The Credit Card As A Financial Tool
Credit Card is a convenience tool which resolves financial problems in emergencies. It can be a very useful financial tool if used wisely.
Balance Transfer Facility : Allows you to transfer the balance amount from one credit card to another credit card depending on which bank is offering a lower interest rate.
Consolidating balances of different card on to one card. The applicable rates and tenures of such transfers should be analyzed for this.
Equated Monthly Installment Scheme. Facility of repaying outstanding balances and high-value transactions easily.The balance can be converted to EMIs by:
- Calling the bank's call center and requesting the conversion
- Requesting the participating merchant where you made the high-value purchase to initiate the EMI Payment option for that transaction where you swipe your card. One should check his/her charge-slip before signing it. It should reflect the total transaction amount and the tenure.
You can also Apply for a Personal Loan against your credit card depending upon your repaying history.