Plastic money in your pocket, Use it now and pay it later. One may get discounts using cards and gets reward points aswell.
It offers a line of credit that can be used to make purchases, balance transfers and/or cash advances and requiring that you pay back the loan amount in the future. One should make the minimum payment every month by the due date on the balance.
One can earn rewards such as cash back or miles points by using a card.
It increases the purchasing power of the card holder.
It has lots of disadvantages too like
a)Minimum due trap.
b)Hidden costs.
c)Easy to overuse.
d)High interest rate 36%-42%.
Judicious use of credit card will help one get rewarded and indiscriminate use may lead to a debt trap.
Loan on credit card is also avalilable but one should remember that the interest charged on such loan also has a GST charge on it making loan on card dearer. Please check with bank before taking loan on card.
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