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Best Guidelines on How to Use A Credit Card for Shopping in the Right Way

Banjo Paterson by Banjo Paterson
January 7, 2021
Reading Time:3min read
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Over the years, the usage of financial instruments such as credit cards has garnered enormous popularity in India. Further, a recent report suggests that the credit card industry in India will continue growing at a CAGR of 25% and above between 2020 and 2025.

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As the number of credit card transactions is increasing, the practice of buying now and paying later is now widespread in the country. However, many individuals are susceptible to mistakes when making purchases using their credit cards, typically when there remains scope for utility enhancement. Hence, it is imperative for credit card users to learn how to use credit cards for shopping to avoid falling into a debt trap.

Some of the best ways to use a credit card for shopping

Individuals must keep in mind the following pointers when using a credit card for shopping:

  • Shop from partner stores

A credit card designed for shopping also brings along attractive deals and discounts when making purchases from partner stores of the issuer. It is thus best to go for a quick market search of partner outlets online or in your locality before you make a purchase to avail of attractive offers

  • Make bill payments in time

Individuals must make their bill payments in time to avoid paying penalty charges and interest levied by card issuers on the outstanding balance amount. Moreover, credit card users cannot avail of interest-free credit on the purchases made in the next billing cycle if they already carry a due amount.

Failing to make the payment within the due date also hurts the credit score, which diminishes the chance of availing financial assistance in the future.

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  • Time your purchases will utilize the grace period

Grace period refers to the timeframe of an additional 15-20 days from a billing cycle’s end to the payment due date. Hence, if credit card users make purchases at the start of the billing cycle, they can enjoy an interest-free period of up to 45-50 days. Individuals wanting to know how to use credit cards for shopping must implement these strategies to make the most of their credit cards and time their purchases suitably.

  • Check the credit card statement thoroughly

A credit card statement provides a summary of all the transactions made during the billing cycle. All credit card users should know how to read a credit card statement correctly to identify their spending patterns and spot inaccuracies. They can thus modify their shopping habits accordingly.

  • Pay off the total amount due

Credit card users must avoid paying only the minimum amount due every time as card issuers charge a high interest on the unpaid amount. Moreover, when there is an outstanding balance on a credit card from the previous billing cycle, the interest-free period on the credit card does not apply.

  • Do not utilize the full credit limit

It is essential for individuals planning how to use a credit card for shopping to keep their spending habits in check. Card issuers sanction a predetermined limit to such cards, which allows individuals to make purchases whenever required.

However, utilizing a substantial portion of the credit limit can have a significant impact on an individual’s credit score. High credit usage is usually associated with a greater chance of default and also indicates increased credit dependency. It can leave a negative impact on an individual’s credit profile. Thus, it is best to avoid maxing out your card’s available limit.

Further, with modern financial instruments like the Bajaj Finserv RBL Bank SuperCard, users can now enjoy cash withdrawal for as much as 50 days without any interest charge for easy funding access.

The card provider also makes make financing hassle-free and less time-consuming on credit products such as personal loans, business loans, and credit cards with their pre-approved offers. Check your pre-approved offer only with your essential contact details.

  • Make use of reward points

As individuals make purchases using their credit cards, they are offered reward points by the credit card issuers, which can be redeemed within a specific period. Further, if one is well informed of how to use RBL credit card reward points, he or she can get various benefits such as movie ticket discounts and savings on future purchases every month.

Now that you know how to use a credit card for shopping it is imperative that you apply these strategies when making transactions. Doing so should suitably help you to get the most out of your credit card.

 

 

Tags: Credit CardShopping
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Banjo Paterson

Banjo Paterson

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