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Why It Is Beneficial For Women To Own A Credit Card?

January 19, 2024 • 264 views

Credit cards have become increasingly popular among different age groups thanks to their numerous benefits, such as cashback, reward points, free flight tickets, etc. With the increase in popularity, there are credit cards designed primarily to cater to women's needs. Additionally, banks offer credit cards tailored to meet the travel requirements of women who love to explore new places.

Read on to know the most essential benefits of credit cards for women.

Benefit of Credit Cards for Women

While stereotypes suggest women may overspend, studies show their proficiency in budgeting. Contrary to common beliefs, owning a credit card can benefit women, with companies offering special discounts, especially in areas like electronics, retail and clothing. The following are the most important benefits of credit cards for women:            

1. Interest-Free Period

Credit cards typically offer a grace period between the date of purchase and the due date for payment, which can range up to 50 days. During this period, the bank does not charge any interest on the outstanding balance. So make purchases and defer payment until a later date, making it a convenient option for those who prefer to buy now and pay later.

2. Credit Card Reward Points

Whenever you use your credit card to make a purchase, you get reward points that can be redeemed for a variety of exciting gifts and vouchers. These rewards can include anything from free shopping trips to complimentary flight tickets. Hence, the next time you're making a purchase, be sure to use your credit card and take advantage of the rewards!

3. Easy Access to Funds

Are you tired of carrying cash around and fumbling with change or writing checks? A credit card can simplify your life by allowing you to pay for anything with a quick swipe or tap. You do not have to worry about counting out cash or carrying a bulky wallet. Additionally, link your credit card to your digital wallet to make payments without even taking out your card.

4. Special Benefits for a Certain Period

A credit card plan for working women is not just a payment card but a gateway to a world of exclusive benefits and rewards. From fuel surcharge waivers to exciting online shopping deals, the card offers a host of Cashbacks and Reward Points with offline and online merchants.

Also Read - What is the Minimum CIBIL Score Required for a Credit Card?

Advantages of a Good CIBIL Score to Get a Credit Card

Having a good CIBIL score offers several advantages when obtaining credit cards for women:

  • Higher Credit Limit: A good credit score increases the likelihood of approval for a credit card with a higher credit limit. This increased limit gives you greater purchasing power, allowing you to make more significant transactions or handle unforeseen expenses more effectively.
  • Additional Card Benefits: With a high credit score, you may qualify for additional bonuses and incentives on your credit card. This could include rewards programs, cashback offers, or other perks that can make your credit card use rewarding.
  • Faster Approval Process: Lenders are more likely to quickly approve applications from individuals with high credit scores due to the lower perceived risk of default. This means you can enjoy faster access to credit, allowing you to use the credit card for various financial needs without unnecessary delays.
  • Better Terms and Conditions: Having a high CIBIL score positions you as a reliable borrower, giving you the confidence to engage in negotiations that can result in more favourable terms for your credit card use.
  • Pre-Approved Offers: Boosts chances of receiving pre-approved credit card offers, saving time and offering more options. It saves time and allows you to choose from the best available options based on your financial needs.

Check Your CIBIL Score for Credit Card

Before applying for a credit card for ladies, you must check your CIBIL score. Being one of the best NBFCs in India, Poonawalla Fincorp offers a free CIBIL score checker. Here is a step-by-step guide on how to use it:

  • Step 1: Click on 'Get Your CIBIL,' choose employment type and gender in the CIBIL Check form.
  • Step 2: Provide essential personal details, including your contact information, address proof, name, and PAN card details.
  • Step 3: Carefully read and agree to the terms and conditions before clicking the submit button.
  • Step 4: After a short processing time, you will receive your CIBIL score. You can then download your CIBIL report for further analysis.

Also Read - Credit Card Future in India: What's in Store?

To Conclude

Credit cards for women are a convenient financial tool that can provide you with quick access to funds and increase your purchasing power. However, it is important to use them responsibly and avoid unnecessary expenses. If used wisely, credit cards can be a valuable resource in times of need, such as for paying medical bills, rent, or electricity bills. By staying on top of your credit card payments and managing your expenses, you can make the most of this financial tool.

Check your CIBIL score now from Poonawalla Fincorp and achieve all your financial goals!

Frequently Asked Questions

  • Can a housewife apply for a credit card?

Housewives can obtain a credit card through an add-on card or by securing one against a fixed deposit. Using the FD as collateral increases the likelihood of credit card approval, offering a practical solution for accessing and managing credit.

  • What is the ideal CIBIL score?

A CIBIL score above 750 is ideal, ensuring better chances of loan approval with lower interest rates. Regular, timely loan repayment is key to maintaining or improving your credit score.

  • Which factors affect the CIBIL score rating?

The CIBIL score is negatively affected by factors like failed payments, outstanding debt, excessive loan applications, improper credit mix, and delayed payments. Maintain a good score to easily secure loans at lower interest rates.

Disclaimer

We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply

poonawalla fincorp team

Poonawalla Fincorp Team

We are a team of expert writers and editors passionate about providing our readers with authentic and valuable information on finance. Our aim is to simplify financial and finance-related concepts. We strive to help our readers become more aware and empowered to make informed financial decisions.

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