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Shopping online today has become second nature to everyone. And why not? With multiple e-commerce platforms, you can be in your pyjamas, sipping chai, and still fill up your cart. Snagging the occasional item on Myntra or buying your monthly essentials and groceries from Swiggy Instamart—online shopping has become a go-to retail therapy.
While you should focus on what you are buying rather than HOW you pay for it, the payment mode also matters. For all your shopping excursions, credit cards are your best bet. You can earn rewards and cashback with added security. But if you are already among the ‘smart people’ using a credit card for shopping, have you considered a separate card for online shopping?
Let’s explore the advantages of a separate credit card for online shopping.
Here are some key advantages of having a separate credit card when shopping online:
Today, phishing scams are becoming common. Your card details can be accessed, and your accounts can be hacked.
But if you use a separate, exclusive credit card for shopping online, you reduce the chances and extent of your loss. Your credit card should have a specific credit limit (relatively lower than your primary credit card) for online shopping. You then use this card for online shopping. In the event of a security breach or unauthorised access to your card:
This clever move minimises the risks associated with your primary card and protects your financial information.to your rescue
When you use a single credit card for shopping, you have ALL your shopping transactions in one place. Scary? Worry not! Having a separate credit card can help you control your expenses. You can easily track and review your spending patterns, allowing you to identify unnecessary or excessive spending and budget and manage your finances more effectively.
A high credit score can open doors to better loan terms, lower interest rates, and increased borrowing power. It reflects your creditworthiness and responsible financial behaviour. Here are two ways shopping with a separate credit card can boost your credit score:
Here are the brownie points. Every credit card includes offers, rewards, and cash back to sweeten the pot. You can leverage these bonuses to maximise your savings and get the most out of your shopping. With IDFC FIRST Bank Credit Cards, you get a plethora of offers and deals like:
With IDFC FIRST Bank Credit Cards, you can maximise your shopping experience with 6X reward points on online purchases and 10X on spends above Rs 30,000 in a month. You can redeem these points across various options, such as air miles, gift vouchers, or statement credit. And the cherry on top? These reward points don’t expire and can be redeemed instantly!
With a separate credit card for online shopping, you not only get these offers and rewards but can also enjoy numerous other perks like:
These, plus low annual percentage rates (APR) and credit card interest rates starting at 9%, make IDFC FIRST Bank Credit Cards one of the best cards for online shopping.
With these benefits, having a separate credit card for online shopping is not just a convenient payment method but also a smart money move.
To make the most of this card, one must care for:
An additional credit card might come with a joining and annual fee. So, with two or more cards, these fees can accumulate and reduce the cost-effectiveness of owning a separate card. Solution - lifetime-free credit cards.
There’s a risk of overspending and accruing debt with a new card. Extra credit might tempt you to use it beyond your original budget, resulting in higher debt accumulation. Solution - a monthly budget and financial discipline.
A new credit card for shopping will have a different credit limit, billing cycle, and reward structure. As a result, you will have to manage bill dates for timely payments and monitor credit utilisation ratios across different cards. Such confusion may lead to oversight or late payments, affecting your credit score. Solution: auto-debit.
This is not a one-size-fits-all solution. It depends on your financial habits and risk tolerance. For example,
The decision to get a separate credit card for shopping needs thoughtful consideration. Consider the potential benefits and the associated risks. Also, ensure that your choice is in line with your goals and financial well-being.
If you’re thinking about getting yourself a credit card for online shopping, you can explore the range of options provided by IDFC FIRST Bank Credit Cards. With these, you will get access to exclusive benefits that redefine your online shopping. Take a step towards smarter financial choices with IDFC FIRST Bank Credit Cards.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.