Benefits of credit card and uses of credit card
Most people nowadays have a credit card of their own and the remaining people didn’t get the bank’s approval yet to have one. There are very few people who don’t have a credit card even though they are eligible for one. So, in this post I would like to list out all the benefits of having a credit card and how can you maximize your benefits by having a credit card.
Benefits Of Credit Card & Advantages
Credit cards are the cards that help you to buy or shop anything even if you don’t have money and every bank gives you 50 interest-free days after generation of statement to pay the used credit amount. Even after 50 days if you don’t have the money with you then you can convert the amount you spent to monthly EMI’s with banks’ interest rate.
If you are already using an Indian Credit card then I recommend you install the CRED app for bill payments which reward you for every bill payment and gives you cashback for every credit card bill payment. It also displays your credit score for free. Click on the below link to install CRED.
Install Cred using this link or play store and use this promo code – cceb1d7e to get free 10 gems which you can convert it to cash of 1000 INR.
Below is the list of best rewards you can get with credit card usage on a daily basis.
Amazing Offers All the time –
Be it any sale, credit cards will have their precious space in the offer period. Nowadays, we are having a sale almost every week with different names and there is a 90 percent probability that your credit card bank will be in at least one offer per month. We highly suggest you go to HDFC, ICICI, SBI, AXIS or Standard Chartered bank as these banks have tie-ups with the vast number of online vendors.
During these sales, banks also provide no-cost EMI which is a huge advantage as we don’t need to pay anything extra.
EMI’s make Indians Rich –
Indians came to a point that “why to pay once when we can pay in installments” and everyone is opting for EMI payments even for a small home appliance as they feel that it’s better to pay in installments.
Moreover, if you feel that you can’t afford that appliance or device and you are in dire need of that product then EMI’s come to your rescue and during flash sales or offer periods, banks are even providing no-cost EMI which means you don’t need to pay anything extra every month than the amount you purchased. So go for EMI to reduce the burden of the monthly finances.
Reward Points –
Reward points are the added advantage you will get with the credit cards. Almost every bank rewards you for the online or offline purchases you made with the credit cards. You can redeem your reward points for vouchers or gift cards and even some banks allow you to convert the reward points to cash too.
And all these for free of cost and if you are a customer with high usage every month then you will get around 5000-10000 extra reward points based on your spendings. Moreover, they also offer 10X reward points with their partner merchants.
CIBIL Score –
CIBIL score is very important for any banking needs. To make it simple, CIBIL is the measurement of your financial data for the complete banking sector. Be it any bank, if you are looking for a personal loan, home loan or credit card then Bank representatives will check your Credit score and based on your score, banks provide the interest rate and offer.
Credit cards help in improving the credit score if you pay regularly on time and if you are a credit card payment defaulter then all banks deny your applications for any loans or financial assistance.
Free Lounge Access –
Visa, Master Card and American Express credit cards provide free domestic and International Airport lounge access for the whole year.
This comes free of cost and you don’t need to pay anything for this feature. So all these extra features come with your credit card for free. In addition to lounge access, you will be also having life insurance based on your salary which is again the best thing free of cost as benefits of credit card.
Money with you all the time
Whenever you need it, you will have money when you maintain a credit card. Sounds absurd, let me explain you clearly. If you are having a credit card with 1 lakh limit and looking to purchase an accessory of 80k but you don’t have money in your account now. Here credit card comes to your rescue and you can buy your desired accessory for 80k and pay it after the next billing date.
By the time, you will get your salary and you can clear it out. If not, you can convert your 80k to EMI’s or pay the minimum amount so that you can clear the amount when you got the amount.
Also Read – Best Money Making Ideas For 2020-21
All these are the best advantages of credit cards based on our views and you might find some other benefits as some banks provide unique benefits to their premium customers. Just contact your salary account branch for the premium offers and you will get your credit card for free mostly for salary accounts except for SBI as they are always against the will of customers.
Note – SBI doesn’t provide any free credit cards or without any annual fees but they do provide the vouchers worth the amount of your annual fee.
We will be hanging around the comments section to hear some more amazing benefits of credit card and do drop your email address in the below subscription box or sidebar to get all the latest updates from our team directly to your mailbox for free. Cheers and have a great day ahead.