Read e-book How You Can Profit from Credit Cards: Using Credit to Improve Your Financial Life and Bottom Line

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Banks maximize their profits by "nickel and dimeing" and outsmarting their cardholders: that's why credit cards are their most profitable product. Banks spend billions enticing consumers with rebates, freebies, low-introductory rate offers, and airline miles. Learn how to take full advantage of these offers, without paying for them through brutally high interest rates, fees, and penalties! Arnold offers specific advice targeted to young consumers who are being aggressively targeted by credit card marketers; retirees facing credit discrimination; Americans recovering from bankruptcy or other debt problems; and even consumers with great credit.

You'll learn the techniques he has personally used to escape credit card debt, "creatively finance" his wedding, car, and home purchases, and earn thousands in credit card "perks" every year. Stay ahead with the world's most comprehensive technology and business learning platform. With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial No credit card required. View table of contents. Start reading. Book Description Who would not be interested in getting an interest-free loan for 12 months for any type of purchase just for taking a few minutes to complete a credit card balance transfer offer? How Will I Use the Card? Show Me the Money! Is There an Annual Fee? How Is the Cash Issued?

How to Save Money Fast

Make Your Payments Early 2. Avoid the Dreaded Default Rate 3. For example, if your credit card provider says that the credit limit on your card is Rs. Each time you swipe your card, the amount is deducted from the total credit limit and each time you pay your bill, your credit limit increases by that amount. Credit card EMI is one of the useful features offered on credit cards. There are various options to use the EMI facility. Credit cardholders with the first option can convert their purchases instantly into EMI while carrying out a transaction.

The second option allows the users to convert any of the transactions or the total outstanding on the card into easy monthly installments EMI.


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However, the request for conversion should be made within a specific period from the date of the transaction, say days. While availing the facility, cardholders have the option to choose the repayment period which typically ranges from 3 to 24 months. Once you opt for the facility, you need to repay the EMI amount every month. The associated principal amount and the interest charge, if applicable, will be added to the minimum amount due on the card.

Banks offer amazing features on their credit cards. These features vary depending on the card provider and the type of credit card that people purchase. Some of them are as follows:. Reward Points Program: Most credit cards offer a reward points program, which allows cardholders to earn reward points on every transaction they make using their cards. A few exceptions to it is that fuel transactions, insurance payments, gold or gold jewellery purchases, utility bill payments, cash and EMI transactions are typically not eligible for reward points.

The accrued reward points can be redeemed for various options offered in exclusive rewards catalogues provided by the issuers.

100 Ways to Save Money

However, card members need to earn minimum reward points before going for redemption. Airport Lounge Access: Complimentary airport lounge access and membership to Priority Pass Program are one of the most common features offered on most credit cards. Though you may not find the features on a basic credit card, most next to basic credit card offers complimentary lounge access with a limited number of visits per year, free membership to airport priority pass programs and others.

Best Credit Cards for Students

With such a feature on credit card, members can enjoy free lounge visits to both domestic and international airports. Insurance Coverage: While some premier cards provide a comprehensive insurance policy that provides coverage against air accident, life, lost baggage, lost card, outstanding, etc. On other cards, the cover is limited to a few aspects.

Global Acceptance: Today, most credit cards that are issued in India are international cards and are accepted by various merchants all over the world. Balance Transfer: Credit cardholders can transfer the outstanding balance of their existing cards issued by one bank to the credit card account of another bank. Doing so helps them in saving money and repaying the amount at a low rate of interest.

Banks offer various balance transfer options to their cardholders allowing them to repay the amount on a monthly basis within a tenure of their choice. They can either choose to convert the total outstanding on their card into EMI, a specific transaction, especially big-ticket purchases into EMI and can also convert merchant transactions into EMI. Generally, these plans have very attractive interest rates and different repayment tenures. The EMI conversion will be done with no other documentation and most of the times instant.

Lifestyle Benefits: By partnering with various merchants, credit card issuers provide attractive discounts and offers on various lifestyle categories including dining, shopping, travel, wellness, entertainment, etc.

Compare Best Credit Cards & Apply Online

Travel Benefits: Frequent travellers can make the best use of the travel credit cards that provide travel-related benefits to the cardholders. Some of the common benefits offered on travel credit cards include air miles accrual and redemption for air tickets, free travel insurance, discount offers on domestic and international flights, complimentary lounge visits, discounts on hotel booking, and concierge services.

Credit cards are a great tool to have since they promote financial flexibility. Only when used wisely, of course. Here are a few tips to help you use your credit card:. Welcome Gift — Many banks offer a welcome gift to new credit card applicants once the card is issued to them. This gift can be in the form of bonus points, gift vouchers, discounts, etc.

The welcome gift differs depending on the card and the bank. Rewards Program — All credit cards generally have a reward program, which allows cardholders to earn reward points on every transaction they make using their cards. The amount of points that cardholders can earn per transaction is fixed and differs from card to card. The points that card members collect can be redeemed for various gifts that are listed in the rewards catalogue of the cards.

These gifts can be discounts, product, services, cashback offers, etc.

Why financial literacy is so important

Some credit cards allow card members to redeem their points against air miles and cash as well. Fuel Surcharge Waiver — Many banks offer fuel surcharge waiver to credit cardholders when they spend specific amount of money on fuel every month. This offer is available on fuel transactions made at all Indian petrol bunks. Cashback Benefits — There are certain credit cards that offer cashback benefits to the customers. The amount of cashback that will be offered depends on the provider.

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Lifestyle Benefits — Cardholders can enjoy various lifestyle benefits on their credit cards. Lifestyle benefits include dining, shopping, golf, wellness, entertainment, etc. Travel Benefits — This is one of the major reasons for credit cards being so popular among people. There are some credit cards that offer amazing travel benefits to the customers. Travel benefits include air miles, airport lounge access, travel insurance, airline offers, hotel offers, etc. Airport Lounge Access — Some credit cards offer complimentary airport lounge access to the cardholders.

The offer varies from one bank to another. Some banks put a limit on the number of visits, while some others allow access only to Indian airport lounges. Depending on the variant of your card, you can enjoy exclusive lifestyle, travel, etc. Add-on Cards — Many banks allow their credit cardholders to apply for add-on cards for their immediate family members.

Most card issuers offer add-on cards for free, but some of them limit the amount of add-on cards that one can apply for. Cardholders can enjoy all the privileges of their primary cards on their add-on cards. Cardholders can collect these miles and redeem them to avail flight tickets and other travel benefits. Not everyone needs a same credit card. While some consider it as a line of credit, a few consider it as an instrument to track their expenses and for some others it's a way to get best deals on every purchase. Today's customer-centric market has thus come with a solution for all - A credit card for every need.

The partnership between card issuers and retailers made the categorization even simpler. From shopping to travel to dining to rewards, there are cards for each category.


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A lifestyle credit card is an "All-in-one" credit card that provides privileges across categories. From shopping to travel, rewards to cashback, entertainment to dining, you can enjoy special offers and discounts on most of them. The Lifestyle Credit Cards typically come with a high annual fee and joining fee, which of course, is worth spending for the privileges offered by the cards.

Some Lifestyle Credit Cards also have low or no annual fee and are designed for low-income group individuals. The name says it all - Shopping Credit Cards are designed for shopaholics or frequent shoppers. While some cards provide deals and discounts for shopping online, others are designed for in-store shopping.

How to Make Money Using Credit

Further, there are co-branded Shopping credit cards that provide offers and rewards on specific brands or stores. Shopping Credit Cards are typically affordable with a starting annual fee of Rs.