Over the past one decade, credit cards have become an indispensable part of people’s lives. A credit card is not only a super-fast and efficient mode of payment but it also has additional perks for users. Therefore, people opt for purpose-specific credit cards to get the maximum benefits.
Millennials apply for a RBL credit card to meet their multiple short-term expenditures. From covering unforeseen expenses to purchasing desired products/services, credits cards can spell a bonanza for one and all.
As a matter of fact, there has been a great surge in the usage of these cards for purchasing various products/services online or offline. These can be more rewarding than any other mode of payment for the following pros.
Purchase a protection plan
A credit card comes with a purchase protection facility that typically covers theft and damages to eligible items. With this facility, customers are able to receive refunds on items within a specific time period that usually varies with lenders.
Price protection facility
This little-known but common feature holds immense significance for those who prefer to make expensive purchases using credit cards. Price protection allows cardholders to get reimbursement when an item bought using the card sees a drop in its price.
One can receive a refund by submitting a price protection claim form and other supporting documents. This feature is available on both personal credit cards and small business credit cards.
Reward points galore
Buyers can gather exciting reward points with credit cards. They can redeem these points at various departmental and retail stores both online and offline for discounts, cashback, gift vouchers and more. Thus, consumers can save a considerable amount on shopping.
Moreover, card issuers also provide with product catalogues on which customers can enjoy discounts by redeeming their reward points.
Converting purchases into easy EMIs
Unlike debit cards, credit cards allow users to convert their expensive purchases into EMIs easily. You can avail this on the Bajaj Finserv RBL Bank SuperCard.
You can also enjoy exclusive pre-approved offers on the RBL Bank SuperCard along with other financial products and services like personal loan, business loans, mortgage loans, etc. This scheme saves a lot of time with its simplified steps.
Flexible grace period
Another advantage of using a credit card for shopping is that customers can delay their payments till the bill due date. NBFCs usually offer a long interest-free period of up to 45 days for easy payments.
So, big-ticket purchases such as laptops, TVs, washing machines, flagship phones are no more a trouble.
Purchasing with credit cards often gives a good amount of cashback. Financial companies usually tie-up with vendors so that customers can buy their desired products with exclusive discounts.
Safer and more convenient
Credit cards are safer and more convenient than other modes of payments. In case of fraudulent, consumers generally have zero liability on unauthorised purchases with their cards. Moreover, users can enjoy hassle-free transactions while shopping abroad.
Hence, there’s no need to carry cash for small or high-value purchases. Use credit cards to make payments and keep every record.
A word of caution
Keeping these benefits aside, one should be careful about the interest rates. Failing to pay the total amount due within the due date accumulates huge interest on the dues. Moreover, overindulgence in spending may even drain massive amounts from one’s income.
Studies say that people are more willing to spend with credit cards beyond their capabilities. Misuse of these cards can also have adverse effects on their CIBIL score. To avoid these cons, users must master the art of credit utilisation to enjoy the most advantageous aspects of shopping with credit cards.
Practically, credit cards are a feasible solution to manage funds and people’s lifestyle when one uses them responsibly.