According to the Reserve Bank of India, credit card circulation has shown a growth rate of 26.6% in 2019, which indicates a substantial increase compared to the previous financial year. This indicates that credit card users in India are on the rise; so new applicants should learn about credit cards first before availing such payment tools.
What is a credit card?
A credit card is a financial tool used for online and offline purchasing of goods or services. A credit card also helps to borrow money during an emergency. Currently, in the market there are various Banks or NBFCs are offering a different type of credit card as per the user's need with so many features and benefits. With the help of a credit card, people can easily manage their daily expenses. If you are going to apply then first of all, you should learn about credit card before applying.
How to Improve Your Financial Situation with a Credit Card?
The use of credit cards in dealing with your monthly expenses makes you financially disciplined. Moreover, credit cards offer multiple benefits which can help in improving your financial situation, they are –
- Easier access to funds compared to carrying cash.
- Instant mode of payment even if you do not possess an adequate balance in your savings to account for any particular transaction.
- Credit card payments are globally accepted.
- You can opt for a balance transfer to another financial institution that offers comparatively lower credit card interest rates.
- Cardholders can avail the EMI option to purchase any expensive item. For instance, the Bajaj Finserv RBL Bank SuperCard comes with the facility to convert high-end purchases into EMIs with ease.
- Cardholders can accumulate reward points on every purchase with a credit card which can be redeemed to avail discounts, gift vouchers, and exclusive privileges such as free flight bookings, movie tickets, etc.
If you are looking for a credit card apply, you can go through a simple online application process. Check if you meet the eligibility criteria first to avail of the card with ease.
Also Read: 5 Money-Saving Tips for Your Credit Card
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