What are the things I need to know before I own a credit card?

Before owning a credit card, here are the key things to know:

Credit Card Terms: Understand the terms and conditions, including interest rates, fees, and penalties.
Credit Score: Check your credit score and see if you meet the card’s eligibility requirements.
Interest Rates: Know the interest rates and Annual Percentage Rate (APR) associated with the card.
Credit Limit: Determine the maximum amount you can borrow with the card.
Payment Responsibility: Understand the importance of making timely payments to avoid fees and maintain a good credit score.
Rewards Programs: Explore any rewards or cashback programs offered and see if they align with your preferences.
Debt Management: Be aware of the potential for debt if you overspend or carry a balance.
Fees and Charges: Identify any annual fees, transaction fees, or foreign exchange fees associated with the card.
Security Measures: Understand the security measures provided, such as fraud protection and liability policies.
Payment Options: Know the payment options available and the due dates for making payments.

By considering these factors, you can make an informed decision about owning a credit card that suits your financial needs and helps you build a positive credit history

The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for regulating the profession of Chartered Accountancy in the country. The Institute, functions under the administrative control of the Ministry of Corporate Affairs, Government of India. The ICAI is the second largest professional body of Chartered Accountants in the world, with a strong tradition of service to the Indian economy in the public interest.

The affairs of the ICAI are managed by a Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988. The Council constitutes of 40 members of whom 32 are elected by the Chartered Accountants and the remaining 8 are nominated by the Central Government generally representing the Comptroller and Auditor General of India, Securities and Exchange Board of India, Ministry of Corporate Affairs, Ministry of Finance, and other stakeholders.

Visit The ICAI Website

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