Credit card usage is increasing tremendously day by day as they are providing the easiest way of shopping. The main difference is using debit card we can only spend money that we have in our account and there is facility to exceed that amount if we are interested in buying more also. Whereas using Credit cards we can also spend even more money from banks account and make our wishes come true at that moment of time and we can pay those credits later in installments if needed. Hence we always prefer to use Credit cards rather than using debit card.
Credit cards are mostly used for online shopping as it is the easiest way of payment and also profitable. We can also pay other bills using Credit cards. For all online payments and for all monthly important dues we can use credit cards as they are very mandatory and all the bills we have to pay at a time in the beginning of the month which will be sometimes very difficult to manage for regular employees as he/she depends only on their salary. In such cases Credit card will come into scene.
Dues and Rate of Interest
In some situations we have to pay some amount and if we delay we have to pay double the amount later. In such cases we have to use Credit card only. Bank will pay required amount for us and later we can that to the bank. Inspite of paying double the amount we can use Credit cards and thus Credit card became a kind of money saving device. But if we miss to pay those dues in mentioned time period, than we have to interest and late fee also. Interest will be calculated with respect to the bank. Bank will have some guidelines and before choosing Credit card we should be careful with guidelines as the arte of interest will depend on these guidelines only. To avoid this rate of interest we have to some minimum amount for that particular amount which will add any interest.