Discounts on credit cards can turn out to be huge cash savers, therefore benefit people
Do you have limited income but a desire to spend more? Manage to spend wisely by optimising your expenses and spends through credit card.
In the era of transactions getting translated to digital and plastic way, it is important to change the way we deal with money. You may want to avoid carrying a lot of cash in your pocket all the time, you may want to buy something in impulsive state and save a lot more than a normal bargain too. Transact through a credit card and convert your payments in installments. A credit card is useful to save on the interest through balance transfer too and withdrawing cash from an ATM when needed.
Apart from a conventional thought of having a credit card for shopping alone, there are other benefits that can help you save a lot while you spend.
Cards offers great discounts: Using a credit card at various hotels, car rental companies, and shopping malls can benefit you a great deal. These discounts can turn out to be huge cash savers for you.
Collect reward points to encash it: Most cards have a membership rewards program. You can begin to accumulate reward points for every spend you make as soon as you start using your card. You can then cash it on the points for attractive gifts. You will be able to justify any fee that you incur to hold the card by simply redeeming the reward points you encash.Get a complimentary insurance cover: Many credit cards offers an insurance cover against any medical requirements or eventuality during travel made abroad.
Avail maximum cash-back: Attractive cash-back incentives are offered on the cards every time you use your credit card. This can be as high as 10% of the total spend on your card. These cash back offers translate into actual savings and discounts that you would never have been able to bargain for if you used cash for the transaction.
Enjoy the free credit period: What could be better than using money for free upto 45-60 days. This should be seen as an opportunity to plan your spends and make adjustments to your budget even in case there is any impulsive expenses that does not fit into your budget.
Smart use of the cards will earn you a good bargain of saving upto 10% and more that cannot be done by spending otherwise through cash. You must inculcate a discipline of using the credit limit smartly and convert the additional savings to achieve your financial goals. Tell your friend that now you have 10% more spending power with the same income.
SMART SWIPES
- Discounts on credit cards can turn out to be huge cash savers, therefore benefit people
- Accumulate reward points for every spend you make as soon as you start using your card
The writer is founder director, 5nance.com
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