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No-cost EMIs and BNPL schemes are attracting younger consumers who desire flexibility, ease, and control over their payments: Raj Khosla

Money Control · 10d

Raj Khosla, Managing Director of MyMoneyMantra, suggests creating a budget and sticking to it to effectively manage credit cards during the festive season. He advises tracking expenses regularly through mobile apps, utilizing credit cards with benefits like no-cost EMI and cashback rewards, and using credit responsibly to build a good credit score. The choice between credit cards, no-cost EMIs, and Buy Now, Pay Later (BNPL) schemes depends on individual preferences. To maintain a good credit score, Khosla recommends paying bills and EMIs on time, keeping credit utilization below 30%, and avoiding debt traps. Future credit card rewards programs may focus on personalized experiences, cashback incentives, and partnerships with lifestyle brands. Financial independence requires saving 25-30 times one's current annual expenses, and a diversified investment strategy across equities, real estate, and gold can lead to long-term wealth creation.