5 Reasons Why you Should Have a Credit Card in India

Owning a Credit Card is a boon in many ways. If you are struggling with a shortage of cash or want to buy an expensive gadget or require immediate funds for an emergency, a Credit Card will always be helpful. Know the reasons why you should have a Credit Card.

A Credit Card is an easy pay-back option. It allows you to shop for good and services without any requirement for cash or credit. Right from daily spends, fine dining restaurants, grocery shopping to luxury purchases, it takes care of your expenses. Apart from this, Credit Cards also let you take advantage of extensive benefits such as cashback, discount offers, reward points and much more, which you can redeem anytime. It has become an indispensable part of every individual’s life.

If you’re a frequent shopper, then here are five reasons you should have a Credit Card:

1. Credit score: The major benefit of having a Credit Card is it helps you build your credit score. If you are making a timely bill payment, it creates a positive impact on your score. Further, a healthy score is key for making you eligible for loans 
2. Cashbacks, rewards points and discounts: Every time you make a purchase using a Credit Card, you earn a reward point or a cashback or discount offer. To make the best use of the benefits, you should choose a card that suits your lifestyle and spending pattern. For instance, if you are a frequent traveller, ICICI Bank offers the MakeMyTrip ICICI Bank Platinum Credit Card that comes with joining benefits and complimentary domestic airport and railway lounge access, with T&C applicable
3. Avail Personal Loan: If you have a Credit Card, you can avail a Personal Loan, instantly. If you’re already an existing Credit Card user at ICICI Bank, the Bank offers you a loan on the card after evaluating factors like spending, transaction pattern and payment history. If you have a good track record with respect to these parameters, the Bank instantly credits the loan amount to your Savings Account
4. EMI facility on cards: In case you are making a big-ticket purchase, you have the flexibility to make a Credit Card bill payment through EMIs. For instance, ICICI Bank offers No Extra Cost EMI on ICICI Bank Credit Cards, for big or small purchases. With no-cost EMIs, you avail Credit Card interest rate, no processing fee, flexible EMI tenures and minimum documentation
5. Protection cover:Credit Cards offer protection cover that saves you from unpredictable losses. The insurance cover can be used in the event of a theft, loss, fraud or an emergency. The premium amount and cover features, differ from card to card.

The benefits of owning a Credit Card are many but you also need to be responsible while using it. Frequent usage of the card can lead to unwanted debt. If you have a Credit Card, you must have a discipline of paying your bills on time; else you could face penalty and high interest charges. 

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