7 Reasons why every modern wallet needs a Credit Card

The lifestyle needs of the urban Indian are diverse and many – from buying apparel and electronics to eating out or regular travel and leisure to paying for groceries. We seek convenience in how we live, and credit cards are just the right tools. The benefits of a credit card extend far beyond giving you instant financial access. 

Here are seven reasons why every modern wallet needs a credit card.

1. Ease of digital payment
 

With rapid digitalisation, a significant chunk of our payments has moved online. Credit cards can be accessed across every merchant website or integrated with different payment wallets. You don’t even need to fill in your card details every time you transact. Frequented merchants ask your permission to save basic card details, and as a part of your card and transaction security, you only need to punch in your CVV and OTP to validate an online transaction.

Credit cards make online payment a breeze. Whether you are running out of everyday items, want to skip the physical queues for utility bill payments, or make a quick purchase of hot-selling goods like the latest iPhone or PlayStation at merchant sites in a few clicks before they go out of stock, credit cards offer the supreme convenience of instant digital payment.

2. Universal acceptability
 

One of the key benefits of having a credit card is that the little piece of plastic is accepted everywhere. Whether you are shopping at the local grocery store, a big brand mall, or even an international store, your card has global acceptance – especially if it is on the Visa or Mastercard network. These networks facilitate payments between the merchant and the bank, irrespective of the identity of the card issuer or where the card is used.

This has made the world our shopping basket. With a credit card in your wallet, you can shop for brands that are not available in India or buy specialised items for your work, home care, or hobby. A credit card allows you to pay for these goods and services in every major foreign currency without having to worry about currency conversion or cross-border payments.

3. Card loyalty benefits
 

Credit card companies tie up with various brands and e-commerce websites to provide exciting discounts and offers on using credit cards. This could be in the form of a flat cashback on spending above a certain threshold or a percentage discount on the items in your shopping bag. Using a loyalty benefits program of your bank’s credit card can help you save thousands of rupees over time, especially on high-value electronics and gadgets such as mobile phones, television sets, home theatre systems, refrigerators, etc.

4. Cashback and reward points
 

In addition to store-specific discounts and offers, credit cards have various other entertainment and lifestyle deals running pretty much through the year. You can benefit from dining discounts at your favourite restaurants, save on hotel and flight bookings, and enjoy discounted (or even free) tickets to the movies. 

You earn reward points on all spends that you make at offline or online merchant establishments. These reward points can be accumulated and redeemed for cash rewards or air miles or availed of as a cash discount on your next billing cycle. Every time you spend using your credit card, you garner more points that can be used for different benefits.

5. EMI benefit
 

One of the biggest benefits of a credit card is that it offers you the option of converting your purchases or outstanding credit card balance into equated monthly instalments (EMIs). This benefit allows you to pay for the purchases in pocket-friendly instalments of your choice at an affordable interest rate. Certain tie-ups with brands and e-commerce websites also provide the benefit of no-cost EMIs, wherein no processing fee or interest rate is charged on the purchase. More importantly, it allows you to make big-ticket purchases that would be difficult to afford with upfront cash.

6. Complimentary services 
 

You can benefit from complimentary personal accident and air accident cover when travelling and liability protection covers against fraudulent use of your card. Access to airport and railway lounges, roadside assistance, and other concierge services are some other value-added benefits of a credit card. Depending on the card, you could get other freebies, such as complimentary movie tickets, invites to events, or even free golfing sessions.

7. Analytics tools
 

The service bouquet of credit cards also includes analytics on your spending habits and credit score, which can be accessed through a website or banking app. Analytical insights classify purchases across various parameters that allow you to reflect on your financial decisions and make amendments where required. Credit card is a potent tool for building good credit, especially for young adults. It helps set the credibility for any loan you may require in the future, such as a home mortgage or a car loan.

Conclusion
 

For the best-in-class benefits and offers, look no further than IDFC FIRST Bank credit cards. Choose from a variety of co-branded card options that suit your lifestyle needs. Get up to 6x rewards on online purchases, exciting discount offers at merchant websites, complimentary access to airport lounges, discounts on dining and travel bookings, low markup on foreign currency transactions, waiver on fuel surcharge, and many other bundled benefits.

Why not give your wallet and your lifestyle the power of IDFC FIRST Bank credit cards? Click here to apply for the one that you like best!

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.

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.