Are you planning to get a credit card in India: Yes, No, Maybe? Well you will be happier to know that you are not alone who are stuck in this question. The answer to this should be given after a lot of research and that's why we are here today with Kredit wala.
Why you should get a credit card as soon as you start working? | Kredit wala
Credit cards are one of the most important things in this modern world and today we will be going through pros and cons of credit cards. Reading this Kreditwala article completely will help you make your decision more precisely.
Pros of Having a Credit Card in India
Okay, let’s discuss the pros of the presented models! Well, let me state that having a credit card in India is rather convenient. Here's why:
1. Convenience and Cashless Transactions
First of all, let me say it is incredibly handy. It is no longer necessary to walk around with pocket money all the time. All you need to do is to swipe your card and that’s it! It also suits shopping online very well. No more concerning whether it is possible to make it through the week without sufficient money.
2. Build Credit Score
On the heels of that, credit cards can assist one in establishing a good credit rating. What's that, you ask? Well, in a way, it is kind of equivalent to a report card of how you are performing in terms of your money matters. If you manage your card properly; make your payments on time, then your score improves. This can in turn assist you get loans easier in the future.
3. Rewards and Cashback
Now, who does not like to get something for free? Most of the credit cards come with bonus offers or cash back offers. This is like a thank you every time you are spending, such a wonderful thing to have.Krediwala owner provides best credit cards that award you what you can use to travel or shop. Some return you money. It's pretty cool!
4. Interest-Free Credit Period
Here is another advantage – the interest free period. Credit cards allow you free spending for approximately 45-50 days before it is due and attracts an interest. It is like a short term, no interest credit if you pay on time.
5. Emergency Financial Support
Credit cards can also be handy especially in emergency situations. Car broke down? Unexpected medical bill? Your credit card is a savior when you are in a fix.
6. Online Shopping Benefits
All you shoppers who shop online then you know that Kredit wala credit cards have offers most of the time. There might be additional percentage cuts or free delivery services that you could be accorded. It's worth checking out!
7. Travel Perks
Finally, Kreditwala Reviews provides credit cards have good benefits if you are a regular travellers. Lounge access at the airport, insurance, air miles and so on. It can make your trips a bit more comfortable and does not have to be as expensive.
However, it is vital to understand that these benefits are only useful when you are using the card wisely. Quite often students think that such money is free money and do not have to pay it back. If used wisely, a credit card is actually a very good thing to have in your wallet and pocket.
Cons of Having a Credit Card in India
Okay, time to discuss the drawbacks about having a credit card in India. It is equally necessary to know these!
1. High Interest Rates
First of all, the interest rates are rather high here. If you fail to pay the full amount at the due date, then you have to pay some more amount. Believe me, it all sums up very quickly! There are cards that attract interest rates of 3-4% on the principal sum every month. That's a lot!
2. Annual Fees and Hidden Charges
And there are the fees of course. The problem is many credit cards have an annual fee that one is charged just for having the card.
3. Overspending Temptation
Here is a big one – overspending is relatively easy to do. That could be why when you are using your card to swipe, it does not feel like actual money. One could always spend money on things they do not require for instance. You blink an eye and you realize you have gone way over budget.
4. Risk of Debt Accumulation
That is the truth; if you are not careful, you land yourself in a fix whereby you have to pay some money you did not plan to. It begins with a very small area, but can expand rapidly. Credit card debt can take some people for ages to pay off. It also does not sound like a pleasant position to be in.
5. Impact on Credit Score if Mismanaged
Well, if you tamper with your credit card, then your score will be affected. If you go on to miss payments or to reach your credit limit you are likely to see your score drop. This can prove cumbersome when trying to obtain loans in the future.
Well, now, let me be very clear not to be misunderstood. What many people do not realize is that credit cards are not necessarily a bad thing in society. But it is very crucial to know these disadvantages because without it no one can be good at it.
Conclusion
In conclusion, credit cards can be good in India but they should be used wisely. If after going through this article, you conclude that a credit card is suitable for you, why not try Kreditwala? They give many choices, and useful suggestions.
Also, you can visit the Kreditwala News to be aware of the latest pieces of advice on credit card usage. Credit card is a great tool – just be smart using it and it can indeed assist you a lot. Don’t you think it is high time you consider your options with Kredit Wala?
