Explained: Credit Card Features and Benefits
Whether you earn low or high, have a good credit score or a poor one, financial institutions in India provide credit cards for all types of people. Many individuals have this misconception that credit cards are a debt-creating instrument. But the truth is that these can be advantageous if used properly.
Financial companies are innovating as much as they can to provide credit card features which make using them even more lucrative and easier. One good example is the Bajaj Finserv RBL Bank SuperCard. It brings various industry-free features combining the power of 4 cards in one.
Reward points are one of the outstanding credit card features why individuals avail them. You get rewards for online or offline spending. Again, some cards may offer higher points for online shopping than offline.
Furthermore, there are various types of credit card that provide high reward points for specific expends. For example, you can earn extra points for purchasing air tickets with airline credit cards. You can then redeem these points to get discounts on future air ticket purchases.
Similarly, fuel credit cards give you high reward points when purchasing fuel. These points can then be redeemed to get discounts on fuel purchases or even get free fuel for up to a specific limit.
Joining and milestone bonus
Some credit cards provide high reward points as a joining bonus when you avail them. Furthermore, you can get milestone bonuses by spending a particular amount per year or month.
The reward points you earn can even increase after you cross a milestone.
Cashbacks and discounts
Credit cards provide cashbacks on specific retail stores or purchases. With cashback, you will have to pay the entire amount of the product; it will then be reflected as a discount on your bill.
Discounts also work like cashbacks but are provided upfront on the invoice rather than the bill. Numerous financial institutions partner with retail stores to provide discounts and cashbacks.
Furthermore, you can avail these features on fuel and air tickets with the respective credit cards.
Complimentary airport lounge entrees
Free access to airport lounge is one of the most beneficial credit card features especially for those who travel a lot.
You can get this feature with airline credit cards and some standard credit cards too. The World Plus SuperCard is one of the 6 variants of Bajaj Finserv’s credit cards that offer up to 8 complimentary airport lounge accesses every year. Plus, you also get unlimited paid admissions.
The NBFC additionally provides pre-approved offers on credit cards that reduce the hassle for availing it, saving more time. Pre-approved offers come with personal loans, home loans, business loans, and several other financial products and services as well. You can have a look at your pre-approved offer by providing a few of your necessary details like name and phone number.
Free movie tickets
Credit cards can provide a fixed number of free movie tickets or on discounts either per week or month. Some cards also offer vouchers if you purchase movie tickets worth a particular limit per month or year.
Fuel surcharge waiver
Similar to complimentary airport lounge access, fuel surcharge waiver can also come with fuel credit cards or standard ones.
Some cards provide complete fuel surcharge waiver or up to a specific percentage on either all or a limited number of pumping stations.
Offers on dining
You can avail discounts and cashbacks on dining with credit cards. However, you may need to spend a minimum amount, and the offer may be limited to particular cities or restaurants.
Emergency personal loan
Some credit cards offer emergency personal loan on the unused credit limit. This loan can be interest-free for up to a specific period.
The credit limit is converted into a loan and restored after each EMI payments. You may have to fulfil additional credit card eligibility to avail them.
ATM cash withdrawal
Almost all credit cards provide ATM cash withdrawal feature but with high interest and additional fees. However, there are some which provide this facility without charging any interest for up to a fixed period. You may only have to pay a minimal processing fee.
You can also get several othercredit card features and benefits depending on the type of card. Make sure to check every such detail along with joining and annual fees before availing one.