The transaction through credit card has become much easier. The practice of giving and taking credit cards is growing rapidly. Banks are at the forefront. Banks have a number of calls to take credit cards. For credit cards, you need some documents such as ID proof, address proof, income proof, salary slips, bank statements. However, caution has to be taken on the use of credit cards during the Corona period. Know what precautions to take care of.
Moratorium:
In March, RBI has given three months on repayment of all term loans between March 1, 2020, to May 31, 2020. This also applies to your credit card bills, as it counts as unsecured debt. If you opt for a moratorium on your credit card bill, you won't have to pay anything for a period of three months, not even the minimum dues. However, banks will continue to charge interest on the outstanding amount as usual. In addition to this, if you make a new purchase during this period, the interest will start to connect immediately. So it is much better if you don't choose the option of the moratorium in lockdown.
Ignoring the Bill:
Lockdown may cause you're not using your card as much as you normally do. So you may feel that the bill can be repaid later, but it will be a mess. If you delay the credit card bill payment, it will increase your liability, so if you have to repay the loan tomorrow, make a payment in time.
Don't Buy the Necessary Things:
As soon as a slight relaxation is given in the lockdown, the shops reopen, and e-commerce portals start giving non-essential goods. So if you are making a purchase, make a careful purchase. You have to make sure that having a credit card does not mean that you buy more than your budget.
Losing Card:
However, the chances of losing cards are meager if you are home in lockdown. But if that happens, it will be a great misfortune. It may also take time for you to get a new card. Most banks do not charge any fees for losing credit cards. You immediately notice losing the card. The probability of fraud has increased significantly at the time of the corona epidemic, fraudsters are using malware and phishing.
Reward Points:
All credit card-giving banks give reward points. So if you have a reward point, use it. Don't let that go.
Read also: Do you Forget your HDFC Net Banking Password? Know here How to Reset It
What is No Cost EMI Offer: Read here when and why you should take it
What is SBI BSBD account and how to open it: Benefits of this account
Image credit: financialexpress