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2 mins Read | 4 Years Ago

In the age of digital wallets, do you still need Credit Cards



For years, the best Credit Cards in the market have been helping consumers and shoppers enjoy the ease of making payments with a simple swipe. With the many Credit Card offers and rewards they bring along, Credit Cards have become an essential form of payment in the modern world.

But with the recent rise of digital wallets, there has been some speculation as to whether Credit Cards are bound to become payment methods of the past. However, there are a number of beneficial features that are exclusive to Credit Cards and cannot be matched or offered by any other payment method in the market. That is why there is always bound to be a need for Credit Cards in the present as well as the near future.

To get a truly comprehensive understanding of why digital wallets or other payment methods are unlikely to replace Credit Cards, we must understand what makes Credit Cards unique. Here are a few of the most exclusive advantages of Credit Cards:

Easiest way of accessing credit

One of the most beneficial features of the best Credit Cards is the ease with which one can access credit. As they function on the simple basis of ‘purchase now, pay later’, Credit Cards have been the ideal choice of payment for a large variety of shoppers around the world. They allow you to make immediate purchases, providing you with the convenience of making due payments at a later time and avoid making a big dip in your balance.

Moreover, if you keep your payments well-timed, you can even enjoy this credit without having to pay any additional interest. This interest-free period can range from 20 to 50 days and is an extremely lucrative feature.

Building credit history

The payments on your Credit Card are duly reported to organisations like CIBIL, and thereby forms the foundation of authorising your credit score.

This credit score and your overall credit history is then assessed by banks and financial institutions when you reach out to apply for a loan or even to purchase another Credit Card. If you are a responsible and timely payer of your Credit Card bills, it is a great way for you to build or rebuild your credit history and establish your creditworthiness.

Tracking and recording expenses:

Credit Card bills serve more purposes than just informing you of your overall due payments. They are a comprehensive itinerary of the purchases you make within a specific duration, tracking every expense with details. Credit Card statements become an excellent opportunity for you to re-evaluate your finances and budgets and plan ahead.

Access to EMI options

Another benefit that is largely exclusive to Credit Cards is that they offer the option for an individual to make payments through Equated Monthly Instalments (EMIs). With the many EMI-related Credit Cards offers in the market, if you ever need to make a particularly large purchase urgently, you can be assured that your savings will not be taking a big, sudden hit. This is a huge advantage and it cannot be enjoyed by digital wallet users.

Variety of discounts

Not only do Credit Cards make your purchases more convenient, they often make them more economical too. The best Credit Cards tend to have incredible tie-ups with some of the most popular stores and the most useful services out there. Therefore, with the right Credit Card offers, you can make the most of fantastic discounts and cashbacks on a wide range of products and services.

International use

While there are a variety of digital payment options available in the market, there is a high probability that they may not be accepted in other countries. While popular in the country, digital wallets can sometimes prove fruitless when it comes to making purchases abroad. The best Credit Cards in the market make the process of international payments simple and convenient.

Card-specific rewards

Another perk of being a Credit Card user is that you can enjoy various specific card-related reward programmes. With these reward programmes, every rupee you spend on a purchase counts towards accumulating points. These points can be collected and be redeemed against attractive products on the company’s catalogue or specific purchases such as flight tickets and holiday packages.

All of these exclusive features make Credit Cards truly irreplaceable. For a Credit Cardholder, there are no digital payment methods in the market, including digital wallets that can meet all of these requirements.

If you too are interested in purchasing one of the best Credit Cards and enjoy Credit Card offers, you can apply for a Credit Card online from ICICI Bank with a simple 3-step process. You can enjoy fabulous discounts on shopping, movies and restaurants as well as travel benefits such as airport lounge access and fuel discounts. What’s more? You can also enjoy a variety of rewards and cashbacks and your Credit Card is sure to be protected against fraud with the security of a chip card.

Apply for Credit Card, which suits your life style.


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