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Using these credit cards, you can find these 5 great benefits

Using these credit cards, you can find these 5 great benefits

Credit card: According to central bank RBI data, credit card transactions are increasing at ATMs and shopping centers. These figures show that credit card users have increased but still many people shy away from getting a credit card due to excessive expenditure and debt trap. However, if the credit card is used wisely it can prove to be very beneficial for you. A credit card not only provides freedom from cash but also has some special benefits. Let us know about some of the special benefits that you should be hesitant to adopt a credit card.
Credit card transactions are borrowed in one way, so the outstanding repayment of credit card is equal to the loan. Just like your credit score is prepared based on a loan payment, a credit score is also done as well. Although there is no interest in paying for a credit card for a while, a credit card is a cheap and convenient way to create a credit score.



Benefits of Rewards Points and Cashback,No interest in credit card transactions for a while

 Using these credit cards, you can find these 5 great benefits

             
                                                                 
You can complete your credit card on time and prepare a strong credit score by keeping the credit usage ratio between 30-40%. When you have a high credit score, you are likely to get a loan at low-interest rates.

Benefits of Rewards Points and Cashback


You get the benefits of reward points, gift cards and vouchers on credit card usage. Due to all these offers, your total cost decreases after transacting through credit card.

Reward points, discounts, cash back, vouchers, and similar benefits should also be taken into account when choosing a credit card instead of selecting a credit card based on an annual or renewal fee basis.

One thing to keep in mind is that you can also redeem Rewards Points from time to time because there is also an expiry date for most credit cards.

No interest in credit card transactions for a while


When you pay the bill with a credit card, you get an interest free period for repayment. You do not have to pay any interest during this period and during this period, you can pay your full dues without any extra expense. This period is between 18 days and 55 days. At the beginning of the day, it is prudent to spend big on the card billing cycle because you get a higher interest-free period.



                       

                     

Convenience to convert large expenses into EMI

Convenience to convert large expenses into EMI,Pre-approved loans sanctioned for emergency


Due to lack of cash, expensive goods like laptops, televisions or smartphones can sometimes be purchased for a long time. EMI facility of credit card is a big task for you.

In it, instead of spending a lump sum amount at your expense, you get 3-48 months, instead of paying by EMI. You have to pay interest at a 1.5 percent monthly rate on this.

However, sometimes you do not have to pay any extra interest in this. Banks also give you the option of EMI to repay the outstanding credit card balance. You can get up to 60 months of this time.

Pre-approved loans sanctioned for emergency


Credit card holders get pre-approved loans even when they are incidental. However, for this, you should have good records that you are paying on time to the old bills.

There is no document in the pre-approved loan, due to which it is processed as soon as possible. Sometimes it is found instantly and sometimes only takes a few hours. However, on such loans, a personal loan may have to pay interest at a higher rate.

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