Credit cards are reliable financial tools that can help you fund your purchases, meet daily expenses, fulfil emergency financing requirements, and so on with ease. One may fall short of sufficient cash at all times, whereby the only way to meet such emergencies would be to withdraw from the savings. The availability of a credit card, nevertheless, eliminates such savings depletion.
The only thing which card users must keep in mind is to pay the card bills before the due date to ensure uninterrupted access to such credit. Once seen through, individuals will be able to utilize the pre-sanctioned credit limit to the full. So, credit cards are of the best when used responsibly. The utility and importance of these tools have only increased over time, allowing one to reap multiplied benefits. Here’s a detailed look at why these cards have become an indispensable component of new-age living.
Advantages of owning a credit card
Cards from different providers come with varying benefits, depending on which the advantages might change. For instance, if you opt for a Bajaj Finserv RBL Bank SuperCard, you are sure to avail some industry-first features.
Below are further listed the advantages that make credit cards important:
- Helps in building a credit record
The way you use your card and pay the bills determines your credit score significantly. You can thus use your card cautiously and build an impressive credit score and history by paying the bills in time, spending well below 30% of the credit limit, making suitable purchases, etc.
- Fund safety
Card options like SuperCards also come with robust security features, minimizing the risks of fraud. You can thus look for features like in-hand security and zero-fraud liability cover when availing a new card or looking for a replacement.
- Initiates savings
While these payment tools are well-known for their credit availability, a cautiously selected credit card allows you to save with every purchase. Doing so is typically possible with the reward programs that come along. With smart usage of some cards, you can save up to Rs.55, 000 annually.
For instance, each transaction you make with your card brings reward points, which are redeemable on future purchases from partner outlets. Some card providers also offer rewards points of up to 20,000 as a welcome gift to users. Attractive cashback and discounts are also available on various card transactions, allowing multiplied savings.
- Zero-interest cash withdrawals
Card providers often extend a grace period to users, during which they can make purchases without attracting any interest before they pay the dues.
Nevertheless, the feature to withdraw cash from ATMs without paying interest charges is sparse. This period could be up to 50 days and is only available with select cards such as the Bajaj Finserv RBL Bank SuperCard.
- Conversion of big purchases into easy EMIs
While making a big-ticket purchase, you can pay the amount in monthly installments using your credit card, instead of paying the product price all at once.
Simply being aware of these benefits might not be enough though. You must also understand the easy ways through which you can make the most of the credit card benefits.
Choosing the ideal kind of credit card is equally important for this matter. You need to opt for a card that corresponds perfectly with your spending patterns, funding needs, affordability, and other requirements.
For example, the Bajaj Finserv RBL Bank SuperCard comes with some of the best features which you might be looking for. These cards also come with an extended interest-free period and easy EMI conversion facility, alongside an emergency loan against the available credit limit.
Customers can also avail of pre-approved offers on various financial products extended by the card provider. Some of them include personal loans, and business loans, alongside credit cards. You can check your pre-approved offer right away with your name and contact number only.
Instant approvals on credit cards are also one of the major benefits because it cuts the need to wait for days to access credit. Offline card applications might hence seem a tedious task, which is also a lot more time-consuming. You can thus instead apply for a credit card online by following some basic steps, after which the card provider verifies your details and provides prompt approval.