Credit Card
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Contrary to what most people believe, credit cards are not meant to encourage a life of luxury.
Most people erroneously assume that a credit card is the ticket to unlimited financial freedom. While a credit card gives you freedom, it’s not the freedom to be reckless in your purchasing habits but the freedom to pay for your purchases without using physical cash.
That’s not to say you don’t pay for your purchases. You do. But the costs of your purchases are usually billed to your credit card.
If anything, a credit card is supposed to make you wiser with your financial decisions. Once you understand that what a credit card is all about, you can easily ensure that any impish desire to over step your boundaries is curbed;
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1. Every credit card has cash limit: All credit cards have a limit. A credit card is not a key to unlock riches with. You need to know that once you exceed the cash limit of your credit card every other thing that you buy will be on credit literally and you will own your credit card supplier money. All credit card suppliers usually intimate you on the cash limit on your credit card so that you can be mindful of your spending habits.
2. Every credit card has an APR: Each credit card has an annual percentage rate or a credit card rate. This refers to the rate of interest that you will have to pay on any balance that you owe your credit card supplier. The higher the APR on your credit card, the more you will pay in terms of debt.
3. Every credit card is accompanied by monthly payments: You will have to pay your credit card bills each month. If you don’t, the balance that you owe will be charged on the percentage according to the APR agreement and you will end up paying more than you spend. To fully enjoy your credit card, strive to pay your bills each month. You can own more than one credit card but remember that each time you default on your monthly payments. You will only be incurring more debts for yourself.
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