Closing Credit Cards? Be Vigilant

One should be cautious in using credit card as already discussed in my previous blog.  But some things are also to be considered while closing your credit cards. Few things which need to be kept in mind while cancelling the credit card are:

The bank will not cancel your card unless you have paid all the dues. These dues include interest, fees and charges on the card along with the expenses incurred by you on card.
Many customers feel that some card charges are unfair and proceed to cancel the card without paying these. But the bank will not cancel the card unless […] Read more

Virtual Credit Card- Must Knows

-> A virtual credit card is an electronic card, which can be created using the internet banking facility by providing one’s credit/debit card details. It does not require any extra charges.

-> This card is created for one time and it is created for each online transaction separately. It is valid up to maximum of 48 hours.

-> Each virtual card comes with its own card number, CVV number and validity details. It can be used for online transactions like regular credit cards.

-> This virtual card allows secure online transactions as it reduces the risk of exposing the underlying credit/debit card details […] Read more


Following are the few instances where you should restrict the use of your credit card to manage your finances:

1 Using for everyday expenses: Mostly people use credit card for groceries and household items but using it regularly may result in overspending and crossing your monthly budget. Always specify your monthly budget for these items and use credit card within this limit only. Beyond this either use cash or your debit card.

2 Using for Cash Advances: Drawing money from ATM through your credit card is the best way to cope with the cash shortage but it will be costly for you. […] Read more