Most of us are using credit cards these days, and it has somewhat made our lives easier. But there are some things you need to keep in mind before using credit cards. If you are a first timer, then here are some tips that will help you with managing your money and not overusing the credit card. If you want a credit card, then you can simply check the rcbc bankard credit card application.
Make a strict budget and follow it!
It is important to know how you should spend the credit card money. You don’t want to go over to the top with it otherwise you will be in a lot of debt. So the best way for first timers is that they should plan out a proper budget and stick to it.
Pay the balance properly
If you are using the card within a limit and in a budget, then you will have no issues paying off the balance each month, but if you are going overboard, then you must take care because the monthly payments will increase. Plus, you must make monthly payments without fail otherwise it will keep adding to your debt list, which going to eat off all your income.
Try avoiding cash advances
The interest rates on the cash advances are quite high, and you will also be charged some fee for the advance. If you take the cash advance at the ATM, then you will have other charges too. In short, this overall turns out to be more expensive than you think. So, it is better to give it a pass.
Pay all your bills on time
Paying your bills on time is essential and important. The least you can do is pay the minimum fees. If you miss the due date, then late fees will be added, and it will not reflect well in your credit report. This will further affect your credit score too. All this can make a bad influence the next time you are going to the bank and want a credit card. If you pay all the bills on time and your background has been successful, then you can proceed with the pre-approved credit card Philippines process!
Don’t avoid calls from the credit card company
If you have missed on few payments then don’t panic! Just talk to the company and tell them your financial situation. Don’t panic for no reason and avoid emails or calls from the company. This will put you in more trouble. Also, don’t ignore the general emails that the credit issuer sends. There could be some important notice regarding the annual fees or other vital points.
Avoid using the credit card for small payments
Try using your debit card or cash for small payments like when you are at a restaurant or for fees or grocery shopping. Keep the credit card for some major payments only.
We hope these tips help first timers in using their credit card well.
