Choosing a suitable credit card today is almost as challenging as selecting a smartphone or laptop. There are several features and benefits you must look out for. Similar to the electronics sector, numerous credit card providers operate in India with each offering specific benefits to attract new users. NBFCs have also become part of this market recently in association with centralised financial institutions.
These financial companies are offering features that only a handful of cards provide. Some of the benefits are also a first in the market.
So, you must look for the following features when choosing a card in 2019:
- ATM cash withdrawal without any interest
Credit cards usually charge you a hefty interest instantly when you withdraw cash from ATMs with it. You also had to pay a processing fee along with that.
However, credit cards now offer the feature of zero-interest ATM cash withdrawal for a limited period. This period can stretch up to 50 days. Repaying the amount within this timeframe helps you to avoid paying additional charges. You have to only pay the processing fee.
- Emergency personal loan at zero interest
Another industry-first feature of this card is an emergency personal loan at no interest. You can convert the balance of your credit card limit into a personal loan and enjoy an interest-free period of up to 90 days. A minimal processing fee is what you have to pay in this case.
Bajaj Finserv also brings you pre-approved offers that help you save time when availing these credit cards. Pre-approved offers are also available on home loans, unsecured loans like personal loans, business loans, and several other financial products. You can check your pre-approved offer by providing only your name and phone number.
- Reward points on various occasions
Reward points are why credit cards are more beneficial than debit credits.
Apart from transactions, all the latest credit cards help you earn reward points on various occasions like:
- As a welcome bonus when you avail your credit card. Some cards provide up to 20,000 points as joining bonus.
- When you reach a milestone. You earn milestone bonus when you spend a particular amount in a year. For example, the Bajaj Finserv RBL Bank World Plus SuperCard provides 20,000 reward points when you spend Rs. 3 Lakh in a year and another 20,000 points when it reaches Rs. 5 Lakh.
You can do several things with your credit card reward points. For example, redeem them to purchase or avail discounts on flight tickets, hotel bookings, retail shopping, shopping vouchers, mobile recharge, etc. Reward points for online and offline shopping are standard with all cards. Some credit cards also provide high points for specific expenses like international purchases and dining.
- Complimentary access to airport lounges
Access to airport lounges was a standard feature only with airline credit cards. However, you can avail up to 8 such accesses in a year with some of the premium credit cards in the market presently.
- Offers on movie tickets
Free movie tickets or discounts are another feature to consider when looking for a credit card in 2019. Usually, you can enjoy one movie ticket free when you purchase one or enjoy discounts on the same.
- Waiver on fuel surcharge
Co-branded credit cards let you avail discounts on fuel purchases from partnered fuel stations. These cards will also provide fuel surcharge wavier. The fuel surcharge waiver is limited to a particular amount in a month.
Make sure to satisfy all the credit card eligibility criteria to apply for a credit card online. A credit score of 750 is mandatory to avail feature-rich credit card.
Gaurav khanna is an experienced financial advisor, digital marketer and writer who is well known for his ability to predict market trends. You can find Gaurav on Linkedin.