With various credit cards being offered by different financial institutions in India, it is difficult to select one as the best available option. Additionally, personal preferences and spending habits must also be taken into consideration while making such a choice.
Consequently, these features should be checked and compared while selecting credit cards in India -
Few credit card users offer loan options to their users in case of a financial emergency. This can be availed online by paying a flat processing fee; the loan does not incur any interest if cleared within 90 days.
A very advantageous feature often offered on credit cards is that of cash withdrawal from ATMs. This should be repaid within 50 days and does not have any interest other than a processing fee.
Though offered on every credit card, applicants should compare reward points as well as related features. Furthermore, users should regularly check reward points related norms to maximize their benefits.
While most credit cards in
Credit cards have majorly transformed a cash-intensive economy like India post the demonetization. People now prefer to use plastic money for transactions across various verticals. The primary reason behind its increased usage is the convenience that these cards provide. Besides making a credit card payment for product purchases, users can now pay their utility bills every month through the card.
Credit card statistics to note
As of July 2019, the total number of credit cards stands at 50.3 million.
Around 10.8 million credit cards were added from September 2018 to September 2019.
The total amount of transactions (2018 – 19) made with credit cards is Rs. 6.07 Lakh Crore.
Credit card transactions increased by 29.8% at POS terminals.
Availing the best credit card
Financial organizations in India offer different types of credit cards with varying features and benefits. It is essential to choose the best credit card as per your requirements.
One of the leading NBFCs, Bajaj Finserv brings
Some numerous financial institutions and lenders introduce reward points to boost customers to utilize credit cards for all the things they desire to buy. Banks and NBFCs nowadays offer reward points on credit card transactions. It means the more you utilize the credit card, the more points you collect.
However, once you have collected the specific number of rewards points, you can redeem them for offers including gift vouchers, air miles, coupons, cashback, and so much more. It makes total sense to choose the best rewards credit card that provides you perks according to your spends.
Ways To Earn Reward Points
Before you get all excited, it is essential for you to know how you can earn these reward points. You can surely earn one reward point for expending 100Rs. offline and then two reward points for spending 100Rs. online. This way, the card provides you about 2 reward points for every transaction of 100Rs. On dining and abroad transactions.
If you’re a frequent flyer, then you can
A highly valuable, precious plastic card is what credit cards are in real. The card is specially designed, in such a way that it performs the necessary banking operation without failure. Here, is more information quenching the thrust of what is credit card?
The usefulness of the card
You can swipe the card in ATM to get hold of the amount that you input. An individual, who wants to perform any banking operation, ranging from withdrawing to checking the balance of the account, is simple with the card.
The process of acquiring such a card is easy and also convenient for use on multiple occasions.
The card comes handy in shopping from any online or, offline store, paying electricity bills, and performing other monetary action is easy, with credit cards.
The different types
Depending on nature and area of utilization, there are diverse types of credit card at present, available in the market.
Airline credit cards, fuel cards & shopping cards are the few types in the broad list.
Each card has
Applying for a credit card has its own advantages and benefits. One can resolve small monetary issues without any worries. All you need to do it to get a credit card from a financing company. You can use your credit card to purchase flight tickets, shopping, to buy home appliances, etc. However, the major question is "how to use credit card” smartly?
Some people are unaware of the fact that credit cards are required to be used responsibly. If you are one of those people then here’s the answer to your question—how to use credit card?
Here are 5 ways to use your Credit Card:
Keep the Credit Amount in Mind: While making purchases one should always keep the credit amount in mind. No one wants to exceed the credit limit for one may not be able to repay it. Therefore, make sure to keep track of the amount that you have spent.
Timely Repayments: One should always check the due date of payment. Making timely repayments can save you from extra charges or late fees if any.
Use all the Rewards: Make
You carefully look for best offers discounts when you buy groceries or make a holiday. Won’t it be amazing if your credit card could manage and get the best bargains for you? Financial institutions offer a host of benefits when you use your credit cards. Make a wise pick while choosing your card so that you can reap umpteen benefits later on.
Here are the key types of credit card that you can choose from:
1.Rewards:
(A) Fuel credit card: If you have high driving needs this might be the best choice for you. Financial institutions partner with fuel companies to offer advantages to people with such needs.
(B) Travel credit cards: These are also co-branded cards that give you cheaper fares on travel tickets. They can be collected on a daily basis commute as well. Additional advantages include airport lounge service and concierge services.
(C) Shopping credit cards: These are used specifically for everyday expenditures and can be both standalone and partnered. The standalone cards give equal
Credit card is also known as the plastic money that helps customers to buy products in credit anywhere as per the limit.
You get a credit card from your bank and you can purchase products and pay the mount in either EMI or in full amount. So let's talk about the various credit card benefits that you get.
No need to carry cash with you when you travel. Your credit card can save you from the hassle of carrying money all the time. Especially, if you are worried about carrying cash, a credit card is the best solution for you. You can easily shop, book tickets and pay for almost anything using your credit card. For both online and offline payments, credit cards can be used.
For urgent cash requirements, the credit card is very helpful. You may have stuck somewhere and do not have adequate cash with you. In that situation, the credit card can save you from the trouble. You also get a 90-days interest free cash withdrawal with your credit card that allows you to withdraw cash within that period
When it comes to check Credit Card Statement, there are certain things which should be kept in mind. These are as follows:
The first pertains to the functioning of outstanding amount. This amount contains two amounts, the minimum amount due and total amount due. However, it is always advisable to pay the total amount due paying the other until interest is paid.
The second pertains to payment as per the due date. The due date is essential to be considered. Else, additional amount can be charged. In order to avoid additional amount, one must pay the amount on time.
The third pertains to the billing cycle. Billing cycle refers to the certain fixed period within which payment can be done. This can also be called bandwidth. A billing cycle is 30 days. Transactions made during this period must be repaid within the payment due date. The payment due date appears after 15 days from the end of the billing cycle.
The fourth pertains to opening balance. The credit card statement always shows
A credit card plays a crucial role in our day to day life. They not only facilitate us to pay large expenses, pay in EMIs but also provide us loan facility. Credit card loan is one of the hidden benefits of credit cards and most of the credit card holders have no clue about the same. Allow me to explain this biggest advantage of the credit card.
What are credit card Loans?
Credit card loans are identical to the personal loans with only one difference that it comes pre-approved, which means that you need not involve any of the documentation processes to get an instant loan on credit card.
The reason for this advantage is that you are getting a loan against our credit card which is already verified.
This is the fastest means to get an unsecured loan without any hassle. You can use the loan amount to fulfill your needs and pay back the same in EMIs.
Benefits of Credit Card Loan Facility
Getting an instant loan on credit card to cope up with emergencies is the biggest advantage of this
