Credit cards have majorly transformed a cash-intensive economy like India post the demonetization. People now prefer to use plastic money for transactions across various verticals. The primary reason behind its increased usage is the convenience that these cards provide. Besides making a credit card payment for product purchases, users can now pay their utility bills every month through the card.
Credit card statistics to note
As of July 2019, the total number of credit cards stands at 50.3 million.
Around 10.8 million credit cards were added from September 2018 to September 2019.
The total amount of transactions (2018 – 19) made with credit cards is Rs. 6.07 Lakh Crore.
Credit card transactions increased by 29.8% at POS terminals.
Availing the best credit card
Financial organizations in India offer different types of credit cards with varying features and benefits. It is essential to choose the best credit card as per your requirements.
One of the leading NBFCs, Bajaj Finserv brings
Credit card lets the user buy-first-pay-later which makes it an increasingly popular option for the millenials in the workforce. It allows them to pay for their needs even when they do not have enough liquid cash in their hands.
But before you apply for the credit card here are important things you must keep in mind to avail all of its benefits -
Avoid the debt trap - when you make transactions using your credit card make sure to pay them off regularly with the regular payments. Simply, avoiding to pay will pile up the payments and turn them to a debt which will lead to monthly interest rate of around 3% to 4% on the outstanding of the card.
Do not overspend - once in a while, we all love to indulge and there is no other financing option better than a credit card which will help us do it. However, this must not a habit. As with every transactions made, as a user, you are also supposed to pay it off. Besides, if you doing it just to earn reward points and discounts the strategy might
Having your credit card compromised is a highly unwanted situation. It not only stresses you out mentally but also leaves your finances vulnerable at the hands of culprits. To avoid a sticky situation such as this you must know of some smart tips to save yourself and your card.
Personalize the credit card - as soon as you receive your credit card make sure to sign the back of your card. This ensures that the card is yours and no one else is able to use it unless you want them to such as your family member.
Fraud alert - you can set up ‘initial’ and ‘extended’ fraud alert on your RBL credit card. With this, the lender will inform you via call, email or SMS of any unusual activity. The alert helps you identify fraud either occurring or has happened recently and pushes you to block the card to save you from the same.
Save details carefully - the information of your credit card especially its pin number is an important tool to authenticate transactions. Hence, at all times make sure to
