As soon as some people hear the word ‘Credit Card’, they end up projecting the user as ‘Spendthrift’, ‘Financially Undisciplined’, ‘Payment Defaulter’ and so on. However, for a person who knows the basic guidelines of a credit card’s usage, they would be proudly using it. A credit card is a two-edged sword and must be used prudently. For the population who think a credit card is a debt trap, must be clear, using it in the right manner the user can not only be solvent but also rewarded. What is this Credit Card? A credit card is a type of lending provided by a bank or a similar financial institution to its customers as a reserve for their day-to-day expenses termed as ‘Credit Card Limit’. This reserve is fixed depending on several criteria. The credit card can always come within reach when a person is temporarily financially broke. Some card users think the credit limit is their own money, but on the contrary, it is the bank’s money that is used by the cardholder as it is a ...
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