Specialised Credit Cards for Everyday Purchases in 2023
If you're seeking the best Credit Cards for your everyday purchases, it's essential to consider cards that offer rewards and benefits that align with your spending habits. By choosing Credit Cards tailored to your needs, you can maximise the rewards you earn.
To enjoy the best offers, cashbacks, and reward points, using a Credit Card is the best way to save huge on your frequent expenses. Using specific cards for specific purchases indicates financial literacy that must be embraced. You can also easily track how much you spend using these cards each month and make adjustments as needed. In this guide, we'll explore the different Credit Cards for everyday use and help you find the ones that are right for you.
Categories of best Credit Cards for everyday purchases
There are lots of Credit Card options out there. Some cards are designed specifically for travel and dining, while others are more versatile and applicable for general expenses. If you're looking for Credit Cards for everyday usage, here are some specialised cards to consider:
- Cashback Credit Cards
Cashback Credit Cards allow you to earn back a percentage of your purchases through cash rewards. These cards are great for people who want to earn rewards without having to deal with complicated points or milestone systems.
- Points-based Credit Cards
Points-based Credit Cards allow you to earn points for every rupee you spend, which can be redeemed to buy things like merchandise or gift cards. These cards are great for people who enjoy travelling or want more flexibility in redeeming rewards.
- Fuel Credit Cards
If you love driving, a fuel Credit Card could be a good choice for you. These credit cards offer extra rewards or cashback on fuel purchases, helping you save money at partner petrol pumps. General Credit Cards can also be used for fuel purchases, but fuel Credit Cards are specifically designed to offer more rewards on fuel purchases.
- Grocery Credit Cards
A grocery Credit Card could be a great option if you spend a lot of money on groceries each month. These cards typically offer extra rewards or cashback on grocery purchases, allowing you to earn even more rewards on your everyday spending.
How to maximise your Credit Card rewards
To get the most out of your Credit Card rewards, it's essential to use your card wisely. Here's how you can do it:
- Choose a Credit Card that offers rewards in the categories where you spend the most money. For example, if you spend a lot of money on groceries, choose a Credit Card that offers extra perks for grocery store purchases.
- Use your Credit Card for all purchases, but only if you can pay off the outstanding balance in full each month. Carrying a balance can result in excessive interest rates, which can cancel out your rewards.
- Many Credit Cards offer new cardholders bonuses such as cashback or reward points for spending a certain amount in the first few months. You must take advantage of these sign-up bonuses and introductory offers to avail rewards.
- Monitor your reward points and redeem them before their expiry date. You can redeem these points for statement credits, gift cards, and other rewards.
- Avoid common pitfalls like late payments and overspending. Late payments can result in costly fees and damage your credit score, whereas excessive spending can result in debt and significant interest charges.
Using specialised Credit Cards for your everyday purchases is a great way to earn cashback and reward points. Before choosing a specific card to use for daily expenses, it's essential to consider your spending habits and what type of rewards or benefits will be most valuable to you. The best Credit Cards are made to cater to various lifestyle needs.
However, responsible Credit Card usage is vital to reap the benefits in full. Paying your bills on time, managing your credit utilisation, and avoiding unnecessary debt is essential to maintaining a healthy financial profile.
As Credit Card offers and terms may change over time, exploring and comparing different options regularly is recommended to ensure you're using the right Credit Card for all your needs.