5 Reasons to Upgrade Your Credit Card

In present times, plastic money has become the most suitable means to purchase a product. Whether it may be an online or offline transaction, your Credit Card is the new way to make your purchases in the digital age. A Credit Card is the most accessible asset you can own that offers ready access to funds anytime, anyplace. It brings a world of convenience, interest-free periods, Discounts, CashBacks, and Rewards Points. Let's explore five reasons to upgrade a Credit Card through this article.

Below are the 5 reasons to upgrade your Credit Card:

  1. Enhanced Credit Limit: When you upgrade your Credit Card, there is a chance to increase in the overall credit limit or even get a Credit Card upgrade depending on your spending pattern and credit history. It offers you the benefit of spending more in a hassle-free manner, and your credit usage will be higher.

  2. Additional Value on Your Spends: Depending on the type of upgrade you opt for, you can benefit from a wide-ranging list of rewards, offers and promotions. Earlier, your Credit Card only offered you CashBack on fuel spend; when you upgrade your Credit Card, you can opt for benefits that provide you rewards with shopping, fine dining promotions, luxury travel, air miles, and many more. Choose your card upgrade wisely to maximise your advantage on every spending that wasn’t covered previously.

    The way you use your Credit and Debit Cards when shopping online will change very soon. All online shopping websites will now be forbidden to save the card number, CVV, and expiration date on their servers under the new tokenisation rule. Tokenising your card information will create a one-of-a-kind token specific to your card and only accessible to a single merchant at a time. This code obscures your card's exact details, preventing unauthorised use.

  3. Quicker Loan Approval: One of the reasons to upgrade a Credit Card is quicker loan approval. Though an upgrade will offer you a higher credit limit on your Credit Card, you should be mindful of your usage. Your usage and timely payment of your outstanding Credit Card amount will determine the type of borrower you are. When you plan to opt for a loan, your Credit Card limit and usage restriction will enable you to be considered as a safe borrower. This is because a controlled usage of the Credit Card and your access to additional credit will eventually speed up your loan application with a possibility at competitive interest rates.

  4. Exceptional Credit Score: A question of why should I upgrade a Credit Card plays on your mind much? One of the critical reasons is your credit score. As a mandate, the credit utilisation ratio of your Credit Card or combination of your multiple Credit Cards extends more than 50%; your credit score takes a downward hit. So, one of the main reasons to upgrade your Credit Card is to enhance your credit score. This will offer you a hassle-free shopping experience to keep your expenditure under check, and you won’t need to stress about your credit score.

    Did you know a good CIBIL score can also affect your Credit Card usability?

  5. Healthier Cashflow Management: An upgrade of your Credit Card can help you handle your cash flow more efficiently. You can alter your billing cycle to match your cashflow requirement with an upgrade. For instance, if your present billing cycle is at the end of the month, you can change the billing cycle to mid-month with an upgrade of your Credit Card. This amendment will offer you the benefit to split your expenses in such a manner that your monthly budget of income and costs can be controlled and monitored.

With our guide of the reason on why to upgrade Credit Card, make your banking journey with HDFC Bank a memorable one. To get your Credit Card upgraded today click here.

Apply for Credit card online and avail instant rewards and deals

*Terms and conditions apply. Credit Card application and upgrading approval is at the sole discretion of HDFC Bank.