I don’t fully get what’s the point of getting a credit card when I already have debit card. I’ve seen many people use credit card regularly and was thinking to get one myself but am not fully confident. If anyone can share their experience, would help.
There are some benefits which only holding a credit card can offer, here are few:
- Credit Cards help build credit score, debit card does not.
- Helps with CIBIL score, improve it overtime which will eventually help you finance future loans at a lower interest scale.
- With a credit card, you get an interest-free period of up to 50 days, so you can pay later without any extra charge.
- Credit cards help maintain funds in your account wherein debit card deduct payment immediately.
- Credit Cards offer cashback, reward points, and discounts on shopping, dining, travel, and fuel.
- Credit Cards allow you to convert large transactions into affordable EMIs to make payments easy and simple.
- In credit card you can dispute fraudulent transactions before making the payment, offering better protection compared to debit cards.
- Credit cards like HDFC’s Regalia and Infinia offer free airport lounge access and also provide to get travel insurance and discounts on hotel bookings.
- Credit cards offer exclusive dining, movie, and lifestyle discounts that are not available on debit cards.
Although credit cards provide such benefits, you shouldn’t opt for them if you struggle with financial discipline while spending or if you find it a hassle to track monthly payments.