In this present day generation, many people prefer to use their Credit card for different applications than Debit card. In spite of carrying huge amount with us it is better to carry Card as it is safest way of carrying. The main difference between Credit and Debit card is, using Debit card we withdraw our account balance only. But using Credit card we borrow money from bank even if we do not have amount as that point of time. Number of people are interested in using as they provide many offers and discounts. Many of the users exactly might not what happens if we fail to pay due amount in time. If we cross this date we have to pay late Fee. Instead of burrowing money from money lenders, it is better to use Credit card as it offers less interest when compared to money lenders depending on that particular bank rules.
- Most common expected action if we miss to pay Credit card bills is. They will add interest to our amount. They will keep on adding interest for every month.
- Sometime along with interest late fee also adds to your due amount. We have to pay some minimum amount prescribed by bank to avoid this interest and late Fee.
- The background action is, it affects your Credit Reward points and you may not getting much online offers as before.
- If this repeats for months, then your rate of interest of interest also increases and sometimes you have to double the actual amount.
- The bankers will be polite at the beginning, but if this continues they have some agency to collect the due amount back. We should not get into that position and hence limited usage is very important.