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Credit score:

Since credit card transactions are similar to availing loans, all such transactions are reported to the credit bureaus that use them for calculating, as well as building your credit profile.

Credit scores become crucial if you plan to avail loans towards business expansion, vehicle purchases, personal needs, or simply buying a new home.

A healthy credit score empowers borrowers to negotiate the best deal with the lending institution, thereby helping them fulfil their financial goals.

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These include benefits like discounts, cash backs, reward points, loyalty credits, complimentary club memberships, free access to the airport lounges, among many others.

Credit card issuers offer pre-approved loans to card users with a healthy re-payment record and credit profile.

Credit cards become a valuable financial tool once you learn to use them sensibly and responsibly.

Arguably, the most attractive feature of a credit card is the interest-free grace period that can be availed by users provided, the amount to be repaid, is cleared by the due date.

You can time your big-ticket purchases in a way that can help you gain a longer credit period.

Banks and financial institutions offer Cardholders the option of paying for certain purchases through Equated Monthly Instalments (EMI).

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These ideas help to understand why credit cards remain a popular means of payment despite being a form of debt.

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