From being a primarily cash-obsessed economy to etching its path along as one digital payment markets in the world, India’s preferred mode of financial transactions are at the edge of a substantial shift. Driven by increased usage of internet payment platforms, progressive regulatory policies and inclination towards digitalization of payment, such transformations were much anticipated. Users, thus, had access to the convenience of payment cards like debit and credit cards.
In an attempt to expand the reach, such cards were being used for offline Point of Sales transactions and rewarded with bonus points that could later be redeemed as cash back, discounts, etc. However, with potential credit cardholders, a prevalent hurdle is credit card interest rates.
It all depends on users who can use their credit card wisely and avoid incurring interest on the credit availed with the card, which can be done ever so easily.
How to reduce the chances of attracting credit card interest rates?
Credit cards bring with it multiple financial leverages that include –
- Reward points.
- Variants as per customized spending habits.
- Convenient access to substantial funds.
With such queued up benefits, these cards are a preferred financial product that one cannot miss out due to worries over the interest rate that it might attract.
All that they need to do is adopt a few financial habits that would alleviate scopes of attractive interests on their outstanding amount.
- Choose a credit card with lower rates of interest
Catering to boosted demands for credit cards, multiple financial institutions now offer payment cards that come equipped with lucrative features. Prospective cardholders with their uncertainties towards the credit card interest rates need to look out for ones that charge less interest, calculated as APR in case of these financial tools. It ensures that even if you miss out on the due date of the bill payment, the fines are considerably low.
Considering that defaults on the bill payment can arise out of unforeseen circumstances, staying prepared for the same is financially advised.
Under such circumstances, make sure to opt for a credit card online apply with financers like Bajaj Finserv for competitive interest rates and no hidden charges. The Bajaj Finserv RBL Bank SuperCard can be used as a debit card, credit card, EMI card, and loan card.
The NBFC also provides you the added financial leverage of availing pre-approved offers that ease the process to avail financial assistance. These offers are available on numerous financial products that include credit cards, business loans, personal loans, etc. Check your pre-approved offer by providing only a few essential details like your name and contact number.
- Set reminders for timely payment of credit card bills
One of the primary ways to ensure that you can avoid attracting interest rates on your outstanding credit bill amount is by making timely payments of the credit card bill. Either opt for automated payment via NACH facility or set up reminders on a date before the payment due date.
- Plan your expenses well concerning your billing cycle
To make the most of the offered grace period, make sure to strategize your big-ticket expenses towards the start of your billing cycle. It leaves you with a 50 day period to pay your credit utilised thereby fetching a convenient repayment structure with a minimum financial burden.
While the credit card interest rates add on to the financial burden, its impact spreads to the cardholder’s overall finances as well.
With a well-managed credit card bill, the chances of attracting hefty interest rates on the outstanding bill are mitigated. Credit cards can substantially increase the purchasing power of the user. Proper usage can help the cardholder to benefit the most from the availed credit and avoid paying any interest on it.
