By: savinghabit

savinghabit
Fri, 06 Jul 2018 06:22:28 +0000

In reply to NG.

Thank you so much for sharing all the places where you saved money using credit card. 20% cashback on Amazon Pantry is pretty awesome!! It is not available in Goa unfortunately nor are Ola, Uber, Swiggy sadly 🙁

I still recommend using cash if you are struggling to control your credit card bills especially when one’s income is also low. Cash forces a discipline where you cannot spend what you don’t have in your wallet at that time. Using credit card without discipline can dig a deep debt hole since the interest rates are very high in the range of 30-40% . It happened to me personally in my 20s where I used to have a bunch of credit cards and roll over the balance from one credit card to another to try and reduce my interest payments. It was a horrible time which was completely avoidable 🙁 Once I dug myself out of that hole I now have only one credit card and I pay off the balance each month.

If cash is not available in ATMs then the next best option is to use debit cards or prepaid cards. That will ensure that one does not spend more than what one has in their bank balance.

For people who have developed the discipline through cash spending, it makes sense to graduate to using credit cards and take advantage of the discounts and deals. Just last week my wife got a Citibank PremierMiles card where you get decent airline points for monthly spending. We plan to use this to fund our international travel at some point! I’ll blog about using credit cards for points or deals in the near future.

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