Credit card use has become very common in the age of digital payments. Even if there is no cash or money in the account Credit cardCan be paid from, but if you use the credit card too much and do not pay the bill on time, this can be harmful for you. So let me tell you, Credit card You may incur losses if you do not pay your bills on time.
Your credit score may decrease
Failure to pay credit card bills on time can lower your credit score. It will take a long time to improve your credit score a second time. As well as influencing credit scores, it also affects borrowing. So pay your credit card bill on time.
Late fee has to be paid
If you do not pay your credit card bill on time, you also have to pay a late fee. The amount of late payment is also included in this next billing information. Late fees vary from bank to bank.
Trouble getting a loan
If you don’t pay your credit card bills on time, your credit profile is low. You have to bear the loss. Because, whenever you go for a loan from a bank, it may refuse to give a loan based on your bad credit profile / score.
Have to pay interest
You will not be able to take advantage of the reward points if you do not pay your credit card bill on time. Interest also goes up for non-payment within a certain time limit. For this reason credit card users are not only charged a late fee, but your interest is also increased.