If you have bought a credit card for the first time then you should know what is the right way to use the credit card after all.If you start using credit card without understanding this, then you may have to face a lot of problems.
So today we are going to tell you how you can create wealth using Credit cards.And you can use your credit card properly.
Best Way to use Credit card First Time 2023
If you have purchased a credit card for the first timeIf you have purchased a credit card for the first time So it is natural that you must be working somewhere before and with the money you earn from work,
you will Pay the credit card bill.So I’m assuming that you’ve already made arrangements to pay your credit card bill.So you know great ways to use your credit card.
Use Credit Cards wisely
Using your credit card wisely means that you have to use your credit card where it is meant for you. Where you are getting some cashback in exchange of credit card If you are not getting cashback in return of credit card then you should not use the credit card instead.Well, there are most places where you get cashback by using credit card.
This will give you double benefit, first you will do the shopping and in return you will also get a commission of 2%.Now you must be wondering what will happen with this 2% commission. For example, if you shop for $1000 every month.
So you will be shopping around $12000 within a year If we look at your profit from this in terms of 1 year then it is around 240 dollars.You spend so much money just by shopping, people!And if you look at it for 10 years,
you will save approximately $2400 by Shopping You can invest the remaining amount somewhere due to which you will get such a high return which you cannot even imagine.So you have to use credit card keeping this in mind.
Manage your Bills before using your Credit Card
You do not have to use credit cards like a fool, rather you have to use credit cards like a wise person.How do most people use credit cards and get trapped in the debt trap?And they end up with more and more debt because
if you don’t pay your credit card bills on time.So you will have to pay penalty for that and you will also have to pay interest separately.Credit card companies mostly provide you more discounts on credit cards so that
you can use them and get out of their debt trap.You do not have to fall into the trap of debt but you have to earn money from it.If you have purchased any credit card, you will have to pay its bill within 45 days.You should use a credit card only when you have as much money in your savings account as
you can use the credit card.Because as soon as you receive the money, you can pay the credit card bill. This will give you two benefits of using the credit card.First of all, you will get interest at the rate of more than 3% on the money
left in your Bank account.Apart from this, when you shop with your credit card, you will also get some returns in return.In this way, you can earn huge profits by investing less in good places.
Don’t lend Money to a Friend
You should not make such a mistake even by mistake, everyone has a friend circle.So friends also face problems but you have to take special care that you should never give money to your friend by withdrawing it from credit card.
Because in such a situation it has been seen that if you lend money to a friend 100 times, then 90 of them will be returned.
Your money will not reach on time due to which you will have to face a lot of problems because if you do not pay the credit card on time, you will have to pay more interest.If you follow all these precautions, you can use your credit card very well.