Does your credit card earn for you? Time your monthly purchases at the beginning of the billing cycle and maximise the free credit period. If you purchase household goods worth Rs 10,000 a month with your credit card and pay your bill on time without rolling over, you can save up to Rs 98,500 over 25 years.
Value of purchase Rs 10,000
Free credit period Up to 45 days
If you have a sweep-in bank account where excess balance is put into a fixed deposit, your Rs 10,000 would earn about Rs 90 interest in a month.If that money was invested in a scheme that earned 10% a year, it would grow to Rs 98,500 in 25 years.
And we have not even factored in the reward points you earn every time your card is swiped or the immeasurable benefit of not having to carry cash.
