Here we take a look at different complimentary benefits that you can leverage on your credit cards and make use of them to save more money.
Credit cards come with a plethora of complimentary benefits that can significantly enhance the value for money to cardholders. These days when consumers are increasingly looking for ways to maximise their savings and get more value from their expenditures, understanding and leveraging these complimentary benefits can lead to higher financial savings.
This article will help you understand different complimentary benefits that you can leverage on your credit cards and make use of them to save more money.
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Cashback and Rewards Programs
Many credit cards offer cashback on everyday purchases such as groceries, fuel, dining, and utility payments. For instance, if a card offers 5% cashback on grocery shopping, and you spend ₹10,000 monthly, you save ₹500 each month, amounting to ₹6,000 annually. Similarly, reward points accumulated on purchases can be redeemed for a variety of items, including gift vouchers and air miles, reducing your out-of-pocket expenses.
Travel Benefits
Credit cards often come with numerous travel-related perks. Complimentary airport lounge access is one such benefit. Frequent travellers can enjoy free meals, Wi-Fi, and comfortable seating, which can save hundreds or even thousands of rupees per visit. Also, some cards offer travel insurance, which can cover expenses related to trip cancellations, lost baggage, and medical emergencies abroad, potentially saving you from incurring high unexpected costs.
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Dining and Entertainment
Dining out and entertainment expenses can add up quickly, but many credit cards offer discounts and special deals at partner restaurants and on movie tickets. For example, some credit cards provide up to 20% off on dining bills at select restaurants. If you spend ₹5,000 monthly on dining and receive a 20% discount, you save ₹1,000 each month, or ₹12,000 annually. Similarly, offers on movie tickets, such as “buy one get one free,” can also result in substantial savings over time.
Fuel Surcharge Waivers
Fuel expenses are a significant part of the monthly budget for many. Credit cards offering fuel surcharge waivers can help save money on every refuelling transaction. Typically, a 1% to 2.5% surcharge is levied on fuel purchases made with credit cards. By using a card that waives this fee, you can save a noticeable amount over the course of a year, especially if you have high fuel consumption.
Health and Wellness Benefits
Many premium credit cards provide complimentary health and wellness benefits, including free health check-ups, discounts on gym memberships, and access to wellness programs. These perks can lead to significant savings on healthcare and fitness expenses. Additionally, some cards offer discounts on medical bills and pharmacy purchases, further helping to reduce healthcare costs.
Shopping Discounts and EMI Options
Credit cards frequently partner with retailers to offer exclusive shopping discounts and deals.
Adhil Shetty, CEO, Bankbazaar.com, says, “During festive seasons and sales events, cardholders can avail substantial discounts on a wide range of products. Moreover, many credit cards offer zero-interest EMIs options, making it easier to manage large purchases without incurring high-interest costs, thus spreading the expense over several months without additional financial burden.”
Complimentary Insurance Covers
Several credit cards come with built-in insurance benefits, such as purchase protection, extended warranty, and credit shield insurance. These features can provide significant financial relief in case of loss, theft, or damage to purchased items. For instance, purchase protection can cover the cost of stolen or damaged items within a specific period after purchase, ensuring you do not have to bear the loss.
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Concierge Services
Premium credit cards often include concierge services that assist with travel bookings, event reservations, and even personal shopping. These services can save time and money by finding the best deals and handling the logistics for you, ensuring a smoother and more cost-effective experience.
From cashback and rewards programs to travel perks, these benefits enhance the value of using credit cards beyond just convenience. However, it is essential to use credit cards responsibly, paying off balances in full each month to avoid interest charges and maximise your savings.
