New Delhi, Nov. 11 -- Credit cards, which started their life as a product of the ultra-rich, have now become a financial tool in their ubiquity. It has now evolved into a personal finance management tool that is far beyond its original use as a means of accessing credit.

Credit cards offer benefits such as cash back, loyalty points, and provide additional facilities like lounge access, while also protecting customers. Its use, while highly beneficial, can be a strain on individual finances if incorrectly managed. The advantages of interest-free credit periods and being able to manage unexpected expenses are a boon; it is critical not to let them become a bane.

Credit cards also come with some obligations that must be understood and adhe...