Do you use a credit card? If not, you may not be aware of the features and facilities of a credit card! Several financial companies issue credit cards. The credit card holders can use the card to make purchases or make any payment by borrowing money from the bank. This card is very helpful for you when you are running out of cash. After borrowing the money from the bank, you need to pay back the money within the grace period. The financial companies offer a grace period of 25-30 days. If the cardholder doesn’t make the payment within the grace period, they need to pay applicable interest. The calculation of interest is on the borrowed amount of money. The cardholder needs to pay a few percentages of the borrowed money along with the total money borrowed. The moneylender sets a line of credit for each type of card. The borrower can’t exceed the line of credit. There are incredible benefits to using a credit card rather than carrying cash. But, it is essential to use the card wisely!

Benefits of Best Credit Cards in India 2018:

If you fear to use credit cards, you must be misguided by a card defaulter or a person who misused the card. There are incredible benefits of using credit cards in India as it offers easy-to-use features with convenient pay-back options. Let’s learn about the benefits of credit cards.

Best Credit Card in India

  1. Get easy access to credit:

Using a credit card, you will get easy access to credit. You can borrow the money and use it for purchasing, making payments or for any other purpose. Spend the borrowed amount and pay-back it later. The card issuing company will lend you the money. The borrowed money will not get deducted from your bank account.

  1. Get credit without any interest rates:

You need not pay interest rates on the amount you borrow with the credit card if you pay the amount within the grace period. The lender decides the grace period and the interest rates applicable when paid after the grace period.

  1. The line of Credit- LOC:

The lender releases different types of credit cards setting Line of Credit- LOC. The cardholders can borrow the amount of money not exceeding the line of credit. The LOC will set a limit on the monthly expenses without affecting the budget.

  1. EMI Facility:

You can use the credit card and avail EMI facility. Instead of availing EMI facility from your savings bank account, or availing a personal loan, you can avail the EMI facility of your credit card to make purchases of expensive items.

  1. Offers and Incentives:

The lenders provide different offers and incentives with the credit cards. The offers and incentives set for the credit card depending on the line of credit. The offers/incentives include cash back, reward points, discounts, etc. If you use the credit card for purchasing online, you will either receive reward points or cash back or discounts instantly. You can redeem the reward points and use it to purchase gifts/products.

  1. Keep a track record of the expenses:

Many times it becomes challenging to keep a track record of the monthly expenses. Using the credit card for making purchases or payments, you will get the credit card statement from the lender. The credit card statement contains the complete track record of the expenses done using the credit card along with the date. Apart from the monthly or quarterly statement, the lender will send a notification instantly whenever you use the card. From the notification, you will learn about the available credit amount as well as the outstanding amount on the card. You can plan your expenses for the month accordingly.

  1. Purchase Protection:

Using the credit card, you will get additional protection on the card. You can claim the additional protection on the purchases in the form of insurance when the card gets damaged or stolen or lost. You need to produce the credit card statement for claiming.

  1. Card Safety:

Credit cards are safe in comparison to debit cards. Different leading payment gateways like MasterCard, Visa, etc. provide additional password protection for the credit cards which is useful while using the cards for online purchases.

List of Top 17 Best Credit Cards in India 2018 to Apply Online:

1. SBI Credit Cards

2. HDFC Credit Cards

3. ICICI Credit Card

4. PNB Credit Card

5. Canara Bank Credit Cards

6. Axis Credit Cards

7. Union Bank Credit Cards

8. IDBI Bank Credit Cards

Which Credit Card is Best in India?

It is obvious to get confused to select or declare the best credit card. Various banks bring a wide range of credit cards with excellent features and benefits. The banks design the credit card considering the special requirements of the cardholders. After going through the content, you certainly would have got an idea about different specifications of the credit cards. In my opinion, it is not possible to select the best card. It is the cardholder or aspirant who can decide the best according to their personal requirements. The best card can get suggested that fulfills the requirements of the potential cardholders.

Conclusion:

Of course! Almost every person has one or more savings accounts in one or more banks. The Indian Government regulates different offers and schemes for the citizens that stay behind from accessing different facilities. Many persons still are not aware of credit cards. Also, some people are aware of the credit cards but don’t have particular and authentic information about its features and facilities.  Many people fear to use a credit card as they think they will end up paying a higher rate of interest. But, using the credit card wisely, you won’t get fixed up in troublesome situations. If you don’t fail to make the credit card payments within the grace period for consecutive months and use the credit card regularly, your path for availing a loan for any purposes gets clearer. You need to focus on the best tips for using the credit card wisely and enjoy the benefits. Picking the right credit card from the bank is essential. Make sure to learn about the type of credit card and the features before applying for one!