credit card important information
By Bhanusingh
credit card important informationMay 19, 2022
Types of rewards credit cards
Rewards credit cards come in three types: cash back, points and miles. Each card comes with different rewards you can earn and various structures, potentially bringing a lot of value to your wallet.
Here’s what you need to know about the types of credit card rewards, how rewards credit cards work and how you can maximize your rewards earning.
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What is a rewards credit card?
Rewards credit cards offer either cash back, points or miles for eligible purchases. Your rewards are calculated based on the rate per dollar spent. For example:
Many rewards cards earn a flat rate—a fixed amount or percentage back on each purchase.
Other cards earn elevated rates on purchases in certain categories (called tiers).
A certain type of cash back card involves rotating bonus categories, in which a set of higher-earning categories changes every quarter and you must activate them.
A few cards use a combination of flat-rate, tiered categories and rotating bonus categories.
Types of credit card rewards programs
Each type of rewards credit card is tailored to a certain kind of spending. Likewise, the different types of credit card rewards programs offer different ways of redeeming rewards for specific purposes.
Cash back: Best for simplicity seekers
Points: Best for rewards maximizers
Miles: Best for airline loyalists
How cash back rewards programs work
How points rewards programs work
How travel and miles programs work
Line Of Credit Vs Credit Card – What’s The Difference
A line of credit and a credit card are very similar types of revolving credit. With both, you’re approved to borrow up to a certain amount, but you don’t have to borrow any money immediately after you’re approved. You can choose when to borrow and how much, up to the account limit. You pay interest only on the amount you borrow and you can borrow again and again, as long as you don’t owe more than the limit.
However, there are some important differences between a line of credit and a credit card. Here’s what you need to know when it comes to a line of credit vs. a credit card.
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Line of credit vs. credit card: What’s the difference?
One of the most notable differences between the two is that while a credit card is connected to and allows you to access a line of credit, it’s possible to open a line of credit that doesn’t have a card associated with it. Basically, all credit cards are lines of credit, but not all lines of credit are credit cards.
Credit terms and limits
While terms vary by lender, the APR on a line of credit is often lower than the APR for credit cards. And the credit limit for a line of credit may be higher than for a credit card. These advantages may make credit lines better suited to large purchases that you intend to pay off over time.
Access and rewards
Credit cards provide a convenient way to make purchases on an everyday basis. They often give you a grace period during which you can avoid paying interest, a feature that isn’t available for lines of credit. And many credit cards offer cash back or other rewards for spending, which credit lines do not.
Application requirements
Applying for a credit card requires you to provide accurate information about your finances, while applying for a line of credit without a credit card typically requires documentation to prove your income. This means it can be a little more complicated and time consuming to apply for a credit line.
What is a line of credit?
A line of credit is a financial product that allows you to borrow money repeatedly. You can borrow up to a certain limit, and then you repay what you owe.
How does a line of credit work?
Your issuer gives you checks you can write to access your line of credit. You can also have money deposited in your bank account by requesting a transfer in person, by phone, or through your bank’s website.
HDFC REGALIA VS HDFC DINERS BLACK CREDIT CARD
If you are looking for the best HDFC credit card or if you are already an HDFC credit card user and looking to upgrade, you must have come across two very popular cards- HDFC Regalia and HDFC Diners Club Privilege. But which of the two is better for you? Given that both credit cards target the premium segment of customers and offer almost similar reward rates and features, the confusion is quite valid. However, there are a few differences that will help you make the right choice.
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Here we have compared both the cards in detail and have given the major differences which will help you make an informed decision. But first, let’s have a glance at the key differences between the two.
Go for HDFC Regalia Credit Card, if-
You want to accrue reward points to redeem later for flight tickets or hotel bookings
You travel frequently, as HDFC Regalia with Visa/Mastercard would have extensive lounge tie-ups.
You would be able to spend Rs. 5 Lakh to Rs. 8 Lakh in a year to avail of milestone benefits.
You put most of your routine expenditure on your credit card.
