Credit Cards are becoming very popular among the Indian people and Indian youth because of the various range of benefits that it has to offer. Generally a credit card gives you 45 days of interest free credit along with a variety of offers like Cashbacks, Loyalty Points, Online Rewards and even Air Miles.Credit card is the best option when you need immediate emergency funds and don't have any other liquid asset for the time being.Credit cards help to improve your credit score and get loans from Banks and NBFCs at a reasonable interest rate.
- Building credit: Using a credit card and paying your balance on time can help you build a good credit score. This is important for qualifying for loans in the future, such as a mortgage or car loan.
- Incentives and offers: Most credit cards come packed with offers and incentives to use your card. These range from cash back to rewards point accumulation each time you swipe your card, which can later be redeemed as air miles or used towards paying your outstanding card dues. Lenders also offer discounts on purchases made through a credit card, such as on flight tickets, holidays or large purchases, helping you save.
- Rewards and cash back: Many cards offer rewards programs that give you points, miles, or cash back for your purchases. This can be a great way to save money on travel, groceries, or other expenses.
- EMI facility : If you plan on making a large purchase and don't want to sink your savings into it, you can choose to put it on your credit card as a way to defer payment. In addition to this, you can also choose to pay off your purchase in equated monthly installments, ensuring you aren't paying a lump sum for it and denting your bank balance. Paying through EMI is cheaper than taking out a personal loan to pay for a purchase, such as a television or an expensive refrigerator.
- Other benefits: Some credit cards offer additional benefits, such as travel insurance, purchase protection, and extended warranties.
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