The way you pay for things has changed dramatically, with cards and mobile wallets becoming the latest craze. With the rise of digital payments, the days of cash spending are numbered. A credit card is one of the most popular methods of digital payment, among others. Many of you are converting to credit card as your preferred method of payment due to their simplicity of use and promised incentives. Is it, however, wise to shop with a online credit card ?

Shopping with credit cards, like any other choice, has advantages and disadvantages. Only once you have a thorough comprehension of each component can you determine whether or not using the card is a good idea. So, let’s take a look at it.

 

Advantages of Using a Credit Card for Shopping
You can shop with a credit card.

Credit cards allow you to shop without paying anything up to a certain credit limit. You must pay for your purchases later, when your credit card charge is produced. Credit cards are useful in a financial constraint when you don’t have access to cash but still need to buy something crucial. You can purchase the item or service and pay for it later.

You will be rewarded.

Who can resist the allure of credit cards’ enticing rewards? When you purchase with a credit card, you get value-added benefits such as cashback, reward points, discounts, gift vouchers, and other perks that make your shopping experience even better.

Your credit score can be improved.

Your credit score is influenced by your credit history. As a result, when you use your credit card to shop, you build a credit history. Furthermore, paying your credit card bills on time will help you boost your credit score.

Affordability of large-ticket purchases

Many credit cards allow you to break down large purchases into manageable EMIs. This allows you to purchase crucial items that might otherwise be out of reach.

Credit card shopping has a number of drawbacks
A high level of interest

If you fail to pay your credit card account on time, you will be charged extremely high interest rates. If interest costs continue to rise, you may find yourself trapped in a debt trap that is impossible to escape.

Charges that are excessive

Other fees associated with using the card are also quite hefty. Although you can convert your purchases to EMIs with this card, you will be charged a hefty interest rate. Other fees are also associated with card usage, such as defaulting on bill payments, withdrawing cash from ATMs, and so on.

Credit score deterioration

Defaulting on your credit card bill payments not only results in large interest costs, but it also has a significant negative impact on your credit score.

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Overspending is a possibility.

You may be tempted to overspend when buying with a credit card because it allows you to shop on credit. Overspending would eventually become unaffordable, trapping you in debt.

So, there are benefits and drawbacks to using credit cards to shop. You can only gain from utilizing the card if you are aware of the advantages and disadvantages and use it appropriately. Shopping using a best credit cards in India can be a good decision provided you are careful with your spending and avoid the card’s potential hazards.

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