Use CREDIT CARDS to SAVE Money! | Ankur Warikoo Hindi

Summary

The video script discusses the best credit cards for various needs, including shopping, dining, petrol, payments, and travel. It emphasizes the benefits of using credit cards responsibly, such as earning rewards points and improving credit scores, while also highlighting the pitfalls of not paying off the full balance. The script provides insights into different credit card categories, such as shopping, food, insurance, and travel, and mentions specific cards that offer cashback, discounts, and other benefits. It concludes with the importance of smart financial decisions and a mention of the author's new book, which aims to educate about money management.

Takeaways

• 😀 Credit cards can be beneficial if used wisely, offering interest-free loans and improving credit scores.
• 💳 Using credit cards responsibly can lead to rewards and cashback on various categories such as shopping, dining, and travel.
• 🛒 For shopping, cards like the Amazon card offer cashback on purchases, with no cap or expiration on cashback.
• 🍽️ Dining and food expenses can be managed with cards that offer cashback on food delivery platforms like Swiggy.
• 🚗 Fuel expenses can be reduced with credit cards that provide rewards points or cashback on fuel purchases.
• 🛫 Travel-related expenses can be minimized with cards that offer discounts on hotel bookings and flight tickets.
• 💼 Insurance payments and other regular expenses can be managed with credit cards that offer cashback on such payments.
• 🏦 It's important to pay off the full credit card bill to avoid interest charges and to improve credit scores.
• 💰 Utilizing credit card benefits responsibly can lead to significant savings and financial discipline.
• 🎓 The speaker emphasizes the importance of financial education and the impact of smart financial decisions on long-term financial health.
• 📚 The speaker mentions a book that aims to educate readers on various aspects of money management, suggesting its value for those in their 20s.

Q & A

What are the best credit cards for shopping, dining, petrol, payments, and travel according to the script?

The script mentions several credit cards that offer benefits in various categories. For shopping, cards like the Amazon card offer cashback on purchases. For dining, cards that offer cashback or discounts on food apps like Swiggy are highlighted. For petrol, cards with fuel surcharge waivers and cashback on fuel purchases are recommended. For payments, cards that offer rewards on general spending are beneficial. Lastly, for travel, cards that provide discounts on flight and hotel bookings are suggested.

How does paying the full credit card bill improve one's credit score according to the script?

Paying the full credit card bill on time is considered as a loan repaid in full by credit bureaus. This demonstrates that the cardholder is a good borrower, which can lead to an improved credit score, potentially resulting in better loan offers in the future.

Using credit cards responsibly can provide several benefits such as interest-free loans for 30 to 45 days, improving credit score, earning reward points that can be redeemed for various purchases, and managing cash flow effectively.

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What is the importance of the 'interest-free loan' period mentioned for credit cards?

The 'interest-free loan' period refers to the time frame after a purchase where the cardholder can repay the amount without incurring any interest charges. This is typically 30 to 45 days after the bill is generated, allowing for better cash flow management and cost savings.

How can reward points from credit cards be utilized according to the script?

Reward points earned from using credit cards can be converted and used for making purchases without any additional cost. They can be seen as a form of cashback or discount on future spending.

What is the significance of the 'welcome gift' offered by some credit cards?

The 'welcome gift' is a bonus offered to new cardholders upon joining, which can include benefits like cashback, reward points, or discounts on the first transaction. It serves as an incentive to attract new customers and can provide immediate value upon card activation.

What is the cashback limit mentioned for the Amazon card in the script?

The script mentions a cashback limit of ₹5000 for the Amazon card, indicating that this is the maximum cashback one can earn per month on eligible purchases.

What are the benefits of the 'New Card Plus' according to the script?

The 'New Card Plus' offers a total cashback of 7% on purchases made through the New Coin app and 5% on purchases made through the New Pass app. It also provides benefits across various categories including fashion, health care, and entertainment.

What is the advantage of using credit cards for fuel purchases as per the script?

Using credit cards for fuel purchases can provide benefits such as fuel surcharge waivers, cashback on fuel transactions, and reward points that can be accumulated and redeemed for discounts on future fuel purchases.

What is the 'Fuel Points' concept mentioned in the script, and how does it benefit the cardholder?

The 'Fuel Points' concept allows cardholders to earn points on fuel purchases, with each point being equivalent to a certain amount of money, typically close to ₹1. These points can be accumulated and used to offset the cost of fuel, effectively providing a discount on fuel expenses.

What are the travel-related benefits offered by certain credit cards as per the script?

Some credit cards offer benefits such as discounts on flight and hotel bookings, cashback on travel-related expenses, and reward points that can be earned and redeemed for travel purchases. Additionally, certain cards may provide complimentary access to airport lounges.