For millennials and those in the 25-35 age group, achieving financial freedom is a goal that often feels like a distant dream. Balancing student loans, rent or mortgage payments, and daily expenses can be challenging. However, one strategic move that can be of great assistance is to apply for credit card online. With wise financial decisions and strategic planning, financial freedom can be within your reach. In this article, we'll explore how you can achieve financial freedom by making smart financial choices and highlight the benefits of credit cards in this journey. We'll also present a list of the top 3 credit cards with low joining or annual fees, or that are lifetime free, available through the Bajaj Markets platform, along with the application process.

How to Achieve Financial Freedom

Budgeting and Saving:

Financial freedom starts with effective budgeting and saving. Create a monthly budget that accounts for your income and expenses, including rent, utilities, groceries, and discretionary spending. Allocate a portion of your income to savings and emergency funds. Consistently sticking to your budget and saving regularly will set the foundation for financial stability.

Debt Management:

If you have outstanding debts, prioritize paying them off. High-interest debts, such as credit card balances, should be tackled first. Create a debt repayment plan and consider consolidating your debts if it helps reduce interest rates. Being debt-free will free up more of your income for savings and investments.

Investing Wisely:

Once you've established an emergency fund and paid off high-interest debts, it's time to consider investing. Explore investment options such as mutual funds, stocks, and retirement accounts like 401(k)s or IRAs. Diversify your investments to manage risk and aim for long-term growth.

Building Multiple Income Streams:

Financial freedom often comes from having multiple sources of income. Look for side hustles or freelance opportunities that align with your skills and interests. The additional income can be directed towards savings and investments, accelerating your path to financial freedom.

Education and Skill Development:

Investing in your education and skill development can lead to higher earning potential. Consider taking courses or certifications that can enhance your career prospects and increase your income over time.

Benefits of Credit Cards on the Path to Financial Freedom

While it may seem counterintuitive, responsible credit card usage can be a valuable tool in your journey towards financial freedom. Here are some key benefits of using credit cards wisely:

Building Credit:

A good credit score is essential for financial freedom. Credit cards offer an opportunity to establish and build credit when used responsibly. Paying your credit card bills on time and in full demonstrates financial responsibility to credit bureaus.

Cashback and Rewards:

Many credit cards offer cashback or rewards on everyday spending. By using a rewards credit card for your regular expenses, you can earn cashback, points, or miles that can be redeemed for travel, gift cards, or statement credits, effectively saving you money.

Convenience and Security:

Credit cards provide a convenient and secure way to make payments. They offer fraud protection, and in case of unauthorized transactions, you're not liable for the charges. This can provide peace of mind and financial security.

Top 3 Credit Cards with Low or No Fees on Bajaj Markets

Bajaj Finserv RBL Bank SuperCard: This card is a versatile credit card with no annual fees. It offers rewards in various categories such as dining, fuel, and online shopping. Cardholders can also enjoy interest-free cash withdrawals from ATMs for up to 50 days.

SimplySAVE SBI Card: This card has a low annual fee of Rs. 499 and offers 10x reward points on movies, dining, departmental store expenses, and grocery spends. It also provides a 1% fuel surcharge waiver.

IndianOil Axis Bank Credit Card: This card has a low annual fee of Rs. 500 and offers 100% cashback on all fuel transactions up to Rs. 250 for the first 30 days. It also gives 5% cashback on fuel spends at IndianOil outlets and a 1% fuel surcharge waiver.

How to Apply for Credit Cards on Bajaj Markets

  • Visit the Credit Card section on Bajaj Markets

  • Click on Apply Now and proceed to the online application

  • Enter your mobile number and proceed by entering the received OTP

  • Browse through and compare various credit cards

  • Pick your card and avail of the offer

You can get started once the card activation is completed!

Conclusion

Achieving financial freedom is a journey that requires strategic planning, discipline, and wise financial decisions. By budgeting, saving, managing debt, investing, and exploring multiple income streams, you can work toward your financial goals. Credit cards, when used responsibly, can be valuable tools in this journey, helping you build credit, earn rewards, and enhance your financial security. The Bajaj Markets platform offers a range of credit cards with low or no joining and annual fees, making them accessible to individuals in the 25-35 age group. Applying for these credit cards online is a straightforward process, allowing you to take the first step towards financial freedom. So, start your journey today, and watch your financial future grow brighter with each wise financial decision.