So you’ve been hearing of the great convenience and benefits of a credit card and finally decided to apply for one. When you finally get it, there is a surge of excitement! The packaging, the design, the logo, the numbers, and seeing your own name printed across the card can truly make you feel empowered.
At the same time, you could feel a bit nervous, considering all the scary stories people have told you about credit cards. Well, if you are a first-time credit card user, here are five important to-dos you must know about when you get a new credit card:
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Read up the Terms & Conditions
While you don’t need to scrutinize every word of the fine print your new credit card comes with, there are certain key areas you need to wrap your head around. These may include an annual fee, the grace period that is granted to you between the end of the billing cycle and date on which your payment is due, late payment fee, and annual percentage rate (APR) that the card issuer charges you on any balance carried over from month to month.
Activate your Card
Activating your card is easy and can be done online or by phone. Setting up an online account will allow you to view your credit limit, offers & rewards, balance, and transaction history.
Besides, it’ll enable you to pay your bill with ease. If you have a relationship with the card-issuing bank, your credit card might be linked to your existing NetBanking account.
Set up Autopay
Missing just one credit card payment can cause your credit score to plummet. Additionally, you may be charged a late fee. The best way to ensure you never miss a payment is to set up autopay.
Setting up autopay also means you’ll have to make sure you always have adequate funds in your bank account to use for covering your credit card bill. Alternately, you could rely on a monthly payment reminder with the help of an app.
Activate all Benefits
Explore all the rewards and benefits offered by your new credit card. To begin with, there may be welcome incentives such as bonus points or an airline companion ticket. Some credit cards come with a rewards program – such as airport lounge access or cashback on dining out or monthly cab credits – that must be activated before use.
It is important to find out how to enjoy these rewards as some cards facilitate cashback automatically, while others require you to redeem your rewards.
Use Your Card Regularly & Responsibly
Your new credit card is an excellent tool to help you maintain and improve your credit report. Use it responsibly by making your payments on time, making more than the minimum required payment whenever possible, and not using your entire credit limit. This will help you earn rewards and build a strong credit history.
Looking to apply for a credit card online? Go for Indus Easy Credit credit cards by IndusInd Bank. From instant approvals to higher credit limits, this card allows you to get truly rewarded for all your spending.
Besides, the application procedure is entirely 100% paperless and online, ensuring a seamless, hassle-free journey for customers. Get the Indus Easy Credit credit card, apply online now!
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