Are you effectively managing your credit card payments or are the bills piling up? Paying off credit card bills on time is essential. Here’s why.
IDFC FIRST Bank
High penalties
Missed repayments or revolving credit attract penalties and interest on the outstanding amount. This leads to financial burden that could have been avoided.
IDFC FIRST Bank
Reduced credit score
Missing a credit card payment severely damages your credit score. In the future, this will make it harder for you to obtain a loan.
IDFC FIRST Bank
Debt trap
Carrying a huge balance on your card will eventually lead you into a debt trap - a situation in which you struggle to pay off your debt.
IDFC FIRST Bank
To avoid these scenarios, always pay your credit card bills on time and in full. A disciplined approach to managing credit card repayments includes
IDFC FIRST Bank
Spend what you can afford
Clear the bills first, then spend
Add an ECS mandate for automatic bill payments
Convert dues into EMIs for easier repayments
IDFC FIRST Bank
Choose IDFC FIRST Bank Credit Cards which have low interest rates and offer an EMI conversion facility for easy repayments.