The pros and cons of Credit Cards in India

Millennials cannot do without credit cards mainly because their way of investing and saving differs from that of the baby boomers. The former believe in living their life in comfort and luxury, so they spend more on things that define this social status. Below all information about credit cards in India.

They cannot possibly do this solely by relying on the interests paid by the bank. In the first place, these interests are meager. Secondly, the big-ticket purchases they have in mind require greater funds. 

The Credit cards in India present them with a fantastic opportunity—to borrow from their future income. Not only does this save money, but it also helps them realize their dreams at an early age rather than spending a lifetime working to fulfill their wishes. Millennials, while shopping online, prefer to pay with their credit card. Free of cost, these cards enable them to get access to exclusive discounts and offers that help them make savings and stay within budget. 

Cards like the Bajaj Finserv RBL Bank SuperCard have various other uses combined to reach a perfect balance, thus aiding the consumer holistically. However, every credit card user must toe the line when it comes to repayment. Failing to pay on time has adverse effects on their financial status because their credit score declines. Thus, their creditworthiness takes a hit, as do their chances of increasing their credit limit to a meaningful level.

What are the Pros of Credit Cards in India?

There are several advantages of using credit cards in India. Let us take a look at some of them.

·         Instant Access to Funds: With credit cards, you can avoid the unprecedented need for funds. If you begin on time, you can reach a credit limit that can cover most costs. This way, you can bypass the need to apply for a loan and wait for months for the loan to get approved.

·         Cash Withdrawal at ATMs: It often happens that you need cash to pay someone since digital payments aren’t accepted at certain establishments. In that case, you can simply walk into an ATM and withdraw cash in accordance with your cash limit.

·         Balance Transfer: If you feel that you are paying way more interest than the current market rate, you may choose to transfer your liabilities to another card that offers a lower rate of interest. The deal gets sweeter if you can get access to a zero APR credit card that does not charge any interest on your outstanding amount for a certain amount of time.

·         Discounts and Privileges: Paying with a credit card has its privileges. You get access to exclusive discounts, free passes, and cashback that other payment methods cannot offer you.

What are the Cons of Credit Cards in India?

There are some clear disadvantages of using credit cards, which can be avoided with some care.

·         Missed Payments Attract Penalties: Make sure that the repayment tenor that you have chosen is convenient for you. Missed payments can cause a lot of inconveniences ranging from late fines to a decline in the credit score.

·         Annual Fees: Credit cards have annual fees that must be accounted for. If the privileges outweigh the fee, then you have nothing to worry about. Otherwise, you might be making a bad investment.

·         Tendency to Overspend: A credit card is a sort of magic wand that can make any wish come true. Often, this privilege leads to impulsive cravings that lead to overspending. If you are using your credit card, you must ensure that your expenses are in line with your requirement.

Lastly, you must invest in reputed credit cards like the Bajaj Finserv RBL Bank SuperCard. If you do so, you cut off the risks related to undue stress related to mounting interests on outstanding amounts with the aid of No Cost EMI. Therefore, using a credit card becomes more fun than a responsibility.


The pros of credit cards include smooth balance transfers and easy access to funds. However, it would be best if you took care to avoid cons like late fines so that using the card becomes a pleasurable experience for you.