A
recent report by CII-Boston Consulting Group states that the overall consumer
spending in India is likely to grow nearly four times, from $977 billion
(approx. Rs 59.2 lakh crore) in 2012 to a staggering $3.6 trillion (approx. Rs
217 lakh crore) by 2020.
Shifting from a saving mindset, which we Indians have traditionally had, to a
spending one requires some unlearning and relearning so we get smart about the
way we spend and thereby optimize the value we get out of the spend. That's
exactly what credit cards can help you do in addition to the many practical and
convenience-related advantages.
Shifting from a saving mindset, which we Indians have traditionally had, to a
spending one requires some unlearning and relearning so we get smart about the
way we spend and thereby optimize the value we get out of the spend. That's
exactly what credit cards can help you do in addition to the many practical and
convenience-related advantages.
All
of us spend regularly on things like fuel, travel, dining, consumer durables,
jewellery, fashion and groceries. For all this and more, credit cards offer not
just convenience of payment, but also genuine deals and saving opportunities.
In their attempt to capture a larger share of these payments, card companies have been stitching together deals for consumers which would help catch their attention and also their swipes. Given that these companies now have millions of customers, the promise of channeling crores of rupees of spending in to a certain retail chain, fuel provider, airline, hotel chain or restaurant helps bring never before deals to the table for consumers. selectively availing of those as the family goes about its normal way of life and of course carrying a few plastics which best meet your needs.
In their attempt to capture a larger share of these payments, card companies have been stitching together deals for consumers which would help catch their attention and also their swipes. Given that these companies now have millions of customers, the promise of channeling crores of rupees of spending in to a certain retail chain, fuel provider, airline, hotel chain or restaurant helps bring never before deals to the table for consumers. selectively availing of those as the family goes about its normal way of life and of course carrying a few plastics which best meet your needs.
Shopping: Admit it!
Most of us are indulgent shoppers if not downright shopaholics. Be it clothes,
shoes, mobile phones, home decor, bags, watches or just groceries, we love to
shop. While you are spending, just remember that you can save lots by swiping
the right credit card.
Cards such as Standard Chartered's Manhattan Platinum Credit Card give great savings on everyday shopping. This card has a direct cash saving of 5% at supermarkets such as More, Reliance Fresh, Big Bazaar etc. Additionally reward points accrue on all spending, which add up to further savings. Just dwell upon this for a moment. Your credit card could help you save 5% on purchases which are absolute necessities, every month. A monthly grocery bill of Rs. 5000-Rs. 10000 would be commonplace and you could save Rs. 6000 in a year on items like your bread, butter, eggs, vegetables, fruit and cooking oil.
Cards such as Standard Chartered's Manhattan Platinum Credit Card give great savings on everyday shopping. This card has a direct cash saving of 5% at supermarkets such as More, Reliance Fresh, Big Bazaar etc. Additionally reward points accrue on all spending, which add up to further savings. Just dwell upon this for a moment. Your credit card could help you save 5% on purchases which are absolute necessities, every month. A monthly grocery bill of Rs. 5000-Rs. 10000 would be commonplace and you could save Rs. 6000 in a year on items like your bread, butter, eggs, vegetables, fruit and cooking oil.
For
Mall-goers, there are cards like Citibank's First Citizen Titanium Card that
offers consumers Rs 850 off as welcome benefits and accelerated rewards for
shopping at specific outlets. These rewards could go up to 4.9% of spending at
these outlets along with other privileges like exclusive sales previews,
complimentary parking.
E-shoppers
have great offers too. E-commerce portals also periodically tie-up with credit
card companies to offer additional discounts to their customers. Every festive
season sees a flurry of offers from credit card companies offering additional
reward points for all spending in a 15-30 day period. These offers are
extremely lucrative and could easily result in additional savings of 5-10% if
the customer pays of the purchase on the correct credit card.
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