Your monthly income is at least Rs. 70,000 and you are fine with paying an annual fee of Rs. 2,500.
Go for HDFC Diners Club Privilege Credit Card, if-
You would be able to achieve a monthly spend of Rs. 40,000 like a clockwork and would like to get vouchers from BookMyShow, Ola, and Tata Cliq
You would like to avail of Complimentary Annual Membership with Club Marriott, MakeMyTrip Double Black, Zomato Gold, Amazon Prime, Forbes, and Times Prime.
You are inclined towards golf benefits as the card offers 6 Complimentary Golf games per quarter across the world’s best courses.
You would be able to spend Rs. 5 lakh annually to avail of the complimentary memberships.
You are fine with the low AirMile conversion rate (1 Reward Point = 0.5 AirMile).
Amazon Pay ICICI Bank Credit Card
There has been a number of co-branded card launches by leading issuers like ICICI Bank, SBI Card and Axis Bank. Of all the new credit cards offered in association with big brands, ICICI Bank Amazon Pay Credit Card is probably the most rewarding one.
ICICI Amazon Pay card was initially an invite-only card but is now open for application. It is designed to reward frequent shoppers at Amazon in the form of cashback, no-cost EMI, and more. Amazon Prime users will get more privileges than non-prime members.
Click on this link to know more about it: https://cardinsider.tumblr.com/post/668185501545742336/benefits-of-amazon-pay-icici-credit-card
A detailed review of Amazon Pay ICICI Bank Credit Card is given below.
No joining or annual fee
5% cashback on all purchases made on Amazon.in for Prime Members
3% cashback on all Amazon.in purchases for Non-Prime Members
2% cashback on transactions with Amazon Pay partner merchants
1% cashback on all other purchases
15% off on dining bills at over 2,500 restaurants
1% Fuel surcharge waiver at all fuel stations
Cashback Offer on ICICI Bank Amazon Pay Credit Card
ICICI Amazon Pay Credit Card offers cashback on all transactions. The cashback can be earned in the following manner:
Amazon Prime members will earn 5% cashback on all purchases made on Amazon.com
Regular shoppers (non-prime members) will earn 3% cashback on all purchases made on Amazon.com
2% cashback on transactions made for flight bookings, recharges, bill payments and spending on Amazon Pay partner merchants
All other spending such as shopping, dining, insurance payments, travel costs, and more will earn the user 1% cashback
The cashback offer is beneficial to just about everyone as it offers 1% cashback to all its users and it is even more rewarding for the Prime members. The cashback is given in the form of an Amazon Pay balance which can be redeemed against future Amazon purchases or at merchants that accept Amazon Pay.
Dining Benefits
Apart from the cashback, the credit card also offers dining benefits where users can save 15% on dining bills at over 2,500 partner restaurants. This benefit is offered under ICICI Bank’s Culinary Treats Program. There is also a mobile app for this dining program through which you can check all the partner restaurants and the active deals.
Best Credit Card for Domestic Airport Lounge Access In India
Find, compare and apply for the best airport lounge access credit cards in India. You will get all the details like which credit card gives you access to domestic and international airport lounges, annual charges, which bank card offers lounge access, etc.
Click on this link to know about the best credit cards for domestic airport lounges: https://cardinsider.quora.com/Best-Credit-Card-for-Domestic-Airport-Lounge-Access-In-India
Air travel in India has become quite common with the airliners competing with each other to provide the best airfares to the travelers. Besides the convenience offered by air travel, delayed flights, and prolonged wait times are some discomforts often experienced by frequent flyers. Just like how a railway station offers waiting rooms for passengers, airports, airliners and some third-party companies provide lounges where travelers can sit and relax. However, not everybody can enjoy the service as access to certain lounges is restricted only to membership holders while others charge heftily.
One better way to get airport lounge access is by having a credit card that comes with a complimentary lounge access feature. There are many credit cards that provide lounge access at select airports in India and abroad.
Here the best credit cards for airport lounge access in India:
- HDFC