People often debate the pros and cons of owning a credit card, but no one will tell you how beneficial they are for women. Since most people believe that having credit means no regulation on expenses, which can lead to a debt-like situation, people often forget to discuss its many benefits for sound financial decision-making.

Forbes Digital Star and Finance Manager Neha Nagar shared a few advantages of owning a credit card on her Instagram. The only trick to protect yourself from falling into the debt pit is to use these cards judiciously and keep track of your expenses. 

Benefit Of Credit Cards For Women

benefits of credit card for women

The stereotypical belief is that women do not understand their financial limits and spend on unnecessary things. Therefore, they should not own credit cards, or else they would surely empty their bank accounts and drown themselves in debt. However, studies suggest that women are better at budgeting and managing finances because they take a long-term approach. 

Having a credit card can actually benefit women because many companies offer special discounts to female owners. You can avail of many such deals, especially when it comes to buying electronics because most companies offer heavy discounts on credit cards.

Other Benefits Of Owning Credit Cards

Interest-Free Period

Many credit card companies offer interest-free periods to clear your outstanding dues. What can be better than that? The time can differ from 45-60 days, depending on the company. Therefore, when you are getting your credit card issued, you must do it after a lengthy discussion with your credit card provider. 

Credit Cards Come With Reward Points

credit card and reward points

People who have used credit cards before know that they get reward points every time they make a payment using it. These come in handy for future purchases. However, before you get a card issued in your name, you must speak to the provider about reward programs and the process to claim them. There are applications today like CRED that you can use to avail of these rewards and even purchase selected items at discounted prices.

You can also avail of benefits like frequent flying miles and others along with reward points. If you travel a lot, you should pick a credit card company that offers these benefits.

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Use Of Credit Card Improves CIBIL Score

If you have used a credit card before, you should know that paying on time can help you increase your CIBIL (Credit Information Bureau (India) Limited) score, which denotes your creditworthiness. The score shows your liabilities.

If you have applied for the loan, and your CIBIL score is good, it will help you get approval without much hassle. Authorities check your credit card history to see if you have made on-time or late payments. 

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Easy Access To Funds

easy access to funds

The primary benefit of owning a credit card is it helps you get quick access to funds. A tap on the machine, and your payment is processed. However, you must note that each card has an upper limit, which is decided based on your salary. 

A credit card allows you to borrow money at any time, and it increases the purchasing power. If you can control unnecessary expenses, credit cards can be of great help in times of need, for example, paying medical bills, rent, electricity bills (Reduce Electricity Bill), etc. 

For more financial advice, stay tuned to HerZindagi.


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