For women, a credit card can be more than just a payment method. It can help build credit, manage expenses, and provide financial security. Some cards offer cashback, while others focus on travel rewards or shopping discounts.
Women should pick a card that aligns with their lifestyle. If they love shopping, a cashback card on retail purchases is ideal. Frequent travellers can opt for a card with air miles and lounge access. Let’s explore the best credit cards available for women in India.
Pay Bills on Time
Late payments lead to high-interest charges and penalties. Missing payments also lowers the credit score. Women should set reminders or enable autopay to ensure they never miss the due date. A good credit score helps in getting better loan deals in the future.
Adhil Shetty, CEO of Bankbazaar.com, says, “Most credit cards offer an interest-free period of 45-50 days. This is a great way to manage cash flow without paying extra. Women can plan big purchases accordingly. However, it is important to clear the full bill before the due date to avoid interest charges.”
Also Read: Should you buy jewellery using your credit card?
Avoid Minimum Payments
Paying only the minimum amount may seem tempting. But it leads to mounting debt due to high-interest rates. Always pay the total outstanding amount to stay debt-free. If the full amount isn’t possible, at least pay more than the minimum to reduce interest costs.
Earn and Redeem Rewards
Many credit cards offer reward points on transactions. Women should check their card benefits and make purchases accordingly. Accumulated points can be redeemed for shopping vouchers, travel tickets, or discounts on bills. Some banks also provide exclusive women-centric deals.
Use EMI Facility Wisely
Credit cards allow big-ticket purchases to be converted into EMIs. This makes expensive items more affordable. However, one must check the interest rate and processing fee before opting for EMIs. Zero-cost EMI options are the best choice.
Be Aware of Hidden Charges
Credit cards come with several fees, including annual fees, late payment charges, and foreign transaction fees. Women should read the terms carefully and choose a card with minimal fees. Some banks waive the annual fee if a certain spending limit is met.
Shetty explains, “Credit cards can be a great financial ally for women.
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