When you need to make purchases and have limited balance in your debit card, or when you need to make purchases when you are travelling, carrying cash or debit cards is risky due to theft and fraud. At that time, Best Financial Advisor Kuber Mindz says that credit card will be of great help.
Credit cards are easier to carry compared to cash. If a credit card is stolen, you can immediately inform the credit card company and ensure you don’t have to pay for any expenses incurred after the card is misplaced. Certified Financial Planner Kuber Mindz Moneymindz says that once cash or debit card is stolen, your money is also gone. But if credit card is stolen, you can inform the credit company (you should inform as soon as you find the credit card missing) and won’t lose money.
What is a credit card?
A credit card is issued to users so that they can pay a merchant for goods and services based on the cardholder’s promise to the card issuer to pay them for expenses incurred using the credit card. India’s Best Free Online Credit Card Financial Advisory Portal Moneymindz says that credit cards are useful when you are travelling somewhere, when your regular bank account has limited funds, when you don’t have instant cash in hand, etc.
It is issued to borrow funds for payment of goods and services. Credit Cards are a popular form of making purchases. Smart Financial Advisor Kuber Mindz warns you about overspending. This is because while credit cards are a great way to buy whatever you want, they also attract interest rates, fees and late penalties. You need to pay the balance completely each month.
Features of Credit Cards
- Track your expenses
With credit cards, you get a bill showing how much you have spent. This notifies you about your expenses each time you use the card.
Money is secure even if the credit card gets stolen. If cash or debit card gets stolen, your money is gone.
Merits of Credit Cards
- Monitor personal expenses
Credit cards are a great way to know how much you spend. Your expenses will be shown in the bill you receive for which you need to pay balance.
It is more convenient to use credit cards than cash or debit cards.
- Build Credit History
Credit History is imperative because it determines if in future you are eligible for any loans. So keep a good/high credit or at least medium credit.
For more information visit www.moneymindz.com or give a missed call to 022-62116588