Credit card is a very essential element, if you are not using it wisely you may end up having a huge amount of Debt in your account. Because of the Lockdown, you probably haven’t been using the card as much as you usually should be, so use this time to understand better about what you need to do to make the most of your credit card benefits. The RBI reports showed a 12% drop on credit card spends between Feb 2020 and April 2020. It might be a mistake if you ignore the payments of the bill and save yourself the burden of paying it for later. Holding up your Credit-cards payments can only increase your debts, as the credit card will keep on collecting up to 3% to 4% rate in the form of monthly interest on the unusual dues, as well as on new purchases.
As the situation is coming back to a little whole, credit card usage expected to get increased. E-commerce portals were delivering essential items, have now begun to provide non-essential items in all the cities. A majority of stores have also opened as the lockdown has been lifted by the Government. All these activities drive more individuals to utilize their credit cards.
Using credit cards has several other benefits that further inspire users to set more expenses on credit cards.
- Rewards and Cashbacks: The Credit cards-issuers of all banks offer some reward points for every ₹100, and the value of those points could be 20 to 40 paise. Few other Banks offer you more than one point for every ₹100 spent, but this value of a reward point can vary across different cards The most safer decision is not to let your credit card bonus points expire without using it correctly. If you have a rewards treasury available, you can use those rewards points to save money and for necessary expenses.
- Credit Score: Using a Credit card smartly and doing payments regularly will help in building your good credit score. Maintaining a good score can help you in availing and securing a loan if needed in the future.
- EMI Conversion: Since several people are suffering money flow issues, purchasing products on EMIs could be a smart decision as equaled to paying in full amount and then doing a partial reimbursement. If you are incapable of paying off your full balance, you can make it converted into EMIs too.
- Selecting Items with No cost EMI: It is the best way to delay the payments on such expensive purchases without paying interest on EMI. One can opt for shopping online as the Online Shopping websites are still offering items with No Cost EMI.
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