August 19, 2019
During emergencies, credit cards are your source for quick and hassle-free funding. Unplanned expenses can jeopardise your personal finance, but such cards allow you to mitigate the threats to your savings with immediate access to credit. Consider some of the features offered by the best credit cards in India.
Common features of credit cards
- Credit limit
Credit card limits are the predetermined line of credit which the user can utilise for the card. It refers to the maximum amount of monetary transactions the user can make. Financing companies consider your credit score and income to determine the credit limit for you. Higher-income and credit scores result in increased credit limit, and vice versa.
- Eligibility criteria
To avail a credit card, you need to, first, ensure you meet all requirements laid down by the NBFC in question. Failing to fulfill one or more of these can result in credit card rejection. Here are some common eligibility factors for the best credit cards in India.
- Age- The applicant should be aged between 18 and 65 years to avail a card.
- Credit score- The applicant’s CIBIL score must be high enough to avail the card, generally, scores over 750 are considered high enough for such cards.
- Income- Even though the monthly income requirements vary from one credit card company to another, the applicant’s minimum monthly income should be above Rs. 25,000 at least.
Some companies require you to meet additional criteria as well. Check up on such requirements before applying for the card.
- Reward points
You can earn and redeem reward points on your credit card purchases. To earn the points you must use the card for purchases against which you will earn certain reward points. You can use these points to avail discounts and cashback in the future. This is one of the key credit card benefits for travellers. International travellers can use their card for payments abroad and earn rewards for doing so as well.
- EMI facility
The best credit cards in India have one feature in common, which is the EMI facility when it comes to paying for a product or service you purchase. For instance, if you purchase a television set worth Rs. 60,000 and you do not have enough funds to pay the entire sum at once, credit cards will allow you to break the sum into smaller monthly payments. This feature helps reduce your financial burden while availing the costlier products.
- Cash withdrawal
Even though you can use a credit card to withdraw cash from ATMs, doing so can lead to a high-interest charge on the withdrawn amount. However, some cards, such as the Bajaj Finserv RBL Bank SuperCard, offers interest-free cash withdrawals from ATMs for 50 days.
- Savings and other benefits
Depending on the card you use, you can save a great deal of money every year. The best credit cards offer savings on payment of utility bills or even on flight ticket bookings. Additionally, some cards offer complimentary airport lounge access as well. If you spend enough money using the card in a year, your credit card company may waive-off your renewal or yearly fee for the card.
While choosing the best credit cards in India, look for as many of these features as you can in a card. Apply only once you are satisfied with every feature present in the card.
Consider, for instance, card issuers like Bajaj Finserv who provides pre-approved offers to make availing financial tools or products simpler and faster. Apart from credit cards, these offers are also available on personal loans, business loans and home loans as well as on other financial products as well. You can check your pre-approved offer by providing your name and phone number.
With effective usage, you can increase your credit card limit and spend more on the things you love. Apply for a card today and make the most of its benefits.