By OneCard | April 10, 2023
Credit cards are increasingly becoming a lifestyle essential. From making utility bill payments to buying the next trendy gadget, credit cards are used to increase affordability and convenience in the entire purchase process. However, making the most of a credit card requires more than just getting one.
So if you are new to credit cards, or contemplating getting a new credit card for yourself, here are the top five ways to make the most of your credit card.
Simply spending using your credit card is not going to help you make the most of it. Adopt the following ways in order to maximize the earning benefits from your credit card:
A lot of lenders offer no-cost EMIs by partnering with various merchants. No-cost EMIs help you save on the interest during the term of the loan and it is hassle-free as compared to other types of loans. However, some cards may charge you an upfront fee for processing the same.
Keep an eye out for offer and discount-related communications from your card issuer. Especially during festive seasons, you will get a lot of offers on categories such as digital goods, e-commerce shopping, dining, and travel.
Look out for credit card rewards and redeem them to buy products or use them in the form of cashback. Most lenders will provide different types of cards targeted at different types of users. Thus someone using a card that’s optimized for travelers will not earn rewards for doing grocery shopping. You can choose to get all-in-one credit cards such as OneCard where you get rewarded for all your spending using a single card.
When you pay for all your monthly expenses using your credit card, it is easier to keep a tab on your total monthly expenses. Credit cards like OneCard go one step further by providing an in-app visual analysis of your spending. This helps manage personal finance better as against using multiple payment modes such as cash, UPI, debit card, etc. Using a credit card also helps maintain enough cash in your bank account for any emergencies as you only need to pay once during the entire payment cycle.
The individuals benefitting the most from credit cards are the ones who play by the rules of using credit cards. Following are some of the important rules you need to follow to draw maximum benefits from your credit card:
All credit cards give their users an interest-free credit period of around 45-50 days. Make sure you repay your dues in full by the end of this credit period and do not carry over any dues for the next month. This will help you avoid paying relatively higher interest rates on credit cards.
The credit utilization ratio is the ratio of total credit utilized to the total credit limit you have across all your credit cards. This plays a critical role in determining the health of your credit score. The lower it is the better you stand from a financial point of view.
While credit cards help improve your current affordability, maintain financial discipline to avoid overspending. In case you really want to buy any high-value product, look out for no-cost EMI or other EMI options if you are not sure of being able to pay in full in the current bill cycle. Above all, always make sure you pay your bill before the due date, either in full or at least the minimum amount due (MAD).
Keep track of your spending using the app integrated with your credit card. While all banks and lending institutions provide monthly statements, OneCard provides a deep-dive analysis of your spending to help you easily visualize your spending patterns. A good practice is to also check your credit score periodically to ensure you are not going off track in your credit journey. You can use free resources such OneScore for reliable information on your credit score and ways to improve the same.core
All lenders provide benefits such as discounts, offers, and rewards. So there’s really not much to distinguish among the various typical credit card options you have. Look for something different to get a heightened and seamless experience for you while having full control of your credit card. With cards that are powered by technology, there will be no need for any calls to customer support, the app will have inbuilt features like converting to EMI, reward redemption, and more!
The comfort and convenience of using credit cards for all your spending are unparalleled. If used smartly, credit cards can be one of the best financial tools one possesses.
If you are looking for a new-age credit card that rewards better and gives a hassle-free experience, check out OneCard credit card today!
✅ Get instant Virtual Credit Card Activation
✅ Swipe-to-Pay—no more waiting for OTPs!
✅ Easy Conversion to EMIs
✅ 5X Rewards with Instant Redemption
And much more to reinvent your entire credit card experience!
**Disclaimer: The information provided in this webpage does not, and is not intended to, constitute any kind of advice; instead, all the information available here is for general informational purposes only. FPL Technologies Private Limited and the author shall not be responsible for any direct/indirect/damages/loss incurred by the reader for making any decision based on the contents and information. Please consult your advisor before making any decision.