If you have been putting off getting a credit card for whatever reason, it may be time to reconsider this stance. A credit card comes with many beneficial features, which you can use to your advantage. And when used well, a credit card also gives you many financial advantages.
You can even apply for a credit card online nowadays, from the comfort of your home. The application is processed online, and your card will be dispatched to you within just a few days. So, if you are still on the fence about getting a credit card, check out the top reasons to apply for one right away.
It Helps You Pay For Emergencies
Over the course of your life, you may find yourself facing unexpected financial emergencies. Someone in your family may fall ill or be injured in an accident. Or your vehicle or home may be damaged due to a natural calamity. All these situations may result in unforeseen expenses.
Ideally, you should tap into your emergency fund if you want to pay for any such financial emergencies. But in the absence of any savings or emergency funds, this is where having a credit card will prove to be useful..
You can easily pay for any unexpected medical expenses, an unforeseen home or car repair or any other sudden expense with a credit card. It is also useful if your emergency fund has been depleted because of another expense.
You Get to Earn While You Spend
Credit cards today offer a wide range of benefits like cashbacks and reward points. So, each time you spend on a product or service and pay for it with your card, you get such rewards, depending on your expenses.
In this way, you can get back a part of your costs in the form of cashbacks or points that can later be redeemed for various benefits. Some credit cards even offer you miles, which you can redeem and pay for your flight tickets. By spending smartly using your credit card, you can make the most of the rewards offered by the card issuer.
You Can Build Your Credit History
Another reason to apply for a credit card online is to build a good credit history. Your credit score will be positively impacted if you repay your dues on time and don’t delay your payments. Furthermore, you can also build a good credit history by practising this kind of financial discipline.
This can come in handy if you want to avail a loan later in life. That’s because banks and financial institutions look at your credit history and your credit score to assess your creditworthiness and determine your eligibility for a loan.
Credit Cards Offer Many Privileges
Apart from the many reward points and cashbacks, you also get a variety of privileges depending on the card you choose. Some cards give you discounts on dining and shopping, others give you complimentary access to airport lounges, and yet others give you discounts when you book railway tickets.
You can even find credit cards that give you discounts or waivers when you pay for fuel at select petrol pumps. As you can see, the privileges are many and varied. So, when you apply for a credit card online, make sure you look at the different privileges offered. That way, you can choose one that aligns with your lifestyle and your requirements.
You Can Make Interest-Free Cash Withdrawals
Credit cards also help take care of your emergency cash requirements in an interest-free manner. You can withdraw cash with your credit card from eligible ATMs and make use of it for a financial emergency. The interest-free period on this kind of withdrawal can range from 45 to 50 days.
This means you can conveniently repay the amount withdrawn within this period without having to pay any interest charges on the same. This benefit can be very useful in case you need to pay vendors who only accept cash. It will also help you build your credit history in a positive manner, as mentioned above.
For these reasons and more, you can benefit from having a credit card in your personal finance portfolio. If you do not have a credit card, you can easily apply for a credit card online on Bajaj MARKETS. On this online platform, you can find options from different banks like SBI, Citibank, Axis, and RBL Bank credit cards. Check out the cards available, pick the one that meets your needs, and apply for it right away.