What are some of the extra features that credit cards offer?
What
are some of the extra features that credit cards offer?
Apart from the standard credit card benefits, credit cards also offer several other extra features such as low APRs, no annual fees, travel perks, reward points etc.
The biggest reason why credit cards have gained such immense
popularity is most definitely the hoard of credit
card offers. There are hundreds of credits available out there and most of
them offer the standard list of credit card benefits to their users. In such a
scenario, it can be pretty tough to find a credit card that offers extra
benefits.
A little research and a thorough comparison between the various
available options can go a long way in helping you choose the best card that
suits all your needs. For example, Bajaj Finserv RBL Bank SuperCard is a
popular credit card that offers the benefit of credit card cash withdrawal without charging any interest!
When looking for a
credit card for yourself, it is best to look for at least a few extra features
apart from the usual features. These features can include:
- EMI payment
Easily, one of the best
credit card features that was ever introduced by the issuers. What it basically
does it that it converts high-end purchases into monthly EMIs, making it a lot
more convenient to make bigger purchases without worrying about a hefty credit
card bill at the end of the month! However, it is recommended to fully
understand the terms and conditions beforehand to avoid ending up paying a lot
of extra money on interest charges.
- ATM cash withdrawal
When you own a debit card, it is very convenient to withdraw cash from
an ATM anytime you are in need of cash. However, the same was not the case for
credit card holders. That is, until credit cards started offering credit card cash withdrawal facilities.
That being said, most
credit cards charge a certain percentage of your cash withdrawal as an interest
which is usually quite high. Therefore, while it is a great perk to have, make
sure you only use it when it is an emergency.
- Easy approval
For all the convenience that credit cards bring into our lives,
applying for them is a task in itself! Add to that the time taken by the
issuers to approve your application and it can take a lot of time before you
get to use your credit card. Therefore, it is advisable to choose a credit card
that offers easy approval.
These days, credit card companies have started offering the facility
of online credit card application, streamlining the approval process to a great
extent. All you need to do is fulfil certain basic criteria such as proof of
income, a good credit score, etc. This, however, differs from issuer to
issuer.
- Huge Annual savings
Another one of lucrative credit
card offers is the possibility of huge annual savings. Here’s how it works:
when you use your credit cards to make online and offline transactions, you can
benefit from multiple discounts, possible cashbacks, reward points etc. All
these perks can add up to be a lot over the course of a year, resulting in huge
annual savings.
For example, when you
use the Bajaj Finserv RBL Bank SuperCard for various transactions, you stand a
chance to save up to Rs. 55,000 annually.
- No balance transfer fee
Most credit cards charge a balance transfer fee of 3-5% when you
transfer money from your credit card. If you are someone who needs to
frequently transfer money from your credit card this interest charge can add up
to be a lot in a short span of time. No balance transfer fee is therefore an
essential credit card offer to look for when choosing a credit card for
yourself since a 3-5% balance transfer fee is quite high.
Conclusion:
Every credit card issuer is different and so are the credit card offers provided by them. Every issuer also has its own set of terms and
conditions and often a lot is hidden in fine print. Therefore, in order to reap
the maximum benefits and extra features from your credit card, it is important
to perform a comparative analysis of different credit cards before choosing one
that suits your needs.