There was a time when people used to save money for months in order to make an expensive purchase - say a Television, a refrigerator, an air conditioner (AC) or a washing machine etc. Sometimes, they even had to wait to get a new one after their old equipment had broken down for some reason -- simply because they did not have the extra cash in hand to spend right away
However, times have changed now. No one likes to wait any longer for something like even buying that new cellphone that has hit the market, let alone waiting for something as essential as a refrigerator or an AC. Moreover, what if an emergency strikes and one needs to pay some medical bills on short notice? The answer to all such questions comes in the form of credit cards. A credit card is simply a mode of payment issued by a bank or a financial services company that allows cardholders to pay for goods and services where it is an acceptable form of payment. One does not need to have money in their account at the time of making a purchase, as the credit card bill can be paidat a later time period. Different financial experts have different opinions on whether or not using a credit card is a good idea and to what extent. However, there is absolute consensus that when used wisely, credit cards can be a boon for the consumer.
The usage of credit cards has seen a drastic surge in the last few years in India. As per the latest RBI data, there are over 58 million credit card users in India. In 2019, the figure stood at 52 million. This indicates that millions of individuals are adopting credit cards as a mode of payment every year1.
With the festive season upon us, it’s important to note that some purchases can be avoided but there are some expenses, whichare inevitable. Usually other means of payments like cash, debit cards and cheques are limited to just purchasing and payments, however, credit cards come with several additional benefits and offers. That is over and above the benefit of a credit facility, which enables you to ‘buy now and pay later’. Credit card companies are competing to give the best offers to their customers this Diwali.
RBL bank’s range of credit cards have been gaining popularity over the last few years. For instance, their outstanding credit cards observed a 20 per cent surge between August 2019 and August 20202. With a wide range of credit cards designed for individual financial needs, many people are using an RBL credit card as their preferred payment mode. The surge in the number of their customers is also due to the simple application process. You can apply for a RBL credit card in just two steps:
RBL rewards offer best in the class benefits program along with some attractive features like easy EMI options, low processing fees and quick approval processes. One can make the RBL credit card payment using RBL Bank’s MyCard App that helps a person track every little transaction made using the credit card.
The app in itself is an interesting asset as it helps you in paying utility bills and converting your purchases into low-cost EMIs. Some of the additional benefits are the cashbacks and discounts you get every time you go on a shopping spree.
RBL Bank’s credit cards send you a transparent and clean monthly credit card statement that can be accessed both online and offline. The basic details you’ll get are the account summary, monthly interest calculations and payment deadlines, apart from all the transactions made using the RBL Bank’s credit card.
Credit cards are surely a way to make easy payments on the go. However,it’s also important to keep track of your spending habits and ensure that these habits are under your control. On-time credit card payments can help you in multiple ways. One of the most important benefit of using a credit card while ensuring timely payments is that you will develop a robust credit history for yourself, which leads to a good credit score. A good credit score is an asset that can be immensely helpful to fulfil your financial needs in the future. For example, a person with a good credit score is likely to get the best interest rate on big-ticket loans like a home loan.
If you wish to apply for an RBL credit card, you can also do it in a hassle-free manner on the Finserv MARKETS website, a digital financial marketplace that offers a one-stop solution for all your financial needs across loans, investments or insurance.
What’s more? Now, you can also apply for a RBL credit card using the Finserv MARKETS app, which offers a host of benefits and features such as exclusive app-only rewards, 24x7 chatbot assistance, a wide variety of products and lastly, a name that you can trust!.
So, why wait?Check out Finserv MARKETS today to meet all your financial needs this festive season!
Source:
1https://www.rbi.org.in/Scripts/ATMView.aspx
2https://www.rbi.org.in/Scripts/ATMView.aspx
Disclaimer: This content is distributed by Finserv MARKETS. No TNIE Group journalist is involved in the creation of this content.