5 minsFebruary 20, 2018
Ask your dad if he had purchased stuff on credit in the yesteryears and the answer you’re likely to receive is: NO!
Traditionally, Indian consumers have been averse to buying much on credit. But that’s in the past; along with the many other customs and traditions that have undergone a change over the last couple of decades in India.
Today is the age of ‘plastic money’!
You don’t need to carry wads of cash if you own a credit card. They are convenient to use, and can earn you some money vide as spend (in form of
reward points and cash-back offers). And the best part is you don’t have to drain your liquidity immediately, as you get a 40-50 days credit period. This very trait makes them desirable.
Nonetheless, there yet some common myths about credit cards. Here are 4 common credit card myths about credit cards:
Unless you see “https://” on the payment page, don’t enter any payment/personal/card details. By viewing the site information, you can also check if the communication between you and the website is private and
protected. Be careful when using your card at a merchant outlet as well.
Now that you in detail about credit cards, let us see how it’s reward benefits work:
Axis Bank cards offer reward points or incentives when you make a purchase and these can be redeemed or used at a later
date. Axis eDGE Loyalty Rewards has been carefully crafted to ensure that you get a host of wonderful earning and redemption experiences.
Moreover, some credit cards allow you to redeem reward points at specific shopping centres. Opting for such a credit card may be prudent if you prefer shopping at these outlets. Or if you have a favourite multiplex, consider cards which give you
similar benefits and facilitate savings. Analyse your spending habits and opt in for a card that’s most advantageous to you.
Credit cards aren’t just about scary debt-traps and never-ending interest charges. If a credit card is used wisely, it can prove to be much more beneficial as you can buy goods and avail for services without even paying immediate cash for
Owning a credit card can be a convenient facility as long as you have the means to pay off your dues. Controlled credit card usage enables an individual to live a comfortable lifestyle without jeopardising your long-term financial wellbeing.
You can make the best of the reward points and facilities to your advantage. Not all credit is bad, if used prudently, a credit card can facilitate you to earn even while you spend.
Disclaimer: This article has been authored by PersonalFN, a Mumbai based Financial Planning and Mutual Fund research firm known for offering unbiased and honest opinion on investing. Axis bank doesn't influence any views of the author in any way. Axis Bank & PersonalFN 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.