Credit Cards making lifestyle and shopping expenses simpler and rewarding

By: ​Srashti Yadav  |   Thursday, February 8, 2018
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Credit card is not a new term for most of us. Today, about 80% of the young generation owns a credit card to meet their lifestyle expenses and maintain a social status. This plastic card comes with several exceptional benefits to its users. What makes credit card so popular in India is that it offers convenience of spending and users can easily apply for the card to get one. Looking at the rising demands, every bank and financial institution provides credit card designed to meet individual specific needs like traveling cards, shopping cards, lifestyle cards, fuel cards, and so on. Cardholders get to earn exciting rewards on every purchase using the cards. You can compare and find your best credit card in India that suits to meet your lifestyle expenses.

Privileging features of credit cards:

Alternative to cash – Undoubtedly, credit cards are best alternative to cash. It eliminates the concern of carrying cash everywhere you go.

Convenient record keeping – You can conveniently keep the record of all your monthly expenses in one place.

Worldwide acceptance – These cards can be accessed at any retail store across the globe. Credit card eases the cumbersome process of currency conversion.

Interest-free credit period – Many banks and financial institutions offer interest-free credit period to their credit card holders. It is somewhat like a personal loan provided by the bank at no interest rate. However, the credit limit and interest-free credit period depends on every individual’s credit score and previous relationship with the bank or financial institution. Thus, it is important to maintain a good CIBIL score.

Credit card and CIBIL score:

CIBIL score is a 3-digit number summarizing the entire credit history of a borrower. For sure, credit cards make it easy and convenient to maintain a perfect balance between income and expenses, but, it is equally important to have a good credit or CIBIL score to get continuous access over the card privileges.

How to get a good CIBIL score while using a credit card?

· Make timely payment of outstanding balance

·  Don’t spend above the valid credit limit

· Avoid withdrawing cash using a credit card

· Transfer other outstanding debts and repay at lower rate of interest

· Avoid making inaccurate appeals

· Request deactivation for cards which are not in use anymore

· Set a credit utilization limit for every month

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