Prudence often gets the better of people while choosing between a Debit Card and a Credit Card. They fear that injudicious use of the latter can sink them into debt. However, contrary to popular belief, Credit Cards can be very beneficial if used responsibly.
Here are five benefits that every Credit Card user should know so they can make the most of it:
Universal acceptance
International transactions are sometimes difficult to carry out with Debit Cards. While travelling abroad, you may find merchants reluctant to accept Debit Cards even if they are backed by reputable banks. Even for some domestic transactions, paying with a Debit Card can be difficult. For instance, companies in the car rental and hospitality businesses prefer Credit Cards as they can easily charge customers for any damages.
Grace period
A Debit Card payment instantly deducts the amount from your bank account but in case of Credit Cards, the account balance is debited only when the Credit Card bill is paid. The benefit of holding the money for longer is twofold. First, the cardholder need not keep a continuous check on the account balance. Second, the interest earned on the period for which the money is held in the account is an additional income. Moreover, the benefit of the grace period can also be availed of, during which no interest is charged on the overdue amount.
Safety
In the event of a Credit Card fraud, money is not instantly debited from the account. The cardholder is expected to intimate the Credit Card company so that they can resolve the matter. However, in the case of a Debit Card fraud, it takes considerable time and effort to reverse a fraudulent transaction and restore the amount into your account. During this time your credit score can be impacted due to a bouncing cheque or penalty for not maintaining sufficient funds.
Reward points and cashback
Credit Cards come with many ‘welcome aboard’ perks. Applicants with a good credit score are given signup bonuses or plenty of redeemable Reward Points. CashBack offers are another bonus that can earn you a refund of a certain percentage of the amount swiped, regardless of the item purchased or the place of purchase. You can also get additional benefits such as airport lounge access, gift vouchers on lifestyle brands, Redeemable Reward Points for flights and hotel stays amongst many others.
Credit building and insurance
Responsible use of Credit Cards can be beneficial in restoring your credit score. A Credit Card often comes with a host of customer protection features, ranging from vehicle insurance to health insurance.
The HDFC Bank advantage
HDFC Bank offers a wide range of Credit Cards tailored for people with different lifestyles. Choose from a variety of cards – super premium, co-branded, travel, professional, premium women, entertainment etc. – and avail of CashBack offers and other perks. It’s easy to apply for an HDFC Bank Credit Card. You can do so online from the comfort of your home or physically visit the nearest branch.
Each card comes bundled with a bouquet of benefits. Listed below are select Credit Cards from HDFC Bank that come with some unique offers, rewards, and discounts:
Super Premium cards – Super Premium Credit Cards include Infinia, Regalia, Diners Club Black, etc. These offer special lifestyle privileges like complimentary air miles, priority pass memberships, unlimited golf games, personal global concierge, and attractive discounts at restaurants.
Professional cards – Specially designed for doctors, Doctor's Superia offers exclusive travel benefits with the best lounge programme. For teachers, Teacher’s Platinum cards give the freedom to refill fuel at any fuel station in India with no surcharge.
Cashback cards – With zero fuel surcharge, Platinum Edge, Titanium Edge, and MoneyBack cards offer CashBack on everyday spends.
Premium cards – Diners Club Premium and Diners Club Rewardz Credit Cards let you earn reward points and give you a chance to win travel vouchers. They also offer discounts at a number of restaurants across India.
Premium Women’s card – Solitaire Credit Card rewards the shopaholic in you with attractive shopping vouchers.
Contactless Credit Cards
To elevate your experience of using of a Credit Card, HDFC Bank is now issuing Contactless Credit Cards. You no longer have to swipe your card, enter the PIN or sign to make a payment. Just look for the contactless symbol on the card machine or POS device, tap your HDFC Bank Contactless Visa Credit Card and your transaction is approved. This makes payments easy and convenient and allows for faster checkouts at the billing counter.
Applying for a Credit Card is now just a click away. HDFC Bank has taken it a step further by making the process even more enjoyable – you are offered a choice of cards. So, go ahead, choose an HDFC Bank Credit Card that complements your individual lifestyle!
Looking to apply for a Credit Card? Click to get started!
You can read more about the Credit Card benefits here.
