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Features and Benefits of Credit Cards

Features and Benefits of Credit Cards

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Features and Benefits of Credit Cards

A credit card is a convenient alternative for cash transactions, both online and offline. However, there is a difference between credit cards and debit cards.. One of the primary advantages of credit card over debit card is that it lets you borrow money for your purchases. So, when you use your card to pay, the amount is not deducted from your bank account, but instead from a pre-approved loan offered to you. But that is not all! There are several other advantages of credit cards too. To understand this better, let us get into the details of credit card features and benefits.

Credit Card Features

Some of the select credit card features are mentioned below-

  1. EMI payments- One of the best credit card features is that you can use the card to convert your high-end purchases into affordable EMIs effortlessly, which can be paid over a period of time.

  2. Easy Approval- A credit card can be applied online as well as offline. The eligibility criteria is simple and involves only a few basic documents.

  3. Customised card limit- The card limit varies from one cardholder to another and is decided by the issuer based on the credit history and score. Generally, the better the score and history, the higher is the credit limit.

  4. Loans during an emergency- Credit card facilities can also be used to avail a personal loan to address any emergencies that may arise.

  5. ATM cash withdrawal- Another one of the top advantages of using a credit card is that, much like a debit card, it too can be used to withdraw cash from ATMs. An interest and a fee might be charged for such transactions, though some issuers offer the benefit of no interest withdrawals too.

  6. Discounts and Offers- Undoubtedly, the best credit card perks are the discounts and offers that can be availed on a range of products ranging from accessories, electronics, clothes, etc.

  7. Rewards- Reward points are also one of the top advantages of using a credit card. These reward points can be earned based on spends and card type, and can be later used to avail discounts, gift vouchers, etc.

  8. Secure pay- This is a digital card that can be used to pay for a wide array of products and services and can be protected using multi-factor authentication and in-hand security features. It is, therefore, a secure means of transaction and reduces the dependency on cash.

Credit Card Benefits

One of the primary reasons why people get hold of a credit card is the host of advantages of using a credit card. These credit card advantages are listed below-

  1. Shop on credit- One of the best credit card benefits is the option to buy now and pay later. The principle allows you to make big purchases on borrowed credit so that your monthly budget does not take a hit. Also, once you have purchased the items, you can convert the cost of these items into low-cost EMIs which can be repaid over a period of time. This aspect of the credit card has revolutionised the entire shopping experience for the better.

  2. Freedom from cash- The elimination of the need to carry cash around for purchasing items is definitely one of the top benefits of having a credit card. You can enter the card details on the website when you shop online, or swipe the card at an offline store to complete your purchase.

  3. Access to cashbacks, rewards, and offers- The most sought after credit card advantages are the special discounts, cashback or reward points that can be collected when making purchases using a credit card. There are special credit cards too that may be associated with specific retailers, shopping website, travel websites, etc. In such cases, the rewards may vary accordingly. Points collected can also be used for making purchases in the future.

  4. Cash withdrawals from ATM- In exchange for a nominal fee, credit cards allow customers to withdraw cash from ATMs to address exigencies.

  5. Accepted mode of payment worldwide- The fact that the credit card is the most commonly accepted mode of payment, worldwide, allows cardholders the opportunity to enjoy the benefits of using credit card anywhere.

  6. Emergency Payments- The credit card can come in handy for addressing expenses during emergencies, such as a medical emergency. This saves the worries and hassles of gathering funds to pay bills at a moment of crisis.

  7. Credit score- The benefits of credit card to customers does not entail only making purchases on credit. Instead, it extends to functioning as the means of improving our credit score. This credit score plays a critical role in deciding your creditworthiness and eligibility for loans. By paying your credit card bills on time, you can improve your credit score and credit history, significantly.

Now that you are well versed about the advantages of having a credit card, you should ensure that when you are looking for a credit card, you apply for the credit card with most benefits.

Frequently Asked Questions

  • ✔️What are the features of credit cards?

     The features of credit are as follows-

    • Easy Approval

    • Customised card limit

    • Purchasing on EMI

    • Availing Loans during emergency

    • ATM cash withdrawal

    • Discounts and Offers

    • Reward points

    • Secure pay

  • ✔️What features of a credit card should you research?

     The credit card features to look out for are-

    • Low interest rate

    • Reward points

    • Cost of cash withdrawls

    • Charges for part payment

    • Credit limit on loan

    • Other added benefits such as free tickets, access to lounges, etc.

  • ✔️What are the benefits of credit card?

     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

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