Choosing and Using Your First Credit Card
June 22, 2024

Credit Card

Starting your first job is not just a new phase in your life but a significant step towards financial independence. It’s when you begin to earn and take charge of your finances, transitioning from a student with limited financial responsibilities to a professional needing to manage expenses and savings. This shift, the culmination of years of education and training, is the perfect opportunity to start shaping your financial future.

With financial independence, you can create your living environment, furnish your living premises, and design a comfortable home that reflects your unique style and preferences. This is not just about financial freedom; it’s about the sense of achievement and empowerment that inspires you to take control of your financial journey.

As a fresh candidate, your employer’s decision to hire you and open a bank account for your monthly remunerations with leading banks like HDFC Bank, ICICI Bank, Axis Bank, and YES Bank is a significant sign of trust and stability. This regularity of salary transfers provides a strong sense of security and lays a solid foundation for your financial future, giving you the confidence to plan and invest.

As a new job holder, you may consider getting a Credit Card. It’s a common aspiration, as credit has become the norm, and banks offer Debit Cards for ATM Transactions and cashless payments. A Credit Card can provide unparalleled convenience for spending on necessities and daily usage. However, it’s important to note that banks typically require a year of work experience to extend credit on behalf of the account.

What are the Benefits of a Credit Card?

A Credit Card offers a credit-free period of 30 days and can be used conveniently without the hassles of carrying cash. Primary usages include the following:

  • For online shopping and payment at retail outlets.
  • At restaurants and ordering food online.
  • It can be used to pay hospital bills and purchase medications.
  • To pay utility bills such as electricity, telephone and cooking gas.
  • This is for usage in travel and payment of air and railway tickets.
  • A credit card can be swiped to pay Hotel bills.
  • A cash withdrawal of up to 40% is permitted in an emergency.

The ICICI Bank Coral Credit Card

The ICICI Bank Coral Credit Card provides the best benefits for first-time credit seekers, considering the usages and advantages needed. The benefits of the ICICI Coral Credit Card are best suited which include:

  • Movie buffs can avail of monthly discounts by booking tickets on Book My Show.
  • Free access to the airport and railway lounges is also available.
  • 1% waiver of surcharge on HPCL fuel Petrol pumps.

The ICICI Bank Coral Credit Card is particularly beneficial for new job holders. With its low annual fee, cashback offers, and easy application process, it’s designed to meet the needs of those just starting their professional journey.

Tips for usage of your first credit card:

Setting a ‘conservative limit’ is essential when you get your first Credit Card. This refers to a credit limit lower than the maximum amount the bank is willing to offer, usually based on your monthly income. Accepting a conservative limit is wise, as it helps you manage your spending and avoid accumulating too much debt.

Use your credit card responsibly:

Your Credit Card is a powerful tool for cashless transactions, but it’s crucial to keep the details of your card, such as the PIN and CVV Number mentioned in reverse, private. Sharing these details can lead to unauthorised card use and potential financial loss. Using your Credit Card responsibly can avoid unnecessary debt and maintain a healthy financial status.

Keep track of the usage:

With the freedom of cashless spending on your Credit Card, you tend to spend without knowing that the money will be paid later. Maintain a record of the expenditure and treat the card as a debit card, knowing there are enough funds in your account.

Pay your bills on time:

The credit-free period of a credit card is 30 days. After the 30-day cycle is completed, a statement of account is generated. A grace period of 10 to 15 days is further extended to pay the dues. Mark the payment date on your calendar to ensure you do not forget, as a delay can cost you penalties and will be noted in your CIBIL history. Creating an auto-debit payment system from your Bank account is an option.

Upon receipt of your credit card, the literature with the terms and conditions is provided.

  • Welcome vouchers with discounts on partner outlets.
  • Details of benefits for credit card usage.
  • The list of charges applicable, the joining fees, and the annual fee.
  • Late payment charges and penalties for non-payment.
  • The interest rate is applicable on dues carried forward.

Take note of these details for optimal Credit Card Usage. Using your Credit Card regularly and making timely payments will help improve your CIBIL Score, strengthen your credit standing, and prepare you for future financial endeavours.

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