How use credit cards
Dear All,
I got my first Commercial bank credit cards the limit of that card is QR8500 but before I did not use any credit card so please let me know how to use card and what is bay now pay latter I mean bank told me 50 days duration for payment.
Can I get cash also.
Regards
Mohammad Khan
If you have to ask that question,
then it is better for you NOT to use the CC. Otherwise you will soon be one of those on QL asking which bank is better for a personal loan. Better to keep CC only for emergency use only.
I think the earlier posts cleared your doubt on this issue. Be careful while using the Credit Card as it might take you to such a situation that you will not be able to settle your debts. You can use the cards to buy commodities which you require but it is advisable to use it in the first 10 days of the month to get the maximum benefit. If you buy using the card on 5th of a month your statement will be normally issued on 28th of that month to pay on 28th of the following month. This way you will get like 50 days time to settle. You may either settle the whole amount on or before 28th of the following month and if you dont pay before the due date they will charge a certain percentage as over due which will be a big loss for you. You can either pay the whole amount or you can opt for paying 5% or 10% of the total due but they will charge you a certain percentage of interest on the balance amount if you are not settling the whole amount. My advise is to use the card in the first 10 days of the month and settle it completely on or before the 28th or due date of the following month. You will normally recieve a statement either electronic or manual. You can discuss it further with your bank.
You just mentioned it is a credit card, its name itself is self explanatory. You can use your credit card to purchased goods on credit to any shops accredited by your bank and is payable within certained period and of course with charges as per the conditions/agreement you have signed in applying such credit facilities.
Dear QL reader, Its surprise to read you hav'nt come
across a CC. This is only to make instant purchases
on credit basis, you have 50 days time to repay what
ever you had purchased at Free, beyond that period
nominal rate of interest is charged. Look for your
monthly payment procedures, ask for details from
bank or they will provide you terms & condi. agrmnt.
You can also draw cash at higher rate of interest.
If you do not have strong will power, U R trapped.