Premium credit allows you to buy premiums in the same segment only. Other types of trading orders cannot be placed using the option premium on the same day according to the exchange's compliance regulations.
For example, if you have received a premium from equity F&O, you can use the premium to buy equity F&O and not a commodity or currency F&O. This is applicable until the premium is settled in your trading account.
Once the money is credited to your trading account - it can be utilised for any purpose.