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Make your card work for you

Keep these in mind to get the maximum out of your card

Apnaloan.com Research Bureau

10 Aug 2007

Yes, owning a credit card can be liberating but it can also be confusing. Follow our tips and get the best out of your card.

  • When your photo is imprinted on a card (a photo card) it can double as an identity card as well.
  • Some credit card companies may set a limit for individual as well as total transactions on an add-on card every month.
  • You can use your global card in 200 countries to pay hotel bills, book flight tickets and make car rentals.
  • Some banks may give you the option of deferring payment on a portion of your outstanding on purchases abroad.
  • Amex and Diners Club cards are high-end charge cards usually meant for exclusive outlets. Check before using either at any outlet.
  • Different cards come with different features, terms, and conditions. To make sense of these differences and make a meaningful comparison between one card and the other, do not look only at the rate of interest charged on revolving credit.
  • Some banks allow you to buy foreign exchange against your global card.
  • While buying a product over the phone or mail order, be sure to note all the details carefully. Note down the name of the person who spoke to you as well as exact amounts, as these will be necessary in case of a disputed billing statement.
  • While using your card at an ATM, make sure nobody sees you punch in your PIN number.
  • If you lose your credit card, call and inform the card issuing authorities and make a police complaint as well.
  • Check your credit card when it is returned by a merchant and make sure that it is your card that he has returned.
  • As far as possible, try and be present when the impression of your card is being taken/ the dial-up is taking place to ensure that there is no misuse of the card.
  • Always verify purchases with your billing statement.
  • Settle your bills on time. If you have a good credit history, credit card companies may give you an increased credit limit, if requested by you.
  • Different cards have different billing cycles. If you have access to different credit cards, you can make use of the free grace period provided by card companies to get a longer grace period for yourself.
  • Never make a disputed payment till corrections are made in the billing statement.