5 Tips to Maximise Your Credit Card Use
A credit card comes in handy to facilitate various kinds of transactions anytime and anywhere. The best way to maximise your credit card use is to read all its terms and conditions carefully. Be aware of any beneficial features like lifetime free credit card or the lowest interest rate to be able to use them. Also, check the conditions on which certain charges apply. Then you can try your best to avoid such charges. Lower the charges, greater are your chances to pay credit dues faster and boost your credit score!
Here are 5 other tips to optimise your credit card use.
5 Ways to Use Your Credit Card Optimally
- Keep using your credit card
Ensure to apply for the best credit card suiting your needs. Once you do that, don’t hesitate to keep using it.
Use your credit card consistently so that:
- Your account remains open.
- You can avail of reward points and discounts at partner merchants.
- You get the chance to boost your credit score with good credit utilisation and timely loan repayments.
- Use reward points
If your credit card offers reward points for every rupee you spend using it, use them. The rewards can range from gift vouchers to various offers at partner merchants.
It’s best to have chosen a credit card that doesn’t charge redemption fees for using its rewards. Also, if your reward points aren’t capped or don’t expire, their benefits will automatically maximise.
Then you can maximise your use of the rewards in the following ways:
- Check your credit card points regularly to never miss any limited period discounts or other offers under the rewards.
- See if your credit card offers more points on online card-based transactions than offline ones. This can keep you safe at home since a pandemic is going on. Plus you’ll earn more rewards!
- Avail of offers at merchants
Keep an eye on any discounts at partner merchants of your credit card. The offers may pop up from time to time.
Try to maximise the benefits of offers by using them from all available categories like:
- Health and wellness like hospital charges and online purchases of medicines (especially helpful during the pandemic)
- Shopping and lifestyle like branded garment purchases
- Education and upskilling like annual academic subscriptions
- Services like legal
- Dining like five-star restaurant services
- Travels like hotel bookings
- Pay bills online
Paying bills offline is tiresome and a waste of time due to long periods of waiting in queues. This is especially unsafe during this pandemic which demands social distancing.
So, use your credit card anytime and anywhere to instantly pay various bills like:
- Electricity bills
- Gas bills
- Mobile bills
- Landline bills
- Broadband bills
- Insurance bills
- Use credit card EMIs
You may apply for credit card EMIs (equal monthly instalments) to buy expensive consumer goods like a laptop. You can pay off these instalments within the assigned repayment tenure.
Final tip! Try to pay credit dues in full on time to avoid late payment charges. This can help maintain a good credit score and improve your card experience.