5 Unmissable Benefits for You to Start Using Yes Bank Credit Card Right Now

Despite the widespread acceptance of credit cards and the growing number of individuals who use them frequently for shopping, travel etc, many people continue to prefer to stay away from using them as a form of payment. Many people opt not to use credit cards in spite of the fact that they provide a number of benefits, which is because of the prevalent stigmas, misconceptions, or biased beliefs against credit cards.

If you too fall into this category of people, then you should continue reading this article because we are going to go over various benefits of credit cards that will convince you to apply for one as soon as possible, and gradually step away from blindly believing hearsays against credit cards.

Building a strong credit score can be facilitated by using credit cards responsibly.

Paying off your credit card debt has the same impact on your credit score as paying off other types of debt because using a credit card is regarded as the same as borrowing money. However, using credit cards does not incur interest fees, unlike borrowing money, provided that the balance is paid in full by the due date indicated on the credit card statement. Credit cards are therefore the cheapest and most practical way to raise your credit score. To get a decent credit score, make sure you pay off your Yes bank credit card balances on time and in whole, and that your credit utilisation ratio is between 30 and 40 percent. As lenders increasingly base loan rates on the credit profile of the borrower, having a strong credit score will not only increase your eligibility but also help you get loans at lower interest rates.

You can reduce your overall transaction expenses by using reward points, cash back, and other incentives.

Offering a wide variety of benefits with credit card purchases aims to promote frequent use of the cards. These advantages can take the form of gift cards, vouchers, discounts, or reward points. It is wise to apply for a credit card and select one with reward points and features that are in line with your spending preferences and way of life. On the other hand, it is crucial to maximising the benefits that are already present. Those who travel regularly and must pay a lot of money for things like lodging, food, and airfare may want to think about utilising a travel credit card to assist them pay for their expenses.

Think about the reward points, discounts, cash back, gift cards, and additional benefits in addition to the yearly and renewal fees. When deciding on a credit card and applying for a credit card, all of these can help you save money on your overall transaction costs. Select a credit card whose advantages outweigh its associated costs by a large margin. In addition, bear in mind that the majority of Yes bank credit card reward points have a deadline after which the redemption option will be unavailable. In case, you have just applied for your Yes Bank credit card, you can also check your Yes Bank credit card status in no time.

the existence of a period with no interest

The time frame between the date of the credit card transaction and the due date for the payment is known as the interest-free period. If you pay the whole balance of your card debt by the bill due date, your credit card issuer will suspend adding interest to your transactions during this time. This period may run anywhere between 18 and 55 days, depending on the conditions, and the date of your transactions. You should be aware of the following in order to maximise your interest period, which is the time your primary credit card spends at the start of your payment cycle: Generally speaking, if you have several credit cards with various due dates, space out your transactions such that the majority of them happen at the start of each card’s payment cycle.

The capacity to divide significant expenses into convenient monthly instalments through EMIs

We frequently have to decline large purchases like a mobile phone, television, or laptop because we lack the funds or balance in our bank accounts. This exact objective is what the EMI option on credit cards aims to achieve. Credit cards enable you to pay for expensive products in monthly instalments, protecting your finances from being overextended. The simple EMI option, which comprises converting transactions beyond a threshold limit into EMIs, will help you pay off your debt more conveniently. With interest rates as low as 1.5 percent per month, you can select a payback period of three to forty-eight months. The option to pay off your entire balance on your Yes bank credit card over the course of a period of up to 60 months is also offered by credit card issuers.

It should be noted that the majority of credit card issuers have partnered with a number of merchants to offer the option of free EMI, which enables customers to postpone paying interest on purchases made with their credit cards for a duration of three to twelve months. Therefore, before making the decision to apply for a credit card, verify the free emi offers on its cards with different merchants and retailers.

Loan with instant pre-approval for individuals in urgent need of cash

Card issuers typically provide pre-approved loans to current cardholders who have a history of paying their bills on time. These loans have the fastest processing timeframes because they are pre-approved in nature, require no documentation, and are often disbursed right away or a few hours after approval. Interest rates on these loans, which can range from 1 percent to 2.5 percent higher than those on personal loans, can be influenced by customers’ credit histories and the sort of Yes bank credit card they use. If the credit card issuer feels confident in the customer’s ability to repay the loan, a loan in excess of the credit limit specified by the credit card may be granted to the customer. The amount of the loan issued would be determined by the credit card’s limit.