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Credit Cards

How is spending on a credit card better than spending on cash?

Spending on a credit card, as opposed to spending on cash offers 3 main advantages:
1. Discounts: Most credit card issuers have tie-ups with restaurants, movie halls, airlines to offer discounts on purchases. If used carefully, these can save a lot for consumers. Citibank credit cards, for example, have a tie-up with many restaurants so as to offer 15-20% discount on purchases at restaurants.
2. Rewards and cashback: Most credit card issuers offer cashback/reward points on purchases done through credit cards. A cashback of 0.5% offered by a credit card company means a Rs 0.5 credit for every Rs 100 purchase done. Similarly, rewards point are earned when one spends on the credit card. These can be accumulated and exchanged for gifts, and even settled against the bill, in some cases.
3. Interest free period: Any spend made on the credit card only needs to be repaid in the next after the next bill is generated. There is no interest that one has to pay if the bill is paid on time. This feature of credit cards can be used to tide over short term cash shortages.


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