Top reasons you should use credit card in India

 

The history of Credit Cards can be traced back to the 1920s in the United States where they were first used. Since then, this instrument has gained popularity rapidly among the masses. A Credit Card is an instrument that allows its owner to pay for goods or services in advance; up to a certain limit and then repay it with interest later. Generally, it possesses the attribute of Revolving Credit; wherein the Credit Limit is revised upon complete repayment of past debts.  

Here, there is no fixed time frame to pay back the amount used through the Credit Card. The more time any cardholder takes to repay, the more interest he is charged. There are numerous options where you can apply for an online credit card. RBL MyCard, Bajaj Finserv, CredPal are some of the popular Credit Card apps or you can also apply on any Bank application. You can easily avail online credit card and monitor your transaction through the app.

Here are some top reasons for using Credit Card –

1) Perks & rewards – Any credit card comes with its perks and benefits. A thing that remains constant with any credit card is the offers, rewards or exclusive deals that come with it. Each card has to offer a different set of deals and rewards from its partner brands. You can greatly benefit from these offers as they can help you save money on shopping etc.

2) Alternative to cash – With a credit card, there is very little need left for you to carry cash around with you. Carrying a big amount with you can be risky too. Hence, instead, you can just use your credit card for any transaction which is more convenient. Also during the pandemic, it can help you make con-tactless payments, as cash flows through a lot of places, one cannot guarantee that it is free from germs. Sanitizing one card is always easier.

3) ATM withdrawals – Just like debit cards, credit cards allow you to withdraw cash from ATM machines. A small amount fee charged for it, but in case you are in urgent need of cash, your credit card can come to your rescue.

4) Universal acceptance – You may go anywhere in the world; a credit card is universally accepted. It is a commonly accepted mode of payment all around the world. You pay very easily even in foreign countries; it can help you travel abroad easily.

5) Credit score – When you use your credit card to make a certain purchase, you have a definite time period to repay the bill back. The more bills you repay in time, the more it is beneficial in improving your credit score. It gives confidence to the lenders in you that you pay back your debts in time and you are trustworthy.

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6) Convenient – In case you find yourself in any kind of emergency, a credit card can come in handy. You can quickly use it and get the situation under control when time is of the essence.

You can easily apply for a new credit card via banks or credit card apps like the RBL MyCard app or Bajaj Finserv App. RBL credit card is one of the popular cards in the market. An unsecured credit card needs a strong credit history from the applicant. Sometimes you may not have the pre-approved offer for a credit card. In such cases, if you do not have a credit history, you can opt for a secured credit card where a security amount is taken from you against your new credit card.