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A credit card has many benefits. But, we must ensure that we use them responsibly in order not to incur additional fees and interest. Here are some ways to use your credit card responsibly.

  • Do not spend more than you can afford. Whatever you spend, must be money that you can pay off in full when the due date comes. When you pay your bill in full, you don’t incur interest. If for one reason or another, you are not able to pay your credit card bill in full, ensure that, at the very least, you make the minimum payment. Now, the minimum payment is the least amount you are able to pay in order to remain in good standing with the bank. You will see that amount on your credit card bill.
  • Avoid spending frivolously when using your credit card. Simply put, if you wouldn’t buy it if you had the cash, then don’t use your credit card to make that purchase. Use it as a temporary loan to yourself or to pay for necessities and strive pay it off by the due date.
  • Never skip a credit card payment. Missing payments could result in late fees and penalty interest rates that affect your credit rating.
  • Do not take a cash advance unless it’s extremely necessary. A cash advance is withdrawing money from the ATM using your credit card and has a high interest rate that is calculated daily.
  • Our JN Bank VISA credit cards have Chip and PIN technology which makes it harder to defraud. However, never share your credit card PIN with anyone.
  • Keep your credit card utilisation between 20 and 30 per cent each month.
  • Be careful when shopping online. Ensure you only use your credit card on secure and trusted websites.
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