How Online Shopping is More Advantageous with Credit Cards?

From a valuation worth $32 billion in 2019, the retail e-commerce revenue is expected to be more than double – $66 billion – by 2024. The number of online shoppers is also expected to reach 220 million by 2025 from 120 million back in 2018 as per IBEF.

Not only has the e-commerce market provided numerous benefits to shoppers, but credit cards for online shopping have also played an instrumental role in offering more purchasing power to them.

Credit cards come with several features that enable one to do online shopping much more conveniently. These include –

  • Robust security features – With the growth in online shopping, cybercrimes are also increasing. Someone who carries out a lot of online transactions is exposed to the risks of password theft, email scam, online frauds and the like.

As a result, credit cards for online shopping come with robust security features such as zero-fraud liability cover and in-hand security to reduce the risks of cybercrimes.

  • Easy conversion to EMI – One can also carry out big-ticket purchases and pay for them conveniently via EMIs.
  • Reward programs – Credit cards for online shopping offer reward points, which can help individuals to save more on their purchases. Cardholders can accumulate reward points on every transaction with their credit card.

Not only that, but some credit cards also offer reward points as a welcome gift and on completing milestones.

Rewards points can be redeemed to earn discounts on shopping or buy gift cards. Moreover, these points can also be converted into cash to avail discounts on monthly bills.

Credit cards like the Bajaj Finserv RBL Bank SuperCard provide high reward points when shopping online or offline along with dining and international spending. Cardholders will also receive a welcome bonus and milestone bonuses.

Bajaj Finserv also provides pre-approved offers that make the process of availing credits quicker and easier. These offers are available on a host of other financial products like personal loans, business loans, etc. Individuals can check their pre-approved offers by providing a few necessary information such as their name and contact information.

Importance of credit card bills on time

Even though credit cards offer several benefits to online shopping, individuals should not go overboard with their expenses. Doing so can increase their debt, which can cause them to miss out on bill payments. Failure to pay the bill will lead to the accrual of interest and late payment fees. It will also lower the cardholder’s CIBIL score.

Hence, it is critically necessary to pay off the bill in due time. Cardholders should always clear the total amount due instead of the minimum amount.

One can also choose to pay off their credit card bill online. There are convenient options to pay credit card bills, some of these include –

  1. NACH – Cardholders can quickly pay off their credit card bill automatically by linking their credit card with their savings account using the NACH facility.
  2. NEFT – It stands for National Electronic Funds Transfer. By using this facility, one can transfer money from one account to their credit card account and pay off the outstanding amount. Cardholders should know the steps involved in the clearance of credit card payment through NEFT before proceeding.  
  3. Mobile wallets – Several mobile wallet apps like PhonePe, Google Pay, and others have also made the process of bill payment convenient.
  4. Paytm – This is an online payment platform. One can pay his or her credit card bill using this app. Download and install the app on your phone. Click on the credit card option, enter your credit card number and the account details from which you want to pay the bill, the due amount and other required fields. Then, click on the ‘Pay Now’ option to complete the credit card bill payment.

Individuals should also know how to read their credit card bill to ensure that there are no errors or fraud transactions. Checking the statement is also an efficient way to make a budget during online shopping.

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