According to the Reserve Bank of India, there were more than 24 million active credit cards in India, as in 2016. In addition to various people of social status increasingly availing of credit card services, this number will only scale upwards in the coming years.
However, most new applicants are often confused about which is the best credit card in India that can offer them maximum benefits. Not only this, but the chosen credit card should also offer maximum protection and security during transactions. So, here are some features that can assist you in identifying the right credit card in India.
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Cards that offer cashbacks
Apply for a credit card that provides cashback along with annual reward points. Also, it’s essential to apply for cards only after analyzing your spending pattern well. That will enable you to earn higher cashbacks.
For example, go for a travel credit card if you are a travel enthusiast, or if you need to go for business tours often. It will help you get more air miles and travel bonuses. You’ll also get free airport lounge access with such cards.
2 Reward points help in earning more
The best credit card in India comes with attractive reward points. These are redeemable points that users get on using credit cards for transactions. These can fetch you discounts, cashback and other gift vouchers.
Checking the value of reward points involves a very informal procedure. Either you can call on your financial institution’s helpline number to acquire the information. Or, check it on your own by referring to the lender’s reward catalog. There, you will find out how many reward points you can redeem. Usually, the best credit card in India offers reward points of up to 20,000 as a joining bonus or welcome gift.
3. Check how comfortable you are with payment options
Most financial institutions provide the facility of net banking as a mode of paying your credit card bills. However, some people may not be comfortable with this payment option.
Therefore, check all the options available with your lending institution before applying for the card. See if they provide the option of cheque drop in case this mode of payment is more convenient for you. Also, check the location of their branch or a nearby ATM around your home or office so that you don’t have to travel much to make those payments.
4. Easy EMIs with interest-free options
Paying credit card dues often becomes a burden for customers. Therefore, it is beneficial to apply for a credit card that offers secure and interest-free EMI options. These days, lending institutions provide the facility to convert the total amount due to easy EMIs with low or zero processing fees.
The Bajaj Finserv RBL Bank SuperCard enables customers to enjoy additional perks like availing of personal loans on unutilized credit, robust security, ATM cash withdrawals with no interest of up to 50 days, etc. Financial institutions like Zolve.com also offer similar benefits with added advantages on credit card for international students applying for credit in the US.
5. Flexibility in changing bill due dates
It’s essential for customers to know the billing dates as their payment dates ride on this factor. Financial institutions fix this date after investigating specific aspects like salary cycle and spending pattern. Hence, the best credit card would undoubtedly entail the facility of changing billing dates as per your ease. Thus, opt for cards from lenders who enable you to avail this feature of flexibility in terms of such changes.
Therefore, choose the best credit card in India only after determining your necessities. It also includes the habit of being conclusive about your spending pattern. That way, customers will be able to get the maximum benefits of availing a credit card.
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More security when you purchase using credit cards
It may sometimes happen that you face a mishap after buying a particular product. Such mishaps can be incidents like lost or stolen merchandise or damaged product. Your credit card company can come to your aid in situations like these. However, ensure you lodge the complaint within 90 days of your purchase at the most.
Companies also provide security against theft with this feature. Here, they will help their customers by looking into accounts that have hacked their profiles. They will also assist in filing police reports along with helping customers maintain their credit scores.
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Warranty protection for extended periods
Manufacturers usually offer extended warranties on products for an additional cost only. However, you may get extended warranties free of charge if you purchase commodities on credit cards.
Keep in mind to pay for repairs and replacement of any parts using the same card. File all those receipts carefully and submit them to the lender. Eventually, you’ll see a cashback in your future bills.
Hence, apply for a credit card to avail of unique features along with robust security and zero-fraud liability cover that lending institutions offer.
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Price protection
Purchasing a particular product only to see its price fall within a week or so is immensely upsetting. Thus, various companies provide price protection; they allow you to exchange a product that you have already bought at a high price with a lower-priced one.
In fact, credit card companies search for lower prices of that commodity for you. However, you can avail of this offer only if they’re able to find it within 60 days of the given purchase.