Advantages of having a Credit Card - How to maximise savings and benefits

While golf memberships, premium lounge access, discounts, and complimentary tickets add an exclusive touch to your lifestyle through credit cards, it's essential to recognise that their advantages extend beyond the apparent luxuries.

Beyond the surface luxuries, your credit card can serve as a sophisticated tool for intelligent financial management and consistent savings. Let's explore the hidden dimensions of credit card advantages. 

Credit card as a savings tool 
 

With convenient credit periods, easy EMIs, and credit limits, credit cards can significantly reduce your financial stress. Credit periods offer you temporary credit, EMIs ease your repayments, while credit limits keep your spending in check. But if you don’t align your credit card usage with your financial plans it can disrupt your budget. This can happen if you max out your credit period regularly, which then disrupts your finances and you might fail to repay dues on time.

You must, therefore, leverage credit card advantages the right way and make it your savings tool. Let us find out how.

Pick the right credit card
 

There are dozens of banks and credit card companies in India, each offering multiple credit card variants. When you are choosing the credit card advantages that help you save money, you must base your selection criteria accordingly. This includes,

• Useful benefits –
  
  

  Credit card advantages include all types of offers and benefits. But your credit card should offer benefits that are relevant to you. Forex fee is charged on credit card transactions done overseas. But a credit card with a low forex fee is of no use to someone who doesn’t travel internationally. Similarly, a globetrotter is unlikely to avail of a railway ticket cashback regularly.

• Low minimum charges –
  
  

  There is no point amassing rewards and discounts if your credit card costs you a fortune. Look for options like the IDFC FIRST Bank Credit Cards, which will get you year-long discounts and offers and up to 10X reward points that never expire and can be used to make any payment instantly. These are lifetime-free credit cards with industry-best interest rates too!

• Specific credit card offers –
  
  

  You can enjoy very specific credit card advantages with some cards, like fuel savings, forex markup fee savings, attractive travel perks, monthly groceries, etc. Identify which of these features will help you to save money and select your credit card accordingly. 

How credit cards boost savings
 

If you are an existing credit card user, you must be already familiar with the credit card advantages at your disposal. Here’s how your credit card should help you save more in day-to-day life.

• Lower charges –
  
  

  Look for credit cards that save substantially on credit card interest and other charges.  

• Budget-friendly EMIs –
  
  

  Your credit card should make it easier to convert transactions into credit card EMIs, available in flexible tenures.

• Save with rewards –
  
  

  Make sure your credit card offers high reward points that can be easily used and do not have a short expiry period.

• Save through credit card offers –
  
  

  Make sure that your credit card offers discounts that contribute towards your savings. The more the merchant offers and discounts, the better. Available throughout the year? That's even better!

• Complimentary insurance/ assistance covers –
  
  

  Your credit card should help you save money on risk management expenses like roadside assistance and insurance covers. 

How are IDFC FIRST Bank Credit Cards different?
 

With IDFC FIRST Bank Credit Cards, you can bring a difference to your savings. The interest rates start from 9%, as against 30% charged by many other credit card companies. It offers a flexible tenure option of 3 to 36 months on its credit card EMIs.

IDFC FIRST Bank Credit Cards offer up to 10X reward points, which never expire. There are more than 300 merchant offers and dining discounts on these cards that last all year. Besides, you also get free emergency roadside assistance, personal accident cover, air accident cover, and lost card liability cover on IDFC FIRST Bank Credit Cards. ​​

Balanced swiping and saving
 

Credit cards offer more than just a high credit limit, access to luxury lounges, and exclusive dining discounts. They can become powerful tools for smart financial planning when used strategically.

Take a moment to reconsider the advantages and usage of your credit card with a fresh perspective—one that emphasises conscious financial planning. IDFC FIRST Bank Credit Cards encompass all the money-saving features above. Choose and apply for your preferred IDFC FIRST Bank Credit Card, and witness the growth of your savings through strategic financial planning. 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.