The festive season is in full swing, and everyone must be visiting their friends, family and relatives, purchasing and giving gifts, splurging on shopping due to the discounts and offers available. Among all this, their pocket must be feeling the pinch too due to the festive season. However, if a person plans his/her finances well, they can sail through the festive season with ease. Many buyers have been smart enough by timing their purchase to make use of most of the discounts as well as loan offerings by banks or Credit Cards.
Credit cards offer reward points, cash back offerings and conversion of purchase into easy EMIs. Loans are provided for consumer durables with interest rates as low as zero percent at times to entice customers to get into instalment payment mode.
Following are a few ways how one can take advantage of credit cards during festive seasons:-
• Cash back and rewards: Credit cards in India come with amazing cash back offers and reward point schemes during the festive seasons to make the purchase more attractive. A person can go for either a predetermined percentage of cash back (usually about 5%) into their credit card account or accumulate reward points to avail offers at a later stage. Cashback schemes, however, can also attract impulsive buyers to make an unnecessary purchase that can dent the financial well-being in the event of any missed payments.
• Exclusive discounts and EMI purchase option: As a consumer, a person can use his/her credit card not only to get an exclusive discounted deal but can also to grab an EMI deal which extends for a few months.
The exclusive discounts, however, can be limited to a particular retailer or bank credit card and are not applicable to all cards. For EMI option, banks charge a predetermined processing fee and a surcharge for facilitating EMI through a credit card purchase escalating the overall cost of purchase. So, while purchasing during festive seasons, one should not fall into the greed that retailer discounts are the end of the story.
• Minimal Documentation: Credit card loans require minimal documentation, and this makes it a popular option with a large number of buyers. Credit card EMIs get approved just via a call or mail.
It is, however, advisable to prepare a festive budget before the festive season is underway. Thus one can know how much they should save in order to meet the festival expenses in the near future. During the festival season the shopping expenses will definitely be higher, and if not planned in advance one may end up overspending. This can be taken care of, if one can compensate in other areas of their budget.
Credit cards offer reward points, cash back offerings and conversion of purchase into easy EMIs. Loans are provided for consumer durables with interest rates as low as zero percent at times to entice customers to get into instalment payment mode.
Following are a few ways how one can take advantage of credit cards during festive seasons:-
• Cash back and rewards: Credit cards in India come with amazing cash back offers and reward point schemes during the festive seasons to make the purchase more attractive. A person can go for either a predetermined percentage of cash back (usually about 5%) into their credit card account or accumulate reward points to avail offers at a later stage. Cashback schemes, however, can also attract impulsive buyers to make an unnecessary purchase that can dent the financial well-being in the event of any missed payments.
• Exclusive discounts and EMI purchase option: As a consumer, a person can use his/her credit card not only to get an exclusive discounted deal but can also to grab an EMI deal which extends for a few months.
The exclusive discounts, however, can be limited to a particular retailer or bank credit card and are not applicable to all cards. For EMI option, banks charge a predetermined processing fee and a surcharge for facilitating EMI through a credit card purchase escalating the overall cost of purchase. So, while purchasing during festive seasons, one should not fall into the greed that retailer discounts are the end of the story.
• Minimal Documentation: Credit card loans require minimal documentation, and this makes it a popular option with a large number of buyers. Credit card EMIs get approved just via a call or mail.
It is, however, advisable to prepare a festive budget before the festive season is underway. Thus one can know how much they should save in order to meet the festival expenses in the near future. During the festival season the shopping expenses will definitely be higher, and if not planned in advance one may end up overspending. This can be taken care of, if one can compensate in other areas of their budget.
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