Buying Furniture: Payment Methods To Maximise Your Savings

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Furnishing your home is not just a task—it’s an exciting process where you bring your style and comfort together. From checking out furniture in showrooms or online to imagining how it will look in your home, every step is important. It’s about picking designs you love, making sure everything fits perfectly and turning your house into a place that truly feels like home.

But there’s more to this process than meets the eye. Once you’ve narrowed down your choices, the final step is equally important and can make a big difference in the long run. This is how to approach the payment.

With various options available today, understanding what works best for you is key. Each option comes with its own benefits and when used wisely, it can make your buying journey more rewarding. Let’s explore the payment methods that can help you maximise your savings while ensuring a smooth and stress-free purchase.

Cash

Paying with cash or a debit card means using your own money straight from your savings. This is a simple way to pay because you don’t owe anything later. Some stores may even give you a small discount for paying in full right away. It’s a great option if you want to avoid debt or extra charges. Plus, once you’ve paid, you don’t have to worry about monthly payments. This makes this option stress-free and budget friendly.

Credit cards

Using a credit card can be smart, especially when it offers discounts, cashback or reward points on your purchase. You can save some money or earn perks while buying furniture. If it’s a big amount, you can convert it into smaller monthly payments called EMIs. This makes it easier to manage. Just make sure to pay the card bill on time or you might get charged high interest, which could cost you more in the long run.

Personal loan

If you need to buy expensive furniture or a lot of it at once, a personal loan can help. It lets you borrow a fixed amount of money and pay it back in easy instalments over time. These loans usually come with lower interest rates than credit cards. With a set repayment plan, you know exactly how much you need to pay each month. Ensure that you can handle the monthly payments without stretching your budget too much.

Store credit cards

Some furniture stores offer their own credit cards, which are meant only for shopping at their store. These cards often come with benefits like special discounts or no-interest payment plans for a certain period. They make it easier to pay for big purchases in smaller amounts over time. However, you need to be careful and pay off the balance on time, as any delay could lead to extra charges that might take away the savings.

Take your time and make the right choice

When choosing how to pay for your furniture, think about your budget, the total cost and what works best for you. If you can pay the full amount without using up too much of your savings, cash or a debit card is a good option. For bigger purchases, credit card EMIs or personal loans can help, but check the interest rates and terms carefully to avoid paying more later. Look for deals like discounts, cashback or offers that match your payment method to save even more.

To make your payment easier, check out the Kotak811 Savings Account. With this account, you get access to a debit card, UPI payments and other simple ways to pay. Use your cards for direct payments or the mobile banking app for quick and hassle-free transactions. Kotak811 gives you convenience and flexibility while helping you stay on top of your finances. Open your account today and discover smart ways to bring home the furniture you love!

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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.