6 Mins Aug 04, 2022
Credit cards are useful for paying without cash and can especially come in handy when you have a financial emergency. Without access to liquid funds, you can swipe your credit card if you have a sudden health crisis, a household expense or any
other unexpected expenditure. Apart from this, credit cards have numerous other advantages. You can avail of no-cost EMIs on many big-ticket purchases, improve your credit score and automate utility bill payments.
Moreover, some credit cards offer many exclusive benefits. Knowing these benefits when you apply for a credit card can help you save extra bucks. If you already have a credit card or are planning to apply for credit card,
check with your issuer if they provide any of these benefits:
1. Offers and Discounts
Almost all credit card companies have tie-ups with different brands, restaurants, airlines, etc. As a cardholder, you will be eligible for special discounts and offers. For instance, a credit card
company that has a tie-up with a lifestyle brand may offer you a certain discount on purchases. If you are aware of this benefit, you can make use of it while shopping. This will be especially useful if you are a frequent shopper.
2. Airport Lounge Access
Access to airport lounges can be expensive if you have to buy your way into it. Many credit cards offer exclusive airport lounge access to their holders. However, you may have to hold a certain class
of credit cards to get airport lounge access. Verify with your credit card provider if they have this benefit on your card.
3. Frequent Flyer Miles
If you buy airline tickets with a credit card, you can accumulate frequent flyer miles. With enough flying miles, you can even purchase free tickets. This is especially useful if you are a business
traveller. You can use frequent flyer miles to redeem ticket costs for your trips and save money.
Credit cards also have cashback options wherein if you spend a certain amount on your credit card, you will get a fixed percentage credited to your account. This offer is often available for fuel payments, recharges,
utility bills payment, etc. Knowing where you are eligible for cashback can help you plan your payments better. It may not seem like much on the face of it, but in the long run, this benefit can add up to considerable cashback amounts.
[Also Read: Enjoy easy and convenient transactions with credit cards]
5. Free Events
If you spend a certain amount of money on credit cards, you may be eligible to get freebies like free movie tickets, events, access to concerts, etc. You need to check with your credit card provider if they
offer these perks. More often than not, credit card companies have various tie-ups that make these possible. Even if not free access, you may get some discount on these purchases.
6. Free personal accident cover
Most credit cards offer free personal accident insurance where the cardholder can get reimbursed in case of disability or loss of life due to an accident. Some cards may offer cover only in
case of an airline accident. While the sum assured may not be substantial, nevertheless it is a useful feature. To claim this cover you or your family members may need to submit a doctor’s certificate in case of disability or death certificate.
Many times the card issuer may also have conditions which state that the insurance can be availed only if the card is active and if the spending reaches a certain limit. So be aware of the rules when signing up for a credit card.
Make the most of your credit card :- Having a credit card has many perks. Ensure that you familiarise yourself with the various perks offered before you apply for a credit card. This way, you can make the most of your credit card
and save considerable money as well.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.