The banking sector is a competitive space and is constantly evolving.
Are you using your credit card optimally? The answer is that you might not be. Credit cards can add a lot of value to our lives. They are the perfect solution for anyone who is running slightly low on funds and needs to make credit payments for a short while. They also offer many benefits and bonuses to individuals, making payment transactions more rewarding. However, did you know that you make a customised reward scheme for your credit card? Additionally, are you aware of some of the flexible credit card payment options that exist for card holders? If not, you’re in luck. These are some of the benefits of having a credit card that we are going to discuss in this article. If you do not have a credit card and are planning to apply for one, ensure that you pass the credit card eligibility requirements.
Customised Rewards
Originally, the credit card used to have a fixed set of cashback and rewards. Individuals could use their credit cards at these specific services to receive a standard reward. However, in the changing landscapes of banking, customised rewards have become the norm. For example, it might just be that you are a seasoned holiday-goer and can’t go long without a holiday. In that case, a travel credit card is the right fit for you. A travel credit card would allow you to earn maximum rewards on actions such as booking flights, hotels, and more.
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Similarly, individuals who engage in heavy retail and online shopping can opt for a card that rewards them for this preference. So, credit cards nowadays are tailored to fit the spending habits of individuals. You can easily search for various offers and types of credit cards online to help you pick the right one.
Buy Now, Pay Later
Of late, more and more retailers have been extending an offer to customers where they get the option to buy now and pay later. This is one of the most useful facets of owning a credit card, so use it to its maximum potential. For example, if there is a new technological gadget or appliance, put it on your credit card. When using this payment option, individuals can pay for their purchase in the form of Equated Monthly Instalments (EMIs). EMIs are a series of fixed monthly payments, some banks even offer deals that charge no interest.
Flexible Credit Lines
Historically, a credit card wasn’t a good option when it came to getting quick cash. The only way at the time was through expensive cash advances. However, thanks to flexible payment of banks (such as EMI), individuals can now access loans in this form. It saves individuals the trouble of having to go the route of applying for a personal loan. Individuals are guaranteed to get the loan amount if they make a purchase or transaction that is within their credit limit. Hence, credit cards are a great way to access funds without having to formally apply for a loan. It also allows for easier management of your finances as there is no additional account or loan to manage.
Balance Transfer Offers
Another very useful feature of credit cards is its balance transfer offer. A balance transfer is when an individual uses their credit card to pay off a pre-existing loan. Card issuers usually offer individuals an interest free period of a year or more when they do a balance transfer. Cardholders can use the money they save on interest to pay back the loan quickly. However, remember to check your credit score before you opt for a balance transfer. In most cases, only individuals with good credit scores receive the option of a balance transfer.
CONCLUSION
The banking sector is a competitive space and is constantly evolving. Individuals should make sure they stay abreast of the latest offers and features they can access using their credit cards. Individuals can benefit from flexible credit card payment services and customised rewards if they choose the right card. Remember to check your credit card eligibility before you apply for one. Even before that, you should check your credit score. There are some credit cards that you might not be able to apply to due to the credit requirements. Find a card that is within your range and suits you on all fronts so that you maximise your credit card benefits.
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