There are numerous benefit of using credit cards, many of which are not available with alternative modes of payments like wallets or cash. Unfortunately, most are unaware of these benefits and do not make use of their cards to it’s full potential.
Here is a list of the benefits applicable for most credit cards.
Enhanced Purchasing Power by means of deferred payments
Quick help during Financial Emergencies, ranging from unexpected Medical emergencies to personal cash requirements when immediate cash may not be available
Safer alternative to carrying cash
Credit period with 0% Interest (if paid back within the billing cycle)
Rewards Points. Very powerful for most cards
Fuel Surcharge Waiver
Travel Benefits which includes Airport Lounge Access
Cashback benefits and numerous discount offers
Insurance Benefits (ranging from accident to travel insurances)
Free Movie Tickets etc.
Which are the most Popular and Frequency Used Benefits?
While Credit cards usually offer more benefits, quite a few of these benefits like Reward Points, Discount offers, Fuel Surcharge Waiver, Insurance and Airport Lounge benefits are applicable to debit cards as well, though users maybe unaware of those. Among the above listed benefits, Reward Points, Discount offers and Movie Tickets are ones that are most popular and are leveraged by users most frequently.
How well are you aware of your card benefits?
As per our survey, we see that 7–8 out of 10 active credit and debit card users are not aware of these benefits. They were notified regarding these benefits when the card was issued to them (via bunch of tagged brochures) and later by means of occasional emails and SMSes but generally users don’t keep track of these given the deluge of emails and SMSes that each of us receives everyday.
Additionally, 8 out of 10 users looking for a new or better credit card have very little idea card benefits and are generally clueless regarding where to look for such information (given that there are 400+ card options available today). Let us get a hold on the set of most frequently used benefits and how to ensure that this vital information is available at your fingertips.
Most credit cards offer reward points on the transactions you make. These Reward Points can be redeemed for gift items, vouchers or cashback. Some credit cards also offer accelerated rewards on specific types of purchases. Being aware of this information for your card is important when you make a purchase since reward points vary from card to card and on the type of purchase. The need to have this information handy is amplified for those who hold multiple cards (both credit and debit) and have a choice to make while making a purchase regarding which would be the most beneficial.
Fuel Surcharge Waiver
Several cards offer fuel surcharge waiver to credit cardholders when they spend a beyond a specific limit on fuel purchases. Others offer fuel points can later be converted into free fuel purchases. Detail info on Fuel Surcharge Waiver can be found here.
Movie Ticket offers
Many cards offer entertainment coupons, discount as well as free movie tickets per billing cycle or defined periods. These cards are good for those who are movie and entertainment buffs.
Travel & Airport Lounge benefits
Some credit cards offer travel benefits to the customers and are tailored towards frequent travelers. Travel benefits include air miles, airport lounge access, travel insurance, airline discounts, hotel discounts, etc. Airport lounge access is a significant benefit in this category, geared towards the comfort of frequent travelers and our survey found it surprising that most card holders aren’t aware that they can avail free Airport lounge access associated with their cards
How can I track benefits for my cards easily?
RUSSH App allows you to see benefits of all cards
This has been one of the biggest pain points for card users. Searching through multiple & ever changing bank websites to find relevant benefits on their cards is so cumbersome that none really are ever able to make the most of the available offers on their cards. RUSSH APP addresses exactly this pain point for users and provides all benefits on 400+ credit and debit cards at user’s fingertips (see below for example). Anytime you need to know benefits associated with your card all you need to do is look up your card on RUSSH App without disclosing any of your card details. Additionally, RUSSH APP also tells you all current offers on your cards which more often than not gets missed. As a user you can also compare benefits from 400+ cards and determine which is suits your requirements. RUSSH APP is available on Android and iOS and does not ask for any card details. Download RUSSH App: https://www.russh.in/russhapp