What are the Features of Credit Cards?

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Credit cards can be thought of as plastic money. Issued by financial institutions (mostly banks), they offer money (credit) that needs to be repaid within a stipulated time.

Credit cards are a handy way to make payments and keep a record of your purchases. All you need to do is swipe your credit card online or at retail stores and you are done. Many also use these cards to pay monthly bills, insurance premiums etc.

Besides being convenient, there are other benefits of using credit cards too.

1) Cash back: Many banks offer cash back opportunities if you use your card to pay monthly bills (electricity) or for grocery purchases. Besides, online shopping portals too have cash back offers on various products.

2) Reward points: Credit card companies offer reward points for any purchases you make with your card. For example, HDFC Bank gives 2-5 reward points for every Rs 150 spent using your card. You can then use these points to purchase gifts (available on the company’s rewards page).

3) EMIs: If you are making a big-ticket purchase (TV, refrigerator, laptop), you can easily convert it to affordable monthly installments. Banks usually charge interest for conversion to EMIs.

4) Grace period: One of the main advantages of using a credit card is you can defer your payments till your bill your due. Banks offer a maximum 50-day grace period for paying back your dues.

5) Safety: Credit cards are safer than debit cards as in case of fraud you are not out of money immediately. Payment gateways like Visa, MasterCard also offer additional password protection while using the cards online.
Click Below to Apply for Credit Cards Online
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