Among the various benefits that credit cards offer, shopping is the most preferred one. Be it impulsively or purposefully, Indians tend to shop whenever they feel like. Credit cards with their various features make year-round shopping more exciting and affordable.
Most merchants nowadays accept credit from customers shopping online as well as offline. Individuals can apply for a credit card online by fulfilling some necessary eligibility parameters set by issuers.
Credit cards in India
- Credit card transactions shot up in 2018-19 with customers spending around Rs. 6 Lakh Crore.
- The Sum total of POS transactions done using credit cards in July 2019 is 178.4 million.
- There are 25 to 30 million unique credit card users in India.
- For credit cards, around Rs. 3,400 is the average transaction value.
Why should you avail of a credit card for shopping?
Shopping using credit cards offers some significant advantages as below –
- Access to credit instantly
One of the primary credit card benefits is that these payment tools provide easy access to credit, especially when there is a shortage of cash. When transacting, you borrow the amount from your issuing company and repay it at the month’s end.
You can also use this payment tool instead of a debit card, regardless of any cash insufficiency. This allows your savings to grow and gain interests.
- Credit limit to track expenses
Being a type of short-term loan, these cards come with specified credit limits beyond which you cannot spend. This feature helps track the expenses and restrict wherever required. Overspending with a credit card can lead to piling debts default due to a substantial rate of interest applicable to such cards.
Individuals can apply for a credit card online with a higher limit as per their eligibility and repayment ability.
- Bigger purchases become more affordable
You can easily afford high-end purchases at online or offline stores with the best credit card in India. Convert the amount into manageable EMIs instantly and pay it off in small amounts without any hassle.
Make sure you check out some essential pointers to convert credit card purchases into EMIS. Choose your repayment schedule wisely after assessing your preferences and financial plans.
- Exclusive rewards in return
Exclusive reward programs are one of the credit card benefits which compel individuals to choose this payment tool. Users accumulate reward points on almost every transaction and more on specific ones as mandated by the card issuer. These rewards can then be redeemed at merchant outlets or online stores for attractive offers, discounts, cashback, gift vouchers, fuel surcharge waivers, movie tickets, etc.
There are various other things to do with credit card reward points. Top credit cards also provide huge welcome bonuses on availing for the first time. These rewards and offers further make your purchases more affordable and help you save considerably.
- Robust security
Increased cases of card frauds are nothing new. Card issuing companies, therefore, ensure robust security to prevent data breaches, phishing attacks, scams, etc. They adopt advanced technologies to detect suspicious purchases and reduce risks when shopping online or offline.
In case of any unauthorized access, you can ask your issuer to block the card immediately. It is equally essential to shop from trusted and secure websites.
Bajaj Finserv, a reputed NBFC in India, brings feature-rich credit cards with lucrative reward programs, nominal annual, and joining charges. The Bajaj Finserv RBL Bank SuperCard comes with some industry-first features like ATM cash withdrawal with a 0% interest rate for up to 50 days and emergency personal loan with an interest-free period of up to 90 days.
However, it is mandatory to meet the eligibility requirements before you apply for a credit card online. Doing otherwise may lead to the application’s rejection, thus, lowering your CIBIL. Go for a card which offers customized benefits on online and offline shopping and manage your finances strategically.