It is a good idea to apply for a credit card when you are well-settled in your job and have a healthy bank balance. If you are a responsible spender, you can get ample benefits by using your credit card wisely.
Benefits of Credit Card
Credit cards are helpful financial tools that extend greater convenience and aid in purchasing everyday items such as groceries, fuel, electronic items, and other services and products. Additionally, credit cards are extremely helpful in purchasing big-ticket items such as electrical appliances, paying for holiday packages and buying gold and jewellery, which might not be immediately possible without a credit card due to insufficient funds.
Besides the aforementioned services and products, credit cards offer various other benefits. Some of the benefits of owning a credit card include:
- Possibility of building credit
- Earning accelerated rewards, including cashbacks and air miles
- Security and protection against theft and credit card fraud
- Free credit score
- Possibility of availing a loan against the credit card during a liquidity crunch
- Low (or zero) mark-up fees
- Greater purchasing power
- Additional funds that are not linked to your checking or saving account
- Converting the cost of big-ticket items into easy EMIs and no-cost EMIs
- Greater savings through fee waivers and discounts
Here are some tips to help you get the most out of your credit card:
1. Look for the Rewards
Most credit cards in India offer reward points when you swipe the card. Opt for a credit card that gives you the best rewards at the best rates. If you are a movie buff, get a credit card that offers the most reward points for movie ticket purchases. Use your card efficiently and earn extra reward points.
Additional read: How to use your credit card reward points?
2. Pick a card that offers low-interest rates
An ideal credit card should not charge a high rate of interest. With the SuperCard by Bajaj Finserv and RBL, you can avail Equated Monthly Instalments (EMIs) at no or nominal extra cost. With the easy EMI feature, you can repay your credit card bills at a low-interest rate.
Additional read: Credit Card against FD
Experience the benefits of 4 cards in 1 with your SuperCard: Apply Now
3. Find out about Cash Withdrawals and Part-payments
Not paying your credit card bill or withdrawing cash using your credit card can turn into a costly affair. So, make sure to factor in the costs of the ATM withdrawals with the credit card and part-payment options as well. For example, a regular credit card may charge you 3.5% interest every month on your credit card dues. Plus, there’s the case of compounding interest—when you are charged an interest fee on your previous interest fee. With the Bajaj Finserv RBL Bank SuperCard, you can withdraw cash from any ATM and repay interest-free within 50 days.
Additional read: How to check your credit card balance?
Additional read: CVV number
4. Check out the Added Benefits
Always look for extra credit card benefits. For example, some credit cards offer added benefits like access to airport lounges, discounts at partner retail outlets, free movie tickets and more.
5. Learn about Credit Limit to Loan
Some credit cards let you take a loan against your credit limit. Always look for such offers when using your credit card. This way, you can get timely support and save money in the process.
Additional read: How to use a credit card wisely?
Finally, you must be cautious when using your credit card. The safety features of the card play an important role. Use a card that allows you to keep a tab on transactions at all times. If your credit card is not secure, your entire bank account becomes unsafe, which can lead to many problems.
Keep the tips mentioned above in mind to use your credit card in a better way. Be careful when zeroing in on a new credit card. Choose a card that offers the best benefits and the best interest rates. For example, the Bajaj Finserv RBL Bank SuperCard offers several benefits and can bring down your expenses considerably. Send in your credit card application today.
Also, check out offers by Bajaj Finserv that help you save a considerable amount of time. All you need to do is enter your basic details and find your offer to get instant financing.
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