Choosing the best credit card is easy nowadays. You can read and compare the features of different credit cards online and shortlist the one that fits your needs best. However, the next crucial step is using their credit card responsibly. You can follow certain useful tips to use your card more responsibly.
Tips to use your credit card more responsibly
- You must read your credit card’s terms and conditions: On 21st April 2022, the Reserve Bank of India (RBI) recommended a few changes to the drafting of the Most Important Terms and Conditions (MITC) document that banks must send to customers who wish to opt for a credit card. Among the changes recommended was an emphasis on including illustrated examples to explain the terms and conditions of the credit card. You must read this document very carefully and be aware of all the features of the card and the details of the repayment procedure.
- Know all the details of your credit card’s fees: Most credit cards levy joining and annual fees. Reading the MITC document can help you understand the terms and conditions clearly. Lifetime-free credit cards like the EazyDiner Platinum Credit Card by IndusInd Bank do not charge any annual or joining fee from the customer. You can apply for a credit card online with a 100% digital process with IndusInd Bank today!
- Always pay your credit card dues on time: You must not be complacent when it comes to repaying your credit card dues on time. Several mobile banking apps can help customers conveniently make online payments to repay their credit card dues. Paying your credit card dues on time also helps you improve your credit score, which could make you eligible for higher loan amounts at attractive rates in the future.
- You should always pay more than the minimum amount due: The “minimum amount due” helps customers avoid the late payment fee bank levies upon missing a payment date. However, if you only pay the minimum amount due every month, you will carry a balance, and the bank will charge interest on that outstanding balance. To avoid this, you must always full or try to pay more than the minimum amount due.
- Be conscious of your credit limit while using your credit card: Your MITC document also clearly mentions your credit card limit. You must always avoid crossing the credit limit on your credit card, as it can directly impact your creditworthiness. You must look for ways to reduce your credit utilisation ratio to maintain a higher credit score.
- You must regularly check your monthly credit card statements: At the end of every billing cycle, the credit card issuer sends you a monthly statement summarising how you have used your credit card. Checking these statements can help you identify any discrepancies in billing or interest rates.
- If you cannot find your card, report it as lost or stolen at the earliest: IndusInd Bank customers can use the bank’s phone banking services to block a lost or stolen card immediately. They can also do so directly through the IndusMobile App. One must inform the bank if they cannot find their credit card or have fallen prey to a scam.
- Utilise your credit card rewards and cashback offers: You must make the most of the credit card rewards offered by the card issuer. The EazyDiner Platinum Credit Card by IndusInd Bank helps individuals enjoy an EazyDiner Prime membership worth ₹1,095 for three months. Cardholders can also avail an extra 20% off up to ₹500 when they eat out and pay using the PayEazy feature on the EazyDiner App. You must identify rewards like these offered by credit cards and make the most of them.
Conclusion
To sum it up, you must read the MITC document clearly and pay your bills on time and in full rather than making the minimum due payment to use your card responsibly. You should also utilise all your credit card rewards and regularly check your monthly statements. Lastly, don’t forget to be conscious of your credit limit and credit utilisation ratio. To opt for a lifetime-free credit card with the best dining rewards and cashback offers, apply for the EazyDiner IndusInd Bank Platinum Credit Card online today!