On account of utility benefits accompanied with a growing digital push, usage of credit cards in India saw a noticeable 27% growth as of 2019.
Since their inception as a payment tool, credit cards have been a popular financial instrument to maintain household liquidity. Not to mention, they have proven to be equally functional for business expenditures.
Thanks to multiple financial institutions providing customer-centric features and benefits, individuals have an array of options to choose from and apply for a credit card. Nevertheless, these credit instruments must be utilized cautiously to maintain a reliable borrower profile. Choice of the best credit card that ensures the convenience of fund management only makes it easier to fulfill spending objectives with prudence.
So, here’re a few reasons why you should apply for credit cards with the best features only. Take a look.
1. Robust security with zero liability protection
The best credit cards provide secure transactions via features like in-hand security that allow an individual to control the usage of his/her card via dedicated apps. They also come with zero-fraud liability cover that ensures one does not have to sustain any financial losses purported via a fraud.
2. Emergency personal loans
Apart from the regular purchases, you can also avail of personal loans against your credit card’s unutilized credit limit during emergencies. It thus gives access to funds in a lump sum to meet any contingent financial requirements. It is thus apt to look for this feature before you proceed to apply for a credit card.
Also, make sure to compare credit cards, which can lead you to lenders providing up to 90 days as an interest-free period with a nominal processing fee on these loans along.
3. Purchase conversion into easy EMIs
Another reason that makes the best credit cards a go-to option is their EMI conversion feature. You can defer the payment of your high-value purchases by opting for the EMI conversion option and pay for it in easy installments. It not only eases immediate financial burden but also helps repay your credit card debt affordably.
4. Joining bonuses, annual savings and attractive reward programs
The best credit cards also come with additional perks such as joining bonuses and annual savings through spending milestone achievement. Attractive reward programs, cashback, and other offers on both online and offline purchases also help multiply savings on regular spending.
To make the most of these perks, it is best to apply only after you compare credit cards and arrive at the most beneficial one.
5. Interest-free ATM withdrawals
Some of the best cards have also come up with industry-first features such as interest-free cash withdrawals from ATMs. Usually, ATM withdrawals from credit cards attract processing fees and high-interest rates calculated right from the day of withdrawal.
Nevertheless, with the best cards, you can enjoy an interest-free withdrawal with no interest for up to 50 days.
6. Up to 45 days of interest-free spending
Similarly, with other purchases as well, users of these cards can utilize an interest-free window of up to 45 days. You can time your purchases at the beginning of the billing cycle so that you get a 30-day period plus a window of up to 15 days until the next payment due date for your bills. Make sure to compare lenders for this window and apply for a credit card accordingly.
7. Member benefits at partner stores
Member privilege is another reason that makes a good case for availing the best credit cards. Specific card issuers bring along exclusive deals and discounts when you shop at their partner stored with these credit cards.
A typical specimen of such cards would be the Bajaj Finserv RBL Bank SuperCard that brings the features of four cards in one, serving as a credit card, EMI card, loan card, and cash card.
Further, the card issuer also makes availing financial products like personal loans, business loans, along with credit cards, hassle-free and quick with their pre-approved offers. Provide only your name and contact number to check your pre-approved offer.
Make sure to fulfill all eligibility criteria before applying to improve the chances of quick approval. Once you have chosen the right credit card for yourself, proceed to apply for it with necessary documents.