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2 mins Read | 2 Years Ago

How Credit Cards improve the personal finances of new earners

How Credit Cards improve the personal finances of new earners


You become eligible for a Credit Card once you start working. Does that mean a new earner should immediately opt for a Credit Card? After all, a Credit Card implies accumulation of debt and that is definitely not an appealing choice for beginners. However, this is just a myth! The truth is that new earners can improve their personal finances through Credit Cards. Here’s how!

Tackling financial emergencies and limited savings

For professionals who have just embarked on their career path, it is usually an ongoing struggle and a delicate balance between saving and expenses as their remuneration tends to be modest. It may get difficult to save enough for exigencies and this is where a Credit Card comes into the equation.

Credit Card does more than just provide easy access to funds. It also comes with a credit-free period of about 45 days thereby, helping you to plan your repayment schedule. Therefore, even if your saving is meagre, yet your Credit Card gives you the confidence to handle any critical life event.

Build credibility to borrow for the future

A Loan is a common component of personal finance used to buy a house, fund higher education or purchase a car. Most people end up taking an unsecured or a secured loan to attain their goal. But it’s worth noting that the cost you incur for the loan, i.e., the interest rate tends to depend on your overall credit score.

A good credit score is a powerful tool that puts you in a better bargaining position when applying for a loan. Not only does a high credit score get you cheaper loans, you can also get your loans approved faster. By getting a Credit Card and paying regular Credit Card bills, you build a high and credible credit score.

The lucrative offers and rewards on a Credit Card

When you use a Credit Card to pay, you also get to choose from multiple Credit Card offers and rewards that you may not be eligible for otherwise. Such rewards include cashbacks, discounts and so on. For instance, with your ICICI Bank Platinum Chip Credit Card you get exclusive dining offers and earn Reward Points on every spend. You even get to save 1% fuel surcharge at HPCL petrol pumps.

Enjoy world-class privileges by making Credit Card payments

You also get to enjoy a wide range of world-class privileges through your Credit Card. Your ICICI Bank Sapphiro Credit Card offers you two complimentary accesses to international airport lounges and four complimentary accesses to domestic airport lounges annually. The ICICI Bank Rubyx Credit Card gets you two rounds of complimentary golf per month. Several such privileges accompanies a Credit Card. You can always choose one that suits your current lifestyle.

A hands-on lesson on the benefits of financial planning

Financial planning cannot be taught in schoolbooks and coursework. A Credit Card gives you a first-hand glimpse of the advantages of managing your finances efficiently. Every time you use a Credit Card to spend money, you mentally assess the pros and cons of such a transaction and consider how you will benefit.

Using a Credit Card responsibly is a crucial step in financial literacy and it prepares you in managing your personal finance aswell.

So, if you’ve been unsure about whether or not to apply for a Credit Card, stop overthinking and add a full stop to your doubts. Apply for a Credit Card with ICICI Bank now!



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