this, the bank will keep your deposit as security for the expenses incurred by credit card. Take care of charges Different types of charges are taken from the bank while taking a credit card. So try to get a credit card with the least charge. Choose a card in which you have to pay minimum joining fees and low annual maintenance fees. Avoid additional expenses People’s expenses increase as soon as they take a credit card. If you overcharged the card by spending more than the limit, your credit score may deteriorate and you may have to pay an additional charge for it.

Such charges are incurred on withdrawing cash from credit card, know all the things before applying

Getting a credit card is a great deal for banks. But if you do not know how to use it then it can become a big headache for you. Actually, banks charge you 6 charges against the use of credit cards. Many of these charges are hidden. Especially if you withdraw cash from the card, you may have to pay a huge amount. That is why today we are going to tell you about all the charges on credit cards. After knowing that, you can use the card correctly. Before making credit cards, know its fees, fees for Transaction to Cash 6 charges have to be paid for credit cards Banks give facility to withdraw cash from credit card but it is not free. The bank charges up to 2.5% on the money you withdraw. The special thing is that if you withdraw money from the card, then you also have to pay immediate interest for it. Apart from this, banks charge interest even if you are late in credit card payment. This interest rate is very high. Although you can avoid this charge by paying the minimum amount, you will have to pay interest on the outstanding amount. Government’s jugaad to make farmers happy, increase in sugarcane price by Rs 10 per quintal Sometimes we withdraw more money than the limit of the card but for this the bank also takes an overdraft charge from you. However, less people know about this. GST is also payable on all credit card transactions. It is applicable according to the prescribed rates. Apart from GST, the bank also extras from you on petrol or railway tickets. You also have to pay an annual fee or renewal fee to the bank to keep the card, although some cards are free. Government will give 2500 rupees to Ration Card holders, know how to avail Keep a few things in mind when removing the cache Know this before you withdraw cash from credit card, every time you withdraw cash, you have to pay advance charge or advance fee. This charge depends on the cash withdrawn. You will find this charge in your next month’s bill, which you will have to pay the installment. This is an extra charge, which increases the burden on your pocket.

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