Financial institutions bring numerous options when it comes to credit cards. The primary aims of these cards are to provide you with attractive advantages, offers and rewards with every purchase.
You can accumulate reward points for transactions which are redeemable in the following ways:
- Redeem for gift vouchers, cash back, discounts, etc.
- Convert into travel points to receive discounts on air tickets.
- Convert into cash to get discounts on your monthly statement.
The cashback you receive on purchases gets reflected in your bill. Also, transacting with the best credit cards gives you regular discounts on numerous products and services.
However, you have to pick the right card to ensure that it suits your expenses. Companies have several variants of credit cards designed for specific expenses of customers.
Here’s how you can choose the right one for you:
1. Go for a fuel credit card if you have high driving needs
Fuel credit cards are co-branded. Financial institutions partnered with fuel companies offer these types of cards. You’ll earn high reward points every time you purchase fuel using this card. Redeem these points later to buy fuel for free. You can also receive cash back when buying fuel. Plus, some credit cards offer full or a specific percentage of fuel surcharge waiver.
Look for fuel credit card offers which can also make movie tickets, dining, hotel bookings, utility bill payments, etc. affordable for you.
2. Avail a travel card if you are a frequent flyer
Travel credit cards are also co-branded cards which give you high travel miles for every air ticket purchased from that airline. You can earn these miles on everyday spends as well. Redeem these for discounts on future flight ticket purchases.
These credit cards also give you travel vouchers when you spend a particular amount in a year. Additionally, you receive various other benefits like free access to airport lounges and concierge services.
Non-co-branded credit cards bring high reward points when you purchase air tickets either directly from any carrier or through specific travel websites. Accumulated reward points are convertible to travel miles.
For example, the RBL credit card is one of the best credit cards that offer such a facility. Additionally, you get to visit the airport lounges up to 8 times a year.
3. Shopping credit cards
Shopping credit cards are designed explicitly for everyday expenditures. These can be either co-branded or standalone.
You can earn high reward points, discounts, and cash back when purchasing products from specific retailers using co-branded cards. To the contrary, standalone cards will provide you with the same on everyday spends, irrespective of the merchant.
The Bajaj Finserv RBL Bank SuperCard gives you up to 2 reward points for every Rs. 100 that you spend online or offline. You also get up to 20,000 points after you avail it.
Bajaj Finserv also provides pre-approved offers which make it easier to avail credit cards by simplifying the process and saving more time. Pre-approved offers come with home loans, business loans, personal loans, and a list of other financial products as well. Provide only your name and phone number to check your pre-approved offer.
4. Entertainment credit cards
One of the best credit cards for movie lovers is the entertainment credit card. These cards offer reward points, discounts, and cashback against movie ticket purchases. You also receive movie ticket vouchers after spending a particular amount using this card in a year.
Entertainment credit cards also give you benefits on fuel purchases, dining, grocery shopping, etc.
- Business credit cards
Business credit cards are available for company-related purchases. These come with a higher credit limit and help you separate your personal and business transactions. They also improve your firm’s credit history, making it easier to avail loans in the future.
The rewards and benefits are sometimes more lucrative than standard credit cards.
- Secured credit cards
Secured credit cards are one of the ideal ways to increase your CIBIL score. Financial institutions provide these cards against a fixed deposit. Hence, you don’t need a high credit score to avail them.
Make sure to check the rate of interest and charges before you apply for any one of the best credit cards mentioned above.
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.