If you are a credit card user, it is vital to know the key rules and myths associated with it. Check out 5 myths about credit cards: (Credit: Pixabay)
Myth 1: Only one card
A common myth about credit cards is having one card. Multiple cards help to maximise cashback and rewards points if you use them strategically. (Credit: Pixabay)
Myth 2: Risky
Credit cards can be risky if the payments are not on time. If used responsibly, it offers a lot of benefits. (Credit: Pixabay)
Myth 3: Only for high salaried people
Credit cards can be used by people with varied incomes. Many credit cards are designed for students, low-income earners etc. (Credit: Pixabay)
Myth 4: Minimum payment
Minimum payment keeps your account in good standing, but you will have to pay interest on the remaining balance. (Credit: Pixabay)
Myth 5: Freebies
There is a myth that all credit card rewards are totally free. Although they may seem free, one has to pay an annual credit card fee. (Credit: Pixabay)