Everyone talks about investing, but saving is the fuel that drives successful investments. The question is, how can you save money in today’s inflationary world? Surprisingly, the answer lies in a payment method often disregarded by society – Credit Cards.
Leveraging Credit Cards for Savings: Credit cards are often seen as the culprits behind impulsive spending, but they can actually be valuable tools for savings. Let’s explore this concept through two examples:
Example 1: SBI BPCL Octane Credit Card This card offers a cashback of 6.25% on fuel expenses, up to Rs 10,000. By using this card for fuel purchases, you can effectively save a significant amount on your monthly expenses.
Example 2: Axis Vistara Credit Card This credit card comes with an annual fee of Rs 10,000, but it offers substantial benefits. Cardholders receive a free Business Class ticket and two One-Class Upgrade Vouchers, which can be used to upgrade Premium Economy tickets to Business Class. When you consider that a Business Class ticket is typically worth Rs 20,000 and a Premium Economy ticket costs Rs. 10,000, the benefits add up to around Rs. 40,000, which can be good cost-saving opportunity for those residing in cities from where Vistara operates.
Choosing the Right Credit Card: It’s important to note that not all credit cards are suitable for everyone. With a wide variety of credit cards available in the market, selecting the right one for your specific spending patterns requires expert guidance. At WealthWings, we specialize in helping you design your credit card portfolio. Our service fees also cover any new recommendations, such as acquiring a new credit card or canceling one that may no longer align with your spending habits.
While investing is crucial for building wealth, remember that saving is the first step on this financial journey. Credit cards, when used wisely, can become valuable tools to help you save money and achieve your financial goals. Seek expert advice to ensure you select the right credit cards that align with your unique financial needs.
