You may be eager to explore financial independence and convenience through credit cards. However, if you are not ready to take on the responsibility of managing credit card debt, there are several alternatives that can serve as safer and more manageable options for your initial use:
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Debit Cards:
Since you may only spend money that is in your bank account, debit cards are a great substitute for credit cards. They provide the ease of card payments without the danger of running up debt.
Prepaid cards:
They function similarly to debit cards but are not connected to your bank account. The card can have a set amount loaded onto it, and you can make purchases with it until the balance is gone.
Mobile Wallets:
Popular mobile wallet services like Paytm, Google Pay, and PhonePe enable you to make digital payments using your smartphone.These wallets can be loaded with funds or connected to your bank account to be used for a variety of transactions.
UPI (Unified Payments Interface):
UPI is a real-time payment system that allows you to transfer funds between bank accounts instantly using a mobile app. Many payment apps and wallets support UPI transactions, providing a secure and cashless payment option.
Cash:
Don't underestimate the power of cash. For small and everyday expenses, using cash can help you stay mindful of your spending and prevent overspending.
Contactless Cards:
You can make payments using contactless debit cards from some banks by tapping the card on the payment terminal. It's a fast and secure way to pay for purchases without entering a PIN.
Digital Payment Apps:
Various apps allow you to make payments and transfer money easily. Examples include BHIM (Bharat Interface for Money) and bank-specific apps that offer mobile banking services.
Fixed Deposit (FD) Secured Credit Card:
If you are looking to build your credit history, consider applying for a fixed deposit (FD) secured credit card. It requires you to open an FD account with the bank, and your credit limit is typically linked to the FD amount.
Always use caution while using credit cards because there is a possibility of debt accumulation if it is not used responsibly. As you gain more financial experience and confidence, you can decide whether a credit card is the right fit for you in the future.
