Best Credit Card Tips everyone should know for smooth payment.

Digitalization has acquired swiftness in India in the last few years. People are becoming more and more cashless. In such a situation, the usage of credit cards has also grown to a great extent. With the help of credit cards, we can meet our needs when we do not have money. Many banks and companies keep offering various offers on credit cards to customers. 

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Credit card

Nowadays, most people prefer to use credit cards even while shopping online. For this reason, many banks and e-commerce companies also give many types of offers to customers, to take advantage of which people use credit cards fiercely. Sometimes due to this, problems also have to be faced later. Therefore, it is important to keep a few things in mind while using a credit card. We should always use credit cards wisely.

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Pay your credit card bills on time.

Failure to pay your credit card bills on time can damage your credit score. A credit score is a measure of loan repayments and your creditworthiness. This credit score shows whether the customer has paid his credit card bills on time or not. Your credit score depends on your monthly billing and credit utilization ratio.

Credit utilization ratio

The credit utilization ratio depends on the monthly usage limit of your credit card. If you use credit cards more, then your credit card utilization ratio will be higher. If your credit utilization ratio is more than 30 per cent, then it is a bad sign. This shows that you are a risky customer, and you may be in debt.

Correct your credit score by increasing the credit limit

At the same time, increase your credit card limit to improve your credit score. On the other hand, if your credit limit is Rs 1 lakh and you have utilized up to Rs 50,000 in it, then your credit utilization ratio will be 50 per cent.

Apart from this, if you increase your card limit to 1.7 lakhs, then your credit utilization ratio will become 29. This can prove to be safe for you.

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