Irrespective of misconceptions prevailing regarding credit cards, approximately 36 million people in India own one. Given that, some of them are likely to face financial problems and find it difficult to pay the outstanding dues of their credit card. In such circumstances, their biggest question would be ‘how to avoid the high interest rate of credit cards?’. On that note, before you find yourself stuck amidst such questions, below are some tips on how to avoid or minimize the interest charges on credit card outstandings.
Convert your credit limit into personal loan: This facility is something new and extremely lucrative. However, it won’t help you avoid interest charges on the outstanding dues but it will certainly help you keep it to a minimum. If you are aware of the fact that the financial problem will continue for more than a month, convert your credit limit into a personal loan instead of taking cash advances or swiping your card to get through your cash needs. Conversion
