Credit card holders should not do this..! Biggest Problem..!

It is noteworthy that the number of credit card users has been increasing over the last few years and almost everyone is using credit cards not only online but also when shopping in person. The bill will be sent on a specific date when each person is given a credit card. That bill will have all the details including the last date for payment. But at the same time, it states that those who are unable to pay the full amount can pay the minimum amount. You will not have any problem if you pay the full amount on the credit card bill. But at the same time, there is a risk that paying the minimum amount can lead to various problems and turn the credit card into a headache.Credit card issuing banks will indicate that at least 5 percent of the outstanding amount is sufficient. So the biggest shock awaits those who think that they can pay only 5% as mentioned in it and then pay the total amount after getting the money.Although late payment can be avoided by paying the minimum amount, it is important to note that if the minimum amount is paid, the entire amount due in the next billing cycle will be calculated with interest.
Also, if you do not pay in full, you will incur a loss of up to 45 days during the interest-free loan period. It is also worth noting that you will have to pay interest on each new use until the full amount is paid.The reserve bank of india has already explained this to credit card users. Paying only the minimum amount each month will add interest to your outstanding amount and your loan will continue to grow. In addition, if you have a backlog of bills for the previous month, you will have to pay interest on every penny you use after that, as the next bill will have an interest-free loan period.It is therefore advisable to avoid paying the minimum amount as much as possible and not to use a new credit card until you have paid the full amount in the event of an emergency.Economists generally advise against using a credit card. Their advice is a credit card is simply to buy unnecessary items at home and then carry the unnecessary debts. But at the same time, the credit card can be used to pay the required item only for a certain period of time without interest. But if you pay the full amount exactly before the billing date when using that credit card it is definitely a boon for you!

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credit card minimum amount

Sowmiya Sriram

23/06/2022 03:24 PM