Credit cards are a convenient tool for managing your short-term financing needs. A credit card lets you borrow certain money and repay it later in instalments. Interest is charged only if the credit amount is not repaid within the grace period, which ranges between 20 to 60 days. Besides allowing you to borrow funds conveniently, credit cards also offer a host of benefits such as reward points, cashback, frequent flyer miles, credit scores, etc. A credit card is certainly a must-have item in your wallet.