What do consumers look for while choosing a credit card? The first thing that comes to mind is a credit card that gives you great rewards and perks. To be sure, Indian banks and financial companies provide citizens with the best credit cards in India today, but with the plethora of cards on the market, which do you ultimately choose?
One important way to start your hunt is to understand what credit card use is all about in the first place. A credit card lets you buy products on credit, with the facility of not having to pay cash upfront. A credit card gives you a free credit period in which you can purchase goods and services, after which you have to settle a bill (the credit card statement). This free credit period varies from card to card and issuer to issuer but can last anywhere from 30 days to 45 days.
Understanding Credit Card Use
When you select a credit card for use, you essentially start using a card that offers you credit, that is, in fact, a loan from a bank or a credit card company during the free credit period. If you hold a bank account, your bank will most likely offer you a credit card from that bank for use. If you do not already have one and want to apply for a new credit card, you can afford to choose the one you want but will have to meet the eligibility criteria to get approval for the same.
You have a range of great credit cards in India to select from, but you should make your choice in an informed way. You must remember that there is no such thing as the ‘best’ unless it meets your specific usage requirements. The same is true for a credit card. You get several different types that cater to different use cases, and you must make an informed choice based on your distinct spending pattern and need.
Types of Credit Cards
Choosing a credit card is not a challenge if you know what exactly your needs and future financial requirements look like. You may be eager to obtain the best credit card deals while looking for the card, but this shouldn’t have any bearing on your choice. Furthermore, you may have seen promotions and heard about credit cards that offer cardholders a range of advantages, but do not get swayed by this.
Nowadays, with a view to promote credit card usage by people in India, the Reserve Bank of India has encouraged banks to give benefits on credit cards to consumers. Hence, several credit cards from banks and financial companies come with various benefits, from reward programs and cashback facilities to NO Cost EMI benefits.
For example, the Bajaj Finserv RBL Bank SuperCard gives you tremendous benefits and is good for overall usage. Similarly, you can find different cards suited for corporate use, specific uses like shopping, fuel spending and the like. You can also find travel credit cards, cards that give you great deals when shopping online, cards with high credit limits, etc.
Cards with the best credit card deals
Several credit cards contain great deals and offer advantages like reward programmes, fuel waivers and discounts, travel perks, insurance advantages, cashbacks, air miles, etc. Choosing an appropriate card has to be dependent on your distinct lifestyle needs, and such a credit card will reap maximum benefits for you.
For instance, you may be an avid online shopper and want a card that gives you additional perks when you shop online. Then, the ICICI Bank Amazon Pay Card would be a good bet for you. On the other hand, you may be employed in a corporate firm and travel a lot. In this scenario, you would do well to get a card that offers you deals on frequent air travel, such as the Bajaj Finserv RBL Bank Travel Easy SuperCard (which gives you deals related to hotel bookings, flight bookings and more). Hence, the best cards in India are the ones that suit your spending behaviour.
Here are some of the most used credit cards for different purposes today:
- Bajaj Finserv RBL Bank SuperCard – Overall and general use
- RBL Shoprite Credit Card – Lifestyle and shopping
- Yatra SBI Credit Card – Travel, flight reservations and hotel bookings
- HDFC Bank Diners Club Miles – Lounge availability
- IndianOil Citi Credit Card – Fuel spending
- Citi Rewards Credit Card – Reward points
The Benefits of the Right Choice
When it comes to credit cards, each cardholder has a distinct purpose in usage. Your card must fulfil your daily requirements and match your needs. From this standpoint, the Bajaj Finserv RBL Bank SuperCard is a brilliant card to start your credit card journey, offering you the functions of four aspects of use in a single payment device. It can be used as a credit card, for cash withdrawal, to take a loan, and to buy your favourite items on EMI.