Prepare a budget
Many people try to buy their favorite products through offers. But it is better to prepare a budget first about what to buy. Following this method can ensure timely repayment. So, prepare a budget ahead of the festive shopping. Make a list of all the items you intend to buy. Find out how much it all costs. Prepare a budget considering monthly income and current liabilities.
Choose a suitable credit card
There are many credit cards available in the market today that offer rewards, cashback, and other discounts. Some of them are specially designed for the festive season. You can save more by opting for credit cards that offer high cashback and no interest on EMI.
Understand the credit limit
Be aware of the credit limit before using the credit card each time. Exceeding the credit limit exposes users to additional penalties. A request to temporarily increase the limit can be granted only if there is confidence in using the additional credit limit.
Compare rewards and offers
Before making purchases with a credit card, check the rewards and offers associated with the credit card. Many cards offer special cashback or discounts for online shopping during the festive season.
Keep evidence of transactions
Sometimes multiple transactions have to be done both online and offline at this time. Monitor credit card transactions regularly to control spending. Most card issuers provide online access to account statements to track transactions.
Prepare a repayment plan
Plan how you will pay back before making purchases with a credit card. Try to pay off credit card balances in full by the due date to avoid interest charges. If that’s not possible, try paying more monthly to reduce the interest.
