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27 FEBRUARY, 2020

In today’s age of digital rage, credit cards make for an indispensable part of wallet for daily transactions. They can be extremely beneficial and bring a number of perks that help you make bigger savings.

Here are some of the benefits that you can avail through the use of credit cards:

Build a strong credit history – The credit history can determine and drive a number of your financial decisions. This includes your chances of availing different kinds of loans such as home loans and car loans. When you use your credit card wisely, it helps in building a strong credit history. This history proves that you are a reliable borrower and make your repayments on time. You are also offered better interest rates when you exhibit a good credit history.

Travel rewardsCredit cards offer a number of travel rewards that are highly beneficial, especially for those who take frequent trips. Carrying a credit card when on a vacation is much safer than carrying cash. Some credit cards also offer a limited number of complimentary visits to select airport lounges.

Cashback offers – On purchase of given products and payments through particular brands, credit cards render you with cashback. The percentage of cashback will vary and usually ranges anywhere from 5 to 10%. Choose a credit card that brings you cashback and discount offers on the products and services that you are more likely to use on a daily basis.

Making reservations – There are many services such as car rental providers and hotels that do not accept bookings through other payment methods. In times that they do, there may be an additional fee levied. For this reason, a credit card is more useful.
Paying your balance in time, while avoiding debts will ensure that you don’t default as a credit card holder.

Responsibility stands as a big notable factor when using a credit card. If used wisely, the financial product gives you immense spending power and offers you rewards that felicitate your monthly budget.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.