Diwali, the festival of lights, is an occasion that is celebrated by all the people in this country. It is celebrated as a victory mark of good over evil. People decorate their houses with candles, light crackers, share sweets and enjoy with their loved ones. Most of us, who live far away from our homes for work related purposes find it as the right time to visit their family during Diwali. It is one of the happiest times of the year which brings everyone closer.
Happy times also mean that you give gifts to all the people you love and also get a few too! When it comes to meeting the entire family, you need to buy gifts for your parents, spouse, children, siblings and the extended family too. Buying all the gifts spending hard cash can be difficult at one go. Instead you can choose to use your credit card to buy gifts for your family and friends.
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Credit cards can definitely prove to be your best friend in your pocket. It gives you financial support when you need it the most. With credit cards you can buy all the gifts that you want for your family and friends. These payments can be converted to EMI (Easy Monthly Instalments) so that while repaying the money to the bank, you do not face a financial crunch. You can plan how much you wish to repay every month and get it auto debited from your account too. This way you will not be spending ad-hoc money from your savings and your finances will run smoothly too. Giving gifts to your family during Diwali is a great thing to do but you should also remember that your finances needs to well managed too.
When it’s Diwali time, shopping comes automatically. Several offers and discounts are lined up during this time of the season. However, before you splurge your Diwali bonus or your savings, stop and think about the numerous reward points that could have been earned by careful spending on your credit card.
Before you head out to the shop, it is advisable that you calculate the reward points that you have accumulated on your credit card. Most banks offer rewards for every Rs.100 spent on the credit card. Generally, you get 1 point for every Rs.100. So, if you have spent Rs.30,000 using your credit cards, you will have 300 reward points accumulated on your credit card.
If you analyse properly, you will be able to find out that offers that come with cashback yield more rewards. At present, most of the banks offer cashback of 5% to 7%. This means that when you spend an amount of Rs.6,000 using your credit card, you will be getting a cashback of Rs.300, at least.
All the offers are associated with some terms and conditions. Make sure that you study them well and understand them. In most cases, the terms and conditions are stated in a way which would favour the bank. However, you can make them work in your favour if you are aware. Thus, you must make a move before time runs out and head to a store where you can avail more benefits.
If you are planning to head home during Diwali, then you must keep checking for dates when there are offers on the flight tickets.
The rates of interest associated with credit cards are high. So, it is very easy for you to fall in a debt trap. The best way to avoid such a situation is to spend carefully and in a disciplined manner. Only buy the things for which you can repay before the due date is over. It is always better to repay the entire bill amount rather than paying just the minimum due balance.
Many years ago shopping in Diwali was very different. Shopping needs had to wait till Diwali arrived. It was a big deal for every family. From school bags to shoes, bedsheets to party wears, everything had to wait till Diwali as that was the time of the year when the shopping spree begun.
However, now the situation is pretty much different. Every season there is some reason to shop. Discounts are also available for various occasions. May it be electronic appliances or clothes, things are on sale even when it is not Diwali. People also shop individually a lot as they do not find a lot of time to spend together. Also, virtual shopping on websites is convenient and quick. So, some people shop on these websites too.
Diwali shopping is something very special. Even if you get a lot of offers throughout the year, you will still feel like shopping during the Diwali. Ensure that you find the best deals for yourself and make the most of the available Diwali offers.
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