Credit card
Banks and other financial institutions provide credit cards, a type of financial instrument, where you can borrow money to spend. For all technical purposes, using a credit card is essentially borrowing from the issuer and will need to pay back with interest sometimes. Well-handled credit cards can be quite rewarding and even help in building an excellent credit history. Just be sure to handle them wisely so that you are not overspending.
Smart tips for using credit cards on PhonePe
Remember these tips to get the most from your credit card on PhonePe:
- Monitor your credit limit: You should stay within your credit limit so that you do not end up overpaying.
- Check statements periodically: You should track all of your spending and check for fraudulent activities with regular credit card bills.
- Time payment: On-time payments mean that your credit score will be high, and you will not have to pay late fees.
How to transfer money to PhonePe from a credit card?
Transferring money from your credit card into your PhonePe account is straightforward:
Steps to links credit card with Phonepe
To add a credit card in PhonePe, do the following:
In conclusion, you can easily make safe purchases and opt for smoothing online transactions after linking your credit card to PhonePe. However, even though credit cards offer many advantages, it does not mean that they are the best options as they have potential drawbacks. Credit cards can make one roll into high-interest debt, financially suffocate them through over-spending, and even deter your credit score if mishandled.
(Note: Using a credit card carries its own set of risks.)
