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Diwali is a great time for everyone, especially shoppers. There are many discounts and offers provided by companies across the board. Since Diwali is an extremely important festive season in India, giving and exchanging gifts is popular. If you’re planning to pick up something for yourself and your loved ones, Diwali is the best time! Given the recent rise in the popularity of credit cards, companies have begun to offer fantastic deals to credit card holders. This Diwali will be no different, and credit card holders, in particular, can expect some truly remarkable eye-catching deals that they will want to swoop up instantly! If you are someone who wants to maximise the benefits of a credit card during this period, here are some step-by-step instructions that can help you reach your goal.

How to Wisely Use Your Credit Card This Diwali

Step 1: Clear Your Dues 

It is important to remember the terms and conditions that surround credit cards. In addition to the amount you spend, certain convenience fees, interest rates, and maintenance expenses are added to your bill. Ensure that your dues have been cleared to make the most of your Diwali shopping spree. It will allow you to manage the financial burdens of any large transactions you may make during this period. Additionally, paying off dues allows you to use the maximum limit on your credit card, giving you unlimited shopping potential on the best offers. 

Step 2: Identify Your Budget

Credit cards are essentially debt instruments, but staying on top of your finances is important this Diwali season. Remember, the central purpose of using your credit card is to pick up great deals. It is not to help you purchase something that is outside your financial capacity. If you cannot clear your existing dues at the end of Diwali, you might be charged a late fee ranging from 15-30% of the outstanding balance amount. Therefore, it is extremely important to set a limit on the amount you wish to spend. Have a financial plan that will allow you to clear your dues in an acceptable timeframe. 

Step 3: Choose the Best Offers

Both merchants and banks create special incentivised offers that can help their customers make attractive buys. Therefore, conducting your research and finding some of the best offers available in the market is important. If you do not currently own a credit card but are planning to pick up one for the holiday season, now would be a good time to find the best credit card company that has the most lucrative offers!

Some of the best credit cards In India that offer great Diwali deals are:

  • OneCard
  • ICICI Bank Credit Card
  • SBI Credit Card
  • IndusInd Credit Card
  • HDFC Credit Card 

If you have multiple credit cards, it makes the most sense to use the card that offers the best deal regarding rewards or discounts for the transaction you plan to make.

Step 4: Use Accumulated Reward Points 

The optimum time to use coupons and reward points is during Diwali since it will let you go a little over your budget. However, reward points have an expiry date, so be sure only to use accumulated points that will last till you need to use them. 

Step 5: Look for Other Offers 

In some instances, the credit card offers on hand may not be the most attractive option available to you. Several other loans, such as consumer durable loans and Buy Now Pay Later (BNPL) schemes, may offer better interest rates. Hence, it is best first to confirm if using your credit card for the transaction you need to make is your most profitable decision. 

There is much on offer this Diwali season. Shoppers who are looking to splurge with their credit card should keep these steps in mind to maximise the opportunities at hand. Credit card issuers such as banks provide attractive incentives, so remember to search for some of the best credit cards in India to find the best deals. Finally, remember that it is important to maintain financial discipline to ensure that you have a successful and pleasant experience.

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