With a credit card, you can borrow money up to the pre-approved credit limit that the credit card issuer has set. It allows for a cashless transaction. The credit card holder’s debt, income, and credit score are only a few of the factors used to establish the credit limit. Both online and offline purchases of products and services are possible using a credit card.
Financial institutions give customers a grace period of 40–50 days to pay their obligations. You must pay the outstanding balance within this period. The consumer may incur a financing fee, which may be roughly 3% if the deadline of this time is exceeded. The best credit card in India comes with several alluring benefits.
One advantage of using a credit card is that it allows customers to purchase using the credit card issuer’s money. As a result, you can use credit cards if you don’t have much money saved up. It is useful when you don’t have enough money to make a purchase or take care of an emergency. Additionally, it provides a 45-day grace period for repayment. As a result, you are prepared for any situation, even with fewer savings.
Credit cards are financial tools that enable consumers to get credit for purchasing goods and services. The credit card user must repay the amount every month to the credit card issuer. Customers can conduct cashless transactions with this card.
Several credit card companies claim their products to be the best credit card in India. You need to choose according to your needs after conducting thorough research about several credit card features and benefits. Some credit cards are good for cash back, while others work best if you are a frequent traveler. There are fuel credit cards, lifestyle credit cards, gold credit cards, co-branded credit cards, etc. One of the best credit card companies is Bajaj Finserv, which provides credit cards per your need. One such credit card is Bajaj Finserv RBL Bank Credit Card.
Here is the List of the Best Types of Credit Cards in India:
Fuel credit cards
A fuel credit card offers benefits every time a cardholder purchases fuel. This card assists clients in saving money when refueling their vehicles by offering reward offers and exemptions of gasoline surcharges. Some financial institutions additionally give accelerated rewards points when purchasing fuel at particular gas stations around India. Refuelling can be purchased with the earned reward points for a predetermined amount. The activation bonus, entertainment bonuses, food, hotel, and fitness offerings, among other things, are extra benefits.
Credit Cards for Women
Some financial institutions have launched credit cards that are specifically made for women to guarantee that their female customers receive the most benefits. At this point, you can find the difference between debit card and credit card. These credit cards for women provide a strong emphasis on cashback and shopping rewards. In addition, cardholders can receive additional reward points, a waiver of fuel surcharges, insurance, etc. Users can also accrue reward points when they use their credit cards to make purchases.
Contactless Credit Cards
The special payment technology found in contactless credit cards enables cardholders to make purchases at POS terminals by merely tapping their cards. These incredibly secure contactless transactions don’t require users to input a PIN to make payments. These cards come with several advantages, including savings, cashback, rewards points, access to lounges, concierge services, insurance policies, and more.
Travel Credit Cards
Travel credit cards are very common due to their endless travel benefits. These cards provide travel rewards both domestically and internationally. The majority of financial institutions have partnered with airlines or travel agencies to offer travel credit cards. Customers can accrue air miles by using this card to make travel-related purchases. In addition, some travel cards give their clients access to airport lounges. Customers who use these cards can convert their reward points into air miles. It can be used to purchase tickets and select better seats on flights. Travel cards also give discounts on hotels, vacations, golf, restaurants, travel insurance, etc.
Cashback credit cards
Customers who use cashback credit cards receive cashback on their purchases, which can range from 5% to 20%, depending on the type of spending. Payment of bills, the purchase of movie tickets, retail purchases, dining expenses, grocery purchases, etc., qualify for cashback. Fuel surcharge waivers, annual fee refunds, dining and shopping privileges, international acceptance, balance transfers, etc., are the main characteristics offered by every cashback card.
Getting a credit card is a smart move if you utilize it wisely. Credit cards can be very helpful in times of financial emergency when you don’t have enough funds. They also offer numerous discounts, rewards, and deals for the advantage of customers. Possessing a high credit score might also improve your chances of being approved for personal loans with bigger borrowing limits. Finally, you ought to think about getting a credit card, but use it properly. To reap the most benefits, develop habits like timely payment of debts and wise spending management.