How to use a credit card correctly

2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44

Tricky life hacks for the most advanced.

A credit card is like a good knife. The chef will chop vegetables for them in seconds and deftly cut the meat, while the child will simply get hurt with this knife. It's the same with a credit card: for a financially literate person, it will bring money and make life easier, and for an unwary beginner, it will create debts and ruin your credit history.

In this article - the rules that will help you "not cut yourself" with a credit card and benefit from it.

1. Spend as much as you can get back

Pay with your credit card as if it were a regular debit card. If you are used to spending 50,000 rubles every month, then spend so much, do not pay attention to the credit limit.

How not to do

Sasha earns 40,000 rubles and can only save 11,000 a month. He wants to buy a new iPhone for 60,000 rubles. This is an unprofitable purchase: Sasha will repay the debt to the bank for 6 months and will pay more than he could.

How can you do

Sasha was going to buy air tickets next month, but found out that now they are on sale for a promotion. Instead of the planned 30,000 rubles, he can spend 25,000 - this is a bargain. Now Sasha does not have the entire amount, but she will definitely be typed in two weeks. Therefore, he pays for the tickets with a credit card, and on payday he returns the money to the card.

If you are afraid to spend extra money, set a limit - the amount that you are ready to part with in a month. This can be done in half a minute in the mobile application or in the personal account on the bank's website.

For example, you have a Tinkoff Platinum credit card with a limit of RUB 300,000. If you can freely spend 50,000 rubles a month, set such a limit. When you exceed it, you will not be able to pay by card.

2. Return the debt during the grace period

Almost all credit cards have a grace period: a month, two, or even three. If you return the money spent within this period, interest will not be charged - this is something like an installment plan from the bank. If you want a credit card to be profitable, pay off debts on time and use the bank's money without interest.

If you do not remember how much you owe, then check this information in your personal account or mobile application. By default, you can use Tinkoff Bank money free of charge for 55 days.

3. Pay off the debt in payments more than the minimum

A conventional loan has a date by which the debt must be paid off. The client pays according to the schedule: deposits a certain amount on a certain day. The owner of the credit card does not have such a schedule, the main thing is to make the minimum payment. It relaxes, and debt repayment is delayed.

To pay off your credit card debt faster, increase your monthly payment. The fact is that the debt consists of the principal amount of the loan and interest. The minimum payment is enough to pay the interest in full, but a small part of the amount remains to pay off the principal debt.

So deposit as much money on your credit card as possible: pay off the bank faster and overpay less.

4. Don't withdraw cash

A credit card is not suitable for withdrawing money from it. The explanation is simple: the greater the non-cash turnover on the card, the more the bank earns from transactions. To encourage you to use the card, the bank imposes restrictions. First, you will pay a commission for cash withdrawals. Secondly, you can lose the interest-free period or a favorable lending rate. All the conditions are in the contract, so be prepared.

The same situation is with the transfer of money to another card. This is not a purchase, the bank will not work on it. Therefore, you will pay a commission and interest for the transfer.

For example, Sasha withdraws 10,000 rubles from a Tinkoff Platinum credit card at an ATM. For this, he will pay a commission of 2.9% and another 290 rubles - that is, only 580 rubles. Or he could just buy the necessary things in the store for 10,000 rubles, return the debt from his salary and not overpay a single ruble.

5. Use a credit card paired with a debit card

If you use a credit card in tandem with a debit card, you can earn money at the bank. It works like this. Your salary is on a debit card with an interest on the balance (like a deposit in a bank), and in stores you pay with a credit card. When the interest-free period ends, you pay off your credit card debt. Your benefit is a percentage of your salary and credit card bonuses. What kind of bonuses we will tell you a little further.

If you decide to give it a try, make sure the debit card charges interest on the balance. For example, with a Tinkoff Black card, you can earn up to 5% per annum on your account balance.

6. Receive bonuses and exchange them for money

To attract customers, banks use loyalty programs. For example, bonuses are awarded for purchases: miles, points, pluses. Different cards have different bonus programs.

With a Tinkoff Platinum credit card, 1% of all purchases will be returned in the form of points. They can compensate for spending in restaurants and cafes or buying train tickets. One point is one ruble. Write off points and return money to your account.

In the list of expenses, select a purchase at a cafe. Pay for it with the points accumulated on the credit card: the bonuses will be written off, and the money will be credited to the account

On some purchases with the Tinkoff Platinum card, you can save up to 30% of the cost. Preferential terms are offered by the bank's partners: popular network and online stores, online services and tour operators. Buy cosmetics, clothes and shoes, pay for courses, book flights - and part of the costs will be returned to your account in the form of points.

A good credit card can make money.

Earn with Tinkoff Platinum

• Bonuses from 1 to 30% for purchases. Can be spent for lunch at a restaurant.
• The interest-free period is up to 55 days. Service - 590 rubles per year.
• Free top-up. Convenient personal account and mobile application.
• The card can be used to repay a loan at another bank. Then the interest-free period will increase to 120 days, and no commission will be charged for the transfer.

Lifehacker readers can apply for a Tinkoff Platinum card with a unique design and preferential terms. Within three months, return 20% from purchases in the categories "Books", "Electronics", "Restaurants". And also in a set of exclusive Lifehacker stickers!