10 things to do with your credit cards to maximise your savings

financialexpress.com:

If you know how to use your credit cards wisely, it can help you save a lot of money. Often, we keep a credit card just to make transactions and fail to make full use of its features and offers that are available on our credit cards. However, you must know the features of your credit cards and when you are eligible to use more discounts and offers online and offline.

Here are ten things you can do with your credit cards to maximise your savings:

Avoid late payment fees and interest charges by paying your credit card bills in full and on time every month. It is crucial to ensure that you pay your bills on time to avoid delay charges and defaults that can have a bad impact on your credit score.

Select a credit card that offers rewards, cashback, or discounts on categories you frequently spend on, such as groceries, dining, or fuel. These days lenders offer you several options to choose credit cards as per your usage and spending habits.

Adhil Shetty, CEO, Bankbazaar.com, says, “It is very useful to choose a card that aligns with your lifestyle. For example, if you travel frequently, look for a card with travel rewards or lounge access. If you’re a frequent shopper, cashback or discount cards might be more suitable.”

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Transfer high-interest balances from other credit cards to one with a lower or 0% introductory APR to save on interest charges.

Almost all credit cards give you reward points and cashbacks. Accumulate reward points or cashback on your credit card purchases and redeem them for discounts, gift vouchers, or statement credits.

Convert large purchases into equated monthly installments (EMIs) with lower interest rates compared to personal