In this article We are gonna tell you about some untold and simple 8 easy ways to save money from credit card in 2022.
As all of you know, a credit card is a small plastic card. Cardholder is allowed to some limited extent to get goods and services without paying money instantly from his pocket, rather money is paid by bank on behalf of the cardholder and bank gives him a time period of 45 days to pay back to the bank.
But many people are afraid of using credit cards ,because of high penalty charges and interest rates. It is somewhere right because a credit card can be very costly for you if it is used without proper knowledge.
But if you use credit card intelligently then it is very helpful in save some extra bucks or earn some extra money also. Let’s start, how we can save / earn money with a credit card.
Contents
Cashback
Credit card companies provide various discount offers in the form of instant cashback on various products . Mostly these offers are available on e-Commerce websites, like – Amazon, flipkart, etc. Discounts start from 5% and go upto 15%. On Festive occasions like Diwali & Holi you can easily avail minimum 10% cashback on e-com websites. Cashback amount will reflect in your card statement.
Earn Reward points
On every spend through your credit card you earn reward points. You can convert those reward points in future into cash that will reflect into your card statement. Depending upon your card, 1 Reward point = .20 to .75 paise.
On every spend of 1500 you will get approx 20 reward points, this can vary from card to card. For example, if you have 5000 reward points you can redeem them into somewhere between 1500 to 2000 Rs.
Credit score builder
Credit cards can help to a great extent in building CIBIL score or improving damaged score, but you just have to make timely payments of your credit card bills . As the Credit score lies between 300 to 900 , above 700 is considered as good . Good Credit score can easily get you any type of loan without any rejections with various offers, low down payment and most importantly low interest rates. Good credit score can save you lots of time and money.
45 days Interest Free period
Credit card companies provide a 30+15 days interest free time period to pay the bills. Means on every last day of month your credit spends statement is generated and the bank will provide you a grace period of 15 days to pay the bills. Meanwhile you can use that money for 45 days in other area to earn some money, like you can put that money in liquid mutual funds that will provide easily 3-5% return yearly, or put that money into your savings account, or can put in your other businesses and earn some good extra bucks.
No cost EMI
No Cost EMI – is big savior to salaried class people, who want to upgrade their lifestyle but do not have all the money at once to pay for it. For eg: a salaried couple wants to buy a TV, Washing Machine, Refrigerator, Oven, etc. but they can’t afford to pay for it one go. No Cost EMI helps to pay this amount in EMI of 3-24 months, at 0% interest.
Shopping on e-com websites
Shopping on e-com websites through your card will get you 2× more Reward points, upto 10% instant cashback depending on offers. For example if spending 150 Rs gets you 2 reward points, then spending 150 Rs online on e-com websites will get you 4 reward points.
Gift vouchers
Other than reward points, banks offer you gift vouchers which include online gift vouchers, restaurant discount coupons, lounge access ,hotel discount coupons and many other services at free of cost or at a discounted price.
Track of expenses
On spending through a card you can take the track of all the expenses with the help of a card statement, that’s how you can be aware of your spends and be systematic and can control unnecessary expenses. This is one of the best ways to save money through credit cards.
Conclusion
We hope you liked this article and have finally got an idea about how to save good deal money by using credit card, but the catch is to use your credit card within your paying back limits. Never over-borrow i.e. don’t borrow more than your capacity to repay.
Thanks for reading this article. If you liked this article, please share it on whatsapp, facebook, linkedin, etc. with your friends and near dear ones.
Thanks for visiting Bharatpaisa.com.
Leave your doubts and queries in the comments section.