The market is flooded with credit card offers and it’s true that almost all of them lure you. It has been observed that people tend to keep a huge range of credit cards with them just for availing the various offers on those cards. One might be a petro-bonus card while another might be a premium card with a lounge access, et al.
But do you actually need these?
The problem with this practice is maintaining multiple credit cards are risky and expensive. Not only are you at greater risk of losing them and falling prey to financial scam, but also each card comes with a considerable amount as ‘credit card fee’. So even if you aren’t purchasing anything with those cards, you are still paying a fee for its possession. Also having credit cards might give you a false sense of financial security and result in increased expenses that you can’t afford. Here is what you can do before jumping in on the offer:
Beware of Marketing Gimmicks
Most private banks spend lakhs behind advertising only to make it attractive and seemingly necessary for you. Don’t fall for these marketing gimmicks. When choosing a credit card for a certain offer don’t forget to read the offer document carefully. There have been multiple cases where people have taken a credit card which offers ‘cash back’ without reading that it’s in the form of rewards and gifts (that you might not even need) or has some other complex clauses. Some offers are valid only for certain goods or at certain stores. Read the fine print carefully.
Do You Really Need It?
The biggest problem that has been spotted with these credit card offers is that customers don’t think whether they need that or not. Many people pay through the nose in the form of high credit card fees just because their credit card offers access to premium lounges in airports around the country. Stop and think. As much as fascinating the whole deal sounds, how often does an average individual go to the airport just to hang out in the premium lounges? In all probability the cost of food and beverages in these places will be far higher than the road side bistro. Same goes for petro cards. Don’t get a credit card just because it has amazing offers in place, offers that you might never use.
Ensure That You Avail The Offers
There are numerous instances when people subscribe to a credit card with offers and don’t read through the offer carefully in order to find out everything. For example, many premium credit and debit cards come with an offer of free theft insurance (for a certain period of time) for commodities that are purchased with it. But hardly anyone ever bothers to avail this offer or follow it up in case it is necessary. By not availing all the clauses of the offer, you are actually not using all that you are paying for.
So the next time you see an advertisement for an amazing credit card offer on the television or the newspaper think before availing it. This way you will be saving on a considerable amount of money and hassle.