How Can Credit Cards Help You Plan the Perfect Honeymoon?
A honeymoon is a once-in-a-lifetime occasion in everyone’s life. Should you not have the best experience? Your Credit Cards could come to your rescue.
How? We will discuss it, but before that, it is important to understand that to Avail the Best Credit Card Offers, you need to have a good credit score.
How to Build Up an Excellent Credit Score and Maintain It
The Top Credit Cards in India are the one that gives you the maximum rewards points and air miles points. Therefore, you need a robust credit history and an excellent credit score. It is essential to build up one and maintain it if you do not have a satisfactory credit score. The following tips will help you build up the score you are aiming:
- Obtain your credit report and check the same for errors and omissions. Dispute them and ensure to set it right.
- Pay your bills and EMIs (Equated Monthly Instalments) on time
- Maintain an excellent Credit Utilisation Ratio of around 20% to 25%.
Credit Card issuers look at these factors in addition to your income and repaying capacity. The higher your credit score, the better are your chances of getting a top Credit Card.
Now, let us see how the right use of your Credit Cards can help you plan a perfect honeymoon.
· Look Out for Sign Up Bonuses
It is a competitive world out there. Credit Card issuers offer massivesign-up bonuses on their new Credit Cards. However, they stipulate conditions that you should spend a threshold amount on the card within the first 60 to 90 days of issuance. As you are embarking on a honeymoon, the expenses should not be an issue. In case you feel that the threshold is more than your budget, you can always opt for the cards that prescribe a suitable limit.
· Choosing the Right Credit Card is Critical
Co-branded Credit Cards are excellent choices under the circumstances. If you have a particular affinity or loyalty towards a specific airline or hotel chain, you should go for Credit Cards that patronise your favourite airline or hotel. It is not a challenging task to find such Credit Cards because you can always compare the various options available before choosing the right one.
However, a general-purpose Travel Credit Card can also do the trick. Such card offers the much-needed flexibility. A specific co-branded card will tie you up with a single airline or hotel whereas a general-purpose Credit Card will allow you to choose between different airlines and hotels. You need this flexibility when you embark on a honeymoon with your beloved.
Check out for the cards that give additional benefits like waiver of foreign transaction fees, free access to airport lounges, access to duty-free shops, and discounts at select restaurants. Choose your card wisely and use the air miles points intelligently.
· Concentrate Your Purchases on the Rewards Credit Cards
Have a couple of Rewards Point Credit Cards on your possession. Use them for making your everyday purchases. Refrain from purchasing anything in cash or by using your debit cards. It will allow you to accumulate more rewards points that you can redeem for attractive gifts later on.
However, note to clear off the entire Credit Card bill when it arrives for payment. Carrying over a Credit Card debt can result in charging of additional interest. You might lose your rewards benefits as well. It can also happen that the interest and other charges could be more than your rewards points.
· Never Miss Your Due Date on the Credit Card
The principal objective of owning rewards point Credit Card is to earn reward points by spending on the card. Paying your entire bill on the due date is essential. In case you opt for paying the minimum amount due or any amount less than the total amount due on the card, you should be ready to pay interest at the contracted rate. The contracted rate can be as high as 35% to 42%.
If you miss a card payment, the banks have a right to levy late payment charges. They can also proceed to cancel your limit and strip you of your rewards points. Therefore, it is necessary to pay your bills on time. Doing so allows you to enjoy your rewards points to the maximum.
You can maximise the benefits by choosing and using your Credit Cards wisely. It is possible because banks and Credit Card issuers have attractive products that you can use to your advantage.
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