A welcome bonus is one of the most appealing offers financial institutions can provide to new credit card customers. This article delves into what a credit card welcome bonus entails, the types of bonuses available, and how you can maximise their benefits.

Let’s also explore how to choose the best credit card welcome bonuses and how you can apply for these credit cards online.

Understanding Credit Card Welcome Bonuses

A credit card welcome bonus is an incentive offered by banks and financial institutions to new credit card applicants. The primary goal is to entice new customers to sign up and use the card frequently within the initial months of issuance.

Benefits of Credit Card Welcome Bonuses

Below are some benefits attached to welcome bonuses on credit cards.

• Immediate Rewards: Upon meeting the minimum spending requirement, cardholders receive bonuses that they can use for various purposes, including shopping, travel, or statement credits.
• Cost Savings: Bonuses like cashback and reward points can lead to significant savings on everyday purchases.
• Enhanced Lifestyle: Many welcome bonuses include travel perks and other lifestyle benefits, which enhance the overall user experience.

Apart from welcome bonuses, one can enjoy a host of rewards and privileges with their credit cards.

Types of Credit Card Rewards

Many credit cards come packed with a range of perks that make it well worth getting them. Here’s a look at some of them.

Whether you are looking for the best credit card welcome bonus or rewards program, consider the value and type of perks to choose one that suits your lifestyle and spending habits.

Also Read: Benefits of a credit card – 10 reasons to use a credit card

Maximise your Credit Card Welcome Bonus

To make the most of your credit card sign-up bonus, consider the below tips:

• Meet Spending Requirements: Plan your expenses to ensure you meet the minimum spending requirement within the stipulated period.
• Understand Redemption Options: Familiarise yourself with the different ways to redeem your rewards for maximum benefit.
• Track Expiry Dates: Some bonuses and rewards may have expiry dates. So, use them before they expire.

How to Apply for a Credit Card Online

With IndusInd Bank, you can easily apply for a credit card online. It is a straightforward process that can be completed in a few simple steps.

• Research: Compare different IndusInd Bank credit cards and the various benefits they offer, to find the best fit.
• Eligibility Check: Ensure you meet the eligibility criteria, which may involve your age, income, and credit score.
• Documentation: Prepare necessary documents like ID proof, address proof, and income proof.
• Application: Visit the IndusInd Bank’s official website or a trusted financial portal, fill out the application form, and submit the required documents.
• Verification and Approval: The bank will review your application, and upon approval, your credit card will be dispatched.

When applying for an IndusInd Bank credit card, you can choose from a range of offerings, depending on which one suits you best.

Conclusion

A credit card welcome bonus is an attractive feature that can provide considerable benefits. You can also enjoy cashback, reward points, travel perks, and complimentary services with the right credit card. When you understand the various types of bonuses and how to apply for a credit card online, you can make an informed decision and maximise the benefits.

IndusInd Bank credit cards offer compelling benefits, which makes them a valuable option for savvy consumers. You can choose the best credit card with benefits suitable to your needs to ensure a rewarding financial journey.

Apply Now!

Disclaimer:

The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.

Plastic money refers to credit cards, debit cards, and other cards that can act as convenient substitutes for cash. 

The term ‘plastic money’ is popular as it denotes the shift from traditional cash payments to more flexible and tech-savvy methods. Plastic money has revolutionised how people manage their finances. It has transformed how people shop, travel, make payments, and more. 

Let’s learn more about what plastic money is, its types, and the benefits it offers. 

An Overview of Plastic Money

The following points explain plastic money and its workings:

• Plastic money refers to various forms of payment cards used instead of cash to carry out transactions. 

• Credit cards, debit cards, prepaid cards, and other electronic payment cards fall under the ‘plastic money’ category.

• The term ‘plastic money’ comes from the material of these cards – plastic. Such cards are embedded with technology that stores financial data. They allow users to make transactions quickly and securely.

• Plastic money is a safer and more convenient way to carry and spend money. A swipe, tap, or inserting the card are ways to transact. 

Now that you have understood the meaning of plastic money, let’s look at some common types of plastic money.

Different Types of Plastic Money

Here are some of the most popular types:

1. Credit Cards

These credit cards allow users to borrow money from card-issuing banks up to a pre-defined limit. The user must repay the borrowed amount within a specified period. 

2. Debit Cards

These cards are linked to the account holder’s bank and used for everyday transactions and ATM withdrawals.

3. Prepaid Cards

These cards are pre-loaded with a certain amount of money users can utilise until the balance is exhausted. They are not linked to a bank account and are popular for budgeting, gifting, and travel.

