Credit cards have become popular among the millennial and urban population. It saves you from carrying cash all the time. Credit cards have also changed the way people look at availing a loan in India.
Unlike other loans which require documentation and paperwork, the credit card advance facility is simpler and instant as it doesn’t require any documentation or further approval from the bank. Credit cards if used properly in a disciplined manner, helps the users earn extra benefits like cash backs, reward points, and travel points which leads to some savings.
The cash advance feature of credit cards, however, comes with certain terms and conditions and should be used carefully to prevent any chaos in the budgeting. Use it judiciously, and stay out of the debt trap.
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Many credit card companies and banks keep calling people with attractive credit card deals and offers, but remember that owning multiple cards can lead to over-spending. Better still, use one card at a time so as to not get carried away while spending.