There are nearly 50 million credit card users in India and this number is expected steadily over the next few years. Credit cards have grown in popularity mainly because of the plethora of credit card offers that benefit billions of people around the world and yet, most new credit card users are hardly familiar with all the potential benefits these three-inch pieces of plastic have to offer.
This leads to most of them missing out on some of the best credit card benefits that the issuers have to offer to their customers by way of cashbacks, discounts, reward points etc. Not to mention that this lack of awareness can also translate into greater credit card bills.
Here are the 5 best tips and tricks that can help you enjoy attractive deals on your card:
- Choose the right card.
Ask any expert about how to maximise your credit card benefits and they are likely to start with this little tip right here. If you are contemplating getting a new credit card, make sure you list down all the features that it offers and weigh their pros and cons against your spending patterns. This little exercise will allow you to shortlist the must-have features and eliminate the frills for a credit card that is truly tailored to your needs.
- Apply for multiple cards.
Sometimes it is difficult to find one credit card that fulfils all your needs. In such as case, applying for multiple credit cards to benefit from various credit card offers is the smart thing to do. Additionally, multiple credit cards also allow you the flexibility of billing cycles and you can enjoy more interest-free days.
By aligning your purchases with these intervals, you can extract the best credit card benefits that your cards have to offer.
- Monitor your credit score.
Having a good credit score is important for the credit card application process. But that’s not where its importance ends. Besides making you eligible for bigger loans, maintaining a credible credit score also makes you eligible for better credit card offers such as an enhanced credit card limit, higher discount rates, bigger cashbacks, grace periods for bill payment etc. Therefore, you must monitor your credit score and strive to always maintain it at a respectable level.
- Opt for co-branded cards.
Co-branded credit cards leverage the partnership between the issuer and merchant partner to bring you innovative, never-before credit card benefits.
If you are someone who frequently uses their credit card to make online payments such as for online shopping, flight tickets, bill payments etc., then choosing a co-branded cards might prove extra beneficial for you. In comparison to basic credit cards, co-branded credit cards offer better offers and bigger discounts as they are specifically designed with this purpose in mind. Some famous co-branded credit cards available in India include SimplyCLICK SBI Cards, Bajaj Finserv RBL Bank SuperCard, JetPrivilege HDFC Bank World Cards, 1. Amazon Pay ICICI Credit Card, etc.
- Convert expensive purchases to EMIs.
Out of all the exclusive benefits that credit cardholders can enjoy, this must be the one that makes the most sense. It enables the users to convert their high-end purchases – furniture, electronic gadgets, and appliances, etc., into EMIs.
Once the big expense is broken down into multiple smaller chunks, they can be easily taken care of during your monthly billing cycles. This minimises the risk of a default in repayment of your debt while also maximising your benefits.
Bajaj Finserv RBL Bank SuperCard is one such that provides such credit cards offers to its users which allows them to effortlessly convert purchases above Rs. 3,000 into affordable EMIs.
By maximising your gains, you can use your prized credit cards to their truest potential. Utilise the rewards and cashbacks in the best way possible and minimise your cash spending to build your savings. While credit cards are a great way to achieve financial freedom, avoid making impulse purchases to always stay on top of your credit game!