Hello,

Guest!

5 Things To Do When You Get a New Credit Card in Your Hands

Updated on: 14 Dec 2021 // 23 min read // Credit Cards
Author :(522 posts)
image

There could be no better time than the New Year to press the refresh button on your finances. With the first two weeks of the new year 2020 already behind you, it is time to have a look at your credit profile and take some concrete steps.

One of the most useful ways to begin the task is by looking into your Credit Card spends. If you are not satisfied with your present Credit Card(s), it is time for you to get a new Credit Card, matching perfectly with your lifestyle.

With the evolving needs of Indian customers, banks are offering new Credit Cards that are loaded with useful features and interesting benefits. So, stop thinking and get hold of the Best Credit Cards in India for a better financial future in 2020.

Best Credit Card in India

Things to do when you get a new Credit Card

If your new Credit Card has already arrived or is in transit, it’s time for you to know what to do when you Get a New Credit Card in your hands.

Here is a user guide on 5 things to do with a new Credit Card:

Activate your Credit Card: As soon as you get a new Credit Card in your hands, the first thing you need to do is to activate your card. This process also includes destroying any older cards if you have requested the new Credit Card as an upgrade.

  1. You will receive an activation message on your registered number with a link. Click on that link to activate the Credit Card.
  2. Change your Credit Card pin to something you can easily remember, but it is difficult for others to guess.
  3. Make sure that you note your PIN somewhere safe and never share it with anyone else.
  4. While some banks will require you to activate the Credit Card through the bank’s ATM with others, your card is activated as soon as you swipe it at any retail outlet or online store.
  5. Always keep your new Credit Card somewhere safe to avoid any misuse.

Understand your Credit Card: Before you start using your Credit Card, you need to understand its various key aspects, such as:

  1. Total credit limit and cash withdrawal limit to make sure you never go over-limit.
  2. Annual Percentage Rate (APR) and the rate applicable against your Credit Card.
  3. Payment due date to ensure that you never miss out on your monthly outstandings.
  4. Interest-free period available to help you plan your big-ticket purchases.
  5. Joining fee and annual membership fee applicable to your Credit Card. The amount to be spent every year to enjoy a waiver of these charges.
  6. Note down the customer care number in your phonebook as it will come handy if you lose your Credit Card.
  7. Keep a xerox copy of the Credit Card somewhere safe to refer to in the event of the loss of the card.
  8. Read the terms and conditions of the Credit Card thoroughly to plan the usage accordingly.

Create an online account: One of the most important tasks that you must complete on receiving your new Credit Card is creating an online account. Most banks offer this facility to their customers, such as when you are using Citibank Credit Cards, you can create a Credit Card account online on the bank’s website or mobile app.

Some of the benefits that you will enjoy with this facility are: –

  1. Easy access to your Credit Card details.
  2. Make payments online through secure payment gateways.
  3. Convert certain transactions into EMIs.
  4. Redeem reward points in a seamless manner.
  5. Block a Credit Card or request for an upgrade.
  6. Check your Credit Card statement
  7. Raise a query or request with the customer care and track it.

Acquaint yourself with the rewards program: One of the crucial aspects of using a new Credit Card is to acquaint yourself with the Rewards Program applicable to the card. This will help you maximize the benefits from your transactions and in fact, reduce the cost.

Some essential aspects that you must note about the rewards program are:

  1. Reward points offered with the new Credit Card as a Welcome Gift.
  2. Reward points available with specific transactions.
  3. Bonus reward points available on transactions completed with certain vendors or on certain dates.
  4. Bonus reward points on achieving annual spend over a specified amount.
  5. The expiry period of reward points.
  6. How to redeem the reward points?
  7. How to redeem the reward points cashback or Air Miles?
  8. Transaction charges payable on redemption of reward points.

Set auto-pay instructions: Now, one of the most important tasks that you need to accomplish is to set auto-pay instructions for your Credit Card account.

Some of the points that you must note are:

  1. Ideally, you should set auto-pay instructions for the entire amount due. This lets you enjoy the available interest-free period.
  2. But if you suspect that there might be some instances when there is not sufficient balance in your account, then you can set up twin instructions.
  3. Herein the bank will be authorised to initiate the transaction for the total amount due, but if there is no sufficient balance in the account, the bank will initiate a transaction for the minimum amount due.
  4. This way, you will be able to avoid any late payment charges and prevent any adverse impact on your Credit Score.

By remembering these five points on your new Credit Card, you can enjoy maximum returns from your plastic Card and experience financial freedom on your spends.

Also Read: Best Lifetime Free Credit Cards in India

To apply online for Best Home Loans in India, Secured Loans and Unsecured Loans, visit MyMoneyMantra, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 7 million+ happy customers since 1989.

Best Credit Card