The Credit Card is a Financial Tool best suited for your needs if you use it carefully and also handle intelligently.
- Credit Card should be used only in case of emergency if you have exhausted all other means. [However, financially sound folks can also use and pay off in full every month]
- What is a Balance Transfer of Credit Card ? This allows a consumer to transfer credit card balances from one card to the other. Usually when there is a differential in Interest rate charged by the banks.
- Balance Consolidation – If you have multiple credit cards with balances and finding it hard to manage, then you can consolidate the balances on only one card. But understand the terms and conditions before consolidation as defaulting here means you are in deep trouble.
- For consumers who are in bad situation when it comes to paying back the cards, they can be offered EMIs by the bank, but depends on the banker.
- Before converting your credit card balance into EMI, kindly understand the installment and tenure that this will last.
Persons managing their credit card well, who have never delayed on their payments will also get offer for Personal Loans. Never avail the same as APR will be quiet high, unless needed as Emergency. [Please, Emergency is Emergency not something like American sub-prime borrowers]