Experts suggest that while credit cards make Diwali shopping convenient, overspending can ruin your post-festive budget. The key is to plan expenses and stick to a fixed limit.
According to experts, you should use only 30–40 percent of your total credit limit. This keeps your CIBIL score strong and makes bill payments manageable. Withdrawing cash through credit cards should be strictly avoided, as it attracts 2–3 percent fees and immediate interest, unlike shopping purchases that have a 30–50-day interest-free period.
Delaying your bill payments can prove costly — banks charge 30–45 percent annual interest, plus late-fee and GST penalties. Such delays can lower your credit score and make it harder to get future loans.
To manage bills after Diwali, experts recommend making a clear list of all expenses, cutting unnecessary spending, and using bonuses or extra income to pay off dues. If the amount is too high, opt for a balance transfer to a low-interest card or convert your purchase into EMI, after checking all hidden charges.
And to keep yourself safe from future debt, avoid one-click shopping, pay full bills on time, and always think before you swipe.
A little financial discipline can help you enjoy Diwali’s sparkle — without dimming your financial peace.
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