Credit cards dos and don'ts
Today’s banking spectrum exposes you to an array of opportunities that can make your daily life easier. As you start to build your financial portfolio, you begin to think about the next steps that can help you on a daily basis.
Tapping into the credit card scenario is one of those steps you tend to think about at a certain point. Your credit card provides you with several benefits such as paying at numerous outlets worldwide, a minimum credit limit of €700, easy and convenient payment methods and the ability to withdraw from ATMs locally and abroad.
At the same time, you need to start by understanding what getting a credit card means, how it works and whether you’d be able to handle it or not. Here are some Credit Card DOs and DON’Ts to help you decide better.
DOs
DON’Ts
Tapping into the credit card scenario is one of those steps you tend to think about at a certain point. Your credit card provides you with several benefits such as paying at numerous outlets worldwide, a minimum credit limit of €700, easy and convenient payment methods and the ability to withdraw from ATMs locally and abroad.
At the same time, you need to start by understanding what getting a credit card means, how it works and whether you’d be able to handle it or not. Here are some Credit Card DOs and DON’Ts to help you decide better.
DOs
DO start by analysing IF and WHY you need a credit card. It is important to evaluate what purchases you will make with a credit card, why a credit card can be a helpful product and why you shouldn’t go for the less risky option of debit cards instead.
DO research the several types of BOV Credit Cards, to better understand each one’s terms & conditions and clearly match your particular consumer needs to the best credit card fit.
DO keep records of PIN numbers, card limits and expiry dates.
DO revert to a credit card when settling large payments instead of withdrawing large amounts from an ATM.
DO set a budgeting plan to allocate monthly credit card payments, to schedule bill payment dates and strictly adhere to settle all payments on time.
DO analyse your card statements. This is an opportunity to better understand your spending patterns and verify if you need to revisit your budgeting plan.
DO dispose of any card statements in a secure manner to ensure that no one steals your details.
DON’Ts
DON’T think you MUST get a credit card if you don’t necessarily need it. Treat this as another product by knowing its full commitments and benefits.
DON’T register for a credit card unless you have a clear budgeting plan, knowing how this commitment will impact your monthly expenses.
DON’T apply for multiple credit cards at once. Start off with one until you get used to your first experience using a credit card.
DON’T pay your card bills late or exceed the card limits. These actions may not only lead to unnecessary charges but also developing patterns of unwanted debt and a lack of financial stability.
DON’T wait too long to contact your bank if your card is stolen, lost or compromised. Remember that BOV offers a 24-hour Emergency Line for credit card problems.
DON’T lend your credit card to anyone else or expose its details to any strangers.
DON’T apply for a credit card until you know the full benefits, terms & conditions of all the different BOV Credit Cards.