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A credit card is a convenient instrument by which you can pay for goods and services. Moreover, you can use a credit card online and offline. One of the main credit card benefits you get over using cash or debit cards is that you get a period of free credit. Hence, you can afford a lot of products without having to use your savings. Additionally, you get credit cards in a wide variety, and these have credit card features that suit your unique spending habits and needs. Therefore, the features of any credit card are good to know about before you choose the one that’s right for you:
EMI Payments - Among a distinct credit card advantage is the fact that a credit card can be used for buying flagship items at affordable EMIs. These can be repaid over a duration you can select.
Easy Approval - A credit card is available online and offline. Furthermore, eligibility criteria are easy to fulfil, and basic documentation is required.
Customised Card Limit - The credit card limit varies from one card to another and is largely based on the discretion of the card issuer. You also have to have a stipulated credit score, and the higher this is, the higher your credit limit will be.
Loans During Emergencies - Credit card facilities may be used to get a personal loan in case of emergency expenses.
Cash Withdrawal - Another advantage of a credit card over a debit card is that you can also withdraw advance cash from ATMs with the facility of repaying amounts when you have to settle your bill.
Discounts/Offers/Rewards - Clearly, the best credit card perks are the discounts and offers you can avail of on a range of products. In addition, you get reward points on the basis of your spending and the kind of credit card you use. These can be redeemed for more discounts later on.
Payment Security - A credit card is a digital instrument that offers you safety in payments. With multi-factor authentication and in-hand security features, you needn’t have cause to be concerned.
Credit card features and benefits are often similar, and you get a host of advantages that are similar across a range of credit cards. Here are some credit card benefits to consider:
Big-Ticket Products On Credit - You can purchase high-end products with your credit card, not only with a credit-free period, but by purchasing products in EMI. Consequently, your budget doesn’t take a hit, and you remain worry-free.
Freedom from Cash - A credit card eliminates the need to carry cash around with you when you shop. It also facilitates online shopping without any contact from payment.
Access to Rewards, Cashback and Offers - Credit card uses and benefits mainly lie in the specific discounts, reward points, and cashback offers that can be obtained while paying. Special credit cards may be linked to exclusive retailers, web portals for shopping, travel sites, etc. Therefore, rewards vary accordingly.
Credit cards have become almost a necessity of modern life. A credit card allows you easy access to cheap credit so that you do not have to wait for the next month’s salary to purchase what you desire. Credit cards are also a life saver in situations such as financial emergencies where you need immediate access to funds. You reap endless benefits if you use your credit card wisely and responsibly. Apart from easy credit, it offers extra rewards, protection, and convenience. If you choose to apply through Bajaj MARKETS, you get additional perks like personal loans against your cash limit, easy EMIs conversions, several offers and discounts.
The facilities of credit card use offer consumers a world of possibilities to own items and enjoy them without the worry of stringent payment. Affordability is the key takeaway of a credit card, and it can be handy in an emergency too. Here are some of the top credit cards from Bajaj MARKETS partner card issuers that you can get today. Non-partner cards are mentioned in the following table too:
Top Credit Cards
Milestone Bonus of 5,000 reward points on spending up to Rs. 75,000 per year
10% Discount on Movie Tickets
1 Reward Point for every Rs. 100 spent
25% Cashback on Movie Tickets
40% off on Swiggy
Huge Savings at BPCL pumps with big surcharge waivers on fuel
Instant Redemption of Reward Points
Instant Loan Availment
Unbeatable Cashback Offers
ICICI Coral Visa Credit Card
Movie Ticket Discounts up to 25%
2 Reward Points for every Rs. 100 spent
Citibank Corporate Credit Card (non-partner)
Discounts on Travel and Dining
High Cash Limit
Global Lounge Access
HSBC Cashback Credit Card (non-partner)
Cashback Advantages amounting to 1%-1.5%
Reversal of Annual Charges on the spending of Rs. 1 lakh
Among all the advantages of using a credit card, you will discover that you can gain in terms of savings when you use a credit card relative to cash. However, you should consider the following handy hints to get the most out of your credit card:
Discover Rewards - Choose a credit card that offers you the maximum rewards, especially if you are a shopper and spend a lot on purchases.
Select a Card with Reduced Interest Rates - When you purchase goods in EMI, interest rates come into play. Interest charges on EMIs should be low, as you shouldn’t end up spending more through your equated monthly instalments.
Research About Charges - When you are in the market for a credit card, the best credit card benefits come with cards in which charges are not high. Make a note of interest charges, late payment fees (for delayed settlement of statements/bills or part payment) and transaction costs for ATM withdrawals.
Learn About Extra Benefits - Several credit cards come with extra advantages in the form of free lounge access at airports, offers at partner retailers, and the like.
Evaluate Limits for Credit Card Loans - Offers with credit cards let you avail loans against credit limits. These can come in use in emergencies.
When you think, “What are the benefits of a credit card?”, you can discover several. However, a credit card comes with a key disadvantage. With credit card use, consumers tend to overspend, as credit cards offer you a certain degree of freedom. The biggest disadvantage of credit card use is the risk of debt accumulation. Another disadvantage is known when you reveal your pin inadvertently and this could lead to misuse.
The features of credit cards include easy approval, customised card limit, option to purchase on EMI, loans during an emergency, ATM cash withdrawal, discounts and offers, reward points, secure pay, etc.
The credit card features to look out for are low interest rate, reward points, cost of cash withdrawal, charges for part payment, credit limit on loan, and other added benefits such as free tickets, access to lounges, etc.
Credit card uses and benefits are as follows-
Opportunity to buy items on low-cost EMIs using ‘buy now, pay later’ feature.
Alternative to cash for making transactions.
Access to a world of rewards, cashback and offers.
Provision for customers to withdraw cash from ATMs in case of need.
Commonly accepted mode of payment across the world.
Best way to manage immediate exigencies, such as medical emergencies.
Opportunity to improve your credit score.