How has the emergence of credit card changed the payment landscape in India?

Credit cards, one of the prime forms of plastic money, are one of the fastest and easiest ways to make payments and keep a track of the transactions. It will not be an exaggeration to say that the emergence of credit cards had been one of the first steps of the country towards cashless payments. The increasing usage of credit cards as the time goes by shows clear proof of the fact that people find this mode more convenient and easy to use, compared to not just cash but also the debit cards. Credit cards have, in fact, changed the payment landscape of India in more ways than one. Here’s taking a look at some of the crucial ways through which credit card usage have changed the way we look at transactions.

  • No need to record every payment

Many people who are yet to consider credit card and resort to using cash or cheques which do not record all the payments right away. It is important to record the transactions immediately in your finance register or workbook to make sure that your account remains balanced at all times. This is one of the main changes that credit cards have brought into our lives. You only have to check the online financial statement at the end of the month, and you can record all the payments at one point in time.

  • No need to carry cash with you

Going cashless is the order of the day, and credit cards blend really well in this scenario. You no longer need to worry about the wallet getting stolen or the bulkiness of your wallet and the constant jingling of the coins. Almost every transaction in the country can be completed using a credit card.

  • Easier to get deals and discounts

There are times when you find that item you have been looking for at great discounts and amazing deals. Besides, most people do not have too much cash in the checking account to spend on expensive items. By the time you try to pay using cash that coveted item is already sold out. With a credit card in your hand, you can get a hold of that deal immediately and then make sure there is enough money in the checking account to pay the bill for your credit card at the end of the month.

  • Freedom from handling multiple bills every month

Handling the finances has become so much easier than ever now thanks to the advent of credit cards in the payment scene of India. You only have to pay one bill each month, and that is it. People just need to keep one credit card and direct every payment to it, and, the balance will get deducted completely from the checking account at the end of every month. No need to worry about forgetting to write that cheque, missing any payment, authorizing the debit card transactions, being overdrawn, and forgetting to balance the bank account. It is simply amazing how credit cards can make everything quick and simple.

  • Freedom from financial worries in case of an emergency

Think of the situation when you have to make a reservation at a hotel, rent a car for a vacation, or train tickets using your debit card. The entire amount for the reservation and rental gets deducted from the bank account at once. Thus, when you want to rent a car or book the hotel six months in advance, you are out of that money for all of those six months before the vacation has even started. Pay it using your credit card, and you will still have money in your account and enough time to save up enough money to pay the credit card bill at the end of the month. So, you are in a completely win-win situation.

Credit cards have definitely changed our financial dealings for good, and you can hope to see increasing use of it with time. If you want to know more about credit cards follow the below-mentioned link

Cover your credit card basics here