4. Store Cards

Retailers issue these cards for purchases at specific stores or chains. They often come with special discounts, promotions, and reward points for loyal customers. 

After understanding the meaning of plastic money and its types, let’s look at its advantages.

Also Read: First-Time Credit Card Applicant- 10 Things to Know Before Applying for Your First Credit Card

Benefits of Plastic Money

Here are some benefits you can enjoy with plastic money:

1. Convenience and Accessibility

One of the main benefits of plastic money is its convenience. It eliminates the need to carry cash and enables quick and easy transactions anytime from anywhere. 

2. Enhanced Security

Plastic money provides enhanced security features such as PIN protection, chip technology, and fraud detection systems. These features reduce the risk of theft and unauthorised transactions.

3. Building Credit History

Responsibly usage of credit cards is a great way to build and improve your credit history. Regular usage and timely credit card bill payments positively impacts your credit score.

4. Rewards and Incentives

Many credit and debit cards come with programs that offer reward points and complimentary experiences. These benefits of plastic money can lead to significant savings over time. 

5. Budget Management

Debit cards and credit cards come with monthly account statements. It allows users to monitor their spending habits and identify areas where they can cut back. It can help maintain better financial discipline and planning.

Conclusion

Understanding what plastic money is and its numerous benefits can help you make the most of it. 

IndusInd Bank offers credit card options with attractive rewards and benefits, such as travel privileges, complimentary movie tickets and golf classes/lessons, airport lounge access, and more. 

The best part? If you opt for a lifetime free credit card with IndusInd Bank, you do not have to worry about joining or annual fees. 

Apply Free Lifetime Credit Card and enjoy the benefits now at IndusInd Bank! 

Disclaimer:

The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.

If you use a credit card or plan to apply for one, you must know all there is to know about the outstanding amount. This number affects your credit score and financial health. 

The outstanding amount on your credit card refers to the total unpaid balance on your card.

Let’s understand the meaning of the outstanding amount on credit cards in detail:

Understanding Outstanding Amounts on Credit Cards

The following points provide an overview of the outstanding amount on credit cards:

• The outstanding amount on your credit card is the total balance you owe to the credit card issuer at any given moment. 

• It includes all purchases, interest charges, fees, and any unpaid balance from previous billing cycles. 

• When you use a credit card for purchases, cash advances, or balance transfers, these amounts add to your outstanding balance. 

• The amount fluctuates based on purchases or payments. 

• Keep track of your outstanding amount to stay within your credit limit. You may incur over-limit fees and negative impacts on your credit score if you cross the credit limit. 

• Some people may wonder whether the outstanding balance is the same as the statement balance on their credit card. These are two separate figures in your credit card statement.

• The statement balance is the amount you need to pay by the due date to avoid interest charges. On the other hand, the outstanding amount is the total debt as of a particular date.

Now that you understand what the outstanding amount on a credit card is, let’s also understand its importance for more clarity.

Why You Should Clear Your Outstanding Balance at the Earliest

Clear your outstanding balance as soon as possible so that:

1. You Can Avoid High Interest Charges

Banks charge high interest rates on outstanding balances if not paid by due date. You can avoid these charges and save money in the long run by paying off your balance in full by due date.

2. You can Improve Your Credit Score

A low outstanding amount on your credit card can help maintain a lower credit utilisation ratio. This ratio refers to the amount of credit utilised compared to the total available credit. A low credit utilisation ratio has positive effects on your credit score. A strong credit score can help you secure future loans and credit at affordable terms.

3. You Avoid Penalties and Fees

In addition to high interest rates, you may incur late fees and penalties if you do not clear your outstanding amount. It can increase your debt burden in the long run. 

4. It Helps You Maintain Financial Discipline

Clearing your outstanding balance on time encourages a sense of good financial habits and discipline. It ensures you live within your means and use credit responsibly. 

5. You Get Peace of Mind

When you pay off the total outstanding amount on your credit card, you can let go of the stress and anxiety associated with debt. It can help you focus on other financial goals, such as saving and investing.

Also Read: Essential Credit Card Terminology- Key Terms and Definitions Explained

Conclusion

Understanding the meaning of the outstanding amount on a credit card and its significance can help you deal with credit responsibly. 

Clearing the outstanding amount is easier when there are fewer costs involved. Hence, consider opting for a lifetime free credit card with IndusInd Bank. These cards have zero joining or annual fees, which reduces the overall costs associated with credit cards. Also, you enjoy various perks, such as reward points that never expire, complimentary movie tickets, airport lounge access, and more! 

Take control of your finances today with IndusInd Bank’s range of credit cards. Apply now! 

Disclaimer:

The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.