Credit cards provide immense possibilities for users to explore. Besides being regarded as one of the most preferred and protected payment modes, a credit card offers many benefits and convenience. But then, it is like a double-edged sword that the user should handle responsibly. If used wisely, it can offer great rewards with a low-interest rate; if not, it can destroy your financial history.
A credit card is ideal for those who are impulsive and those building a start-up as it provides ready money as and when required.
Customers usually prefer to have the best credit card in India in their wallet as it enables them to purchase anything from anywhere, earn reward points and pay later. That is why banks consider credit scores when verifying a credit card application for a credit card.
Many banks have different types of credit cards available for their users. From dining to shopping, one may avail of the best credit card offers. One can even opt for the low minimum payments on the cash advance availed through credit cards.
Many banks offer double-edge credit cards that users can use for loan purposes and cash advances. Other banks have customised credit card options for their consumers to avail of the many offers on their cards for purchases and travelling.
#Advantage 1: Access to the credit limit
The knowledge of the credit limit and what it is should be transmitted to the consumers. A credit limit is a specific amount that one can borrow. This limit is accessible through credit cards and in someone’s account. A credit card allows consumers to use the money and make payments later. It even helps people when they need cash at short notice. Overall, it acts as a saviour for purchasing things or making payments without delay.
#Advantage 2: Keeping multiple credit cards
Consumers can keep multiple credit cards, and they can carry these cards while travelling and shopping. Applying for numerous credit cards helps one in an instant growth on their credit score against the low utilisation ratio. Through multiple credit cards, one can acquire reward points that can be easily redeemed when hotel booking or reserving a table for dinner at a prime location. In case of any theft happens on one card, consumers can still have the other cards for recovering from any emergency.
#Advantage 3: Credit Score Enhancement
Consumers with poor credit scores can apply for credit cards to help them get back their credit scores. A credit score is a primary asset required at the time of loan approval. Credit card handling is a matter of a wise man’s job. One should know how to improve the credit score and prevent fraud by using a credit card.
A credit card allows small purchases every month at a lower interest rate. Consumers should consider applying for more than one card to improve their scores considerably. This even helps in credit score enhancement.
#Advantage 4: Travel Offers
Credit card users get various travel offers on their credit card usage. Banks have a partnership with travelling agencies which offer travellers great discounts on their flight bookings. These are the premium benefits that credit card users can enjoy.
Card users who are avid travellers can redeem their reward points at their destination or choose luxurious hotels. This is how travellers can save maximum money at the prime location.
#Advantage 5: Benefits of Money Withdrawal
Many banks presently offer money withdrawals on their different credit cards. In emergencies, a credit card allows users to withdraw money to get over the crisis period. Cash advance features on the credit card enable users access to lump sum money. Cardholders can opt for cash withdrawal from any Automatic Teller Machine (ATM), international and domestic.
Bottom line Facts-
There are a few things to remember while using a credit card. One is that consumers should not play with the outstanding balance and the credit card due dates. One should know about the credit score impact because of negligence in using the credit card wisely. Things to remember while using a credit card is its high-interest rate. Users should know the maximum credit limit and plan their credit card usage accordingly. Banks have a wide range of credit card options and different fee structures. Consumers need to opt for credit cards after viewing the credit card charges.
Best Rewards Credit Card India
Consumers can use different credit cards smartly. Through this, they can acquire the best rewards on credit cards in India. Most people avail of cards for short-term loans on the credit cards. In such a case, double-edged credit card usage is the best asset.