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100 FAQ's on Basic Finance

Module Units

What is a credit card and how to use it?

A credit card allows you to make purchases by borrowing money from the credit card issuer up to a pre-defined limit. It is like a short-term loan.

 

You should use your credit card in the following ways:

 

  • Spend only when you must and maintain your budget.
  • Pay your bill on time.
  • Read your Credit Card brochure about the benefits it offers and the reward program.
  • Repayment method should be selected smartly.
  • Minimize risk by using your card at trusted merchants.
  • Spend within your credit limit.
  • Do not close credit card accounts randomly.

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Units 22/101