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How to save yourself from a credit card penalty

how to save yourself from a credit card penality

Credit cards are one of the best ways to build credit and pay for your all-monthly expenses, but when you misuse this card, save yourself from any extra bank charges. A credit card is a lifesaver, and you can easily shop, especially when you need household items urgently. Also, try not to miss a payment, incur a late fee, close your credit card, and ding your credit score to the next level quickly. So, try to make your credit card payment the easiest way out of a debt trap. 

Getting out of the credit card trap can be time-consuming and costly, but you will have to pay more than 30 percent interest rates on your current credit card balance. To know more about cards and want to save yourself from any extra charges, check out the below points and follow accordingly.

Always pay your bill on time

There are substantial interest charges and extra amounts on any bank credit card on your overdue payments, which are high compared to other pieces. Paying only 5 percent of the outstanding credit card amount is compulsory. It can roll over the balance to the next month with a long bill. But you should completely ignore doing as this is the fastest way to land in that debt trap. If you do not even make the less amount of 5 percent charges by the due date, a late bill payment fee and interest charges and taxes are chargeable.

Get no interest-free on new purchases

Do not roll over the outstanding balance to the next billing cycle. It will obtain a monthly interest rate of more than 3-4 percent, and if you keep rolling over and over without making a new purchase each month, the interest rate portion may soon take you into a giant debt trap. Generally, an interest rate-free cycle on a credit card bill purchase will go up to more than 45 days of your bill. The payment plan is in place before you take on more considerable expenses and make consistent on-time payments.

Convert your card payment into an easy EMI

Sometimes when we go shopping, we will never calculate money and shopping, there could be some high-ticket purchases on your card. It is best to convert all those payments into an easy EMI process and pay every month because an EMIs as they come at a lower interest rate than what you should pay. After the transformation, the interest rate could be much lower than other interest rates of charges.


Buying something from a credit card and converting it into easy EMIs because no one wants to pay the total amount in cash. Now, you will better understand credit cards and how to save yourself from penalty and save your money. To know more about it visit our CreditPay official website, and learn all the essential details about credit cards.

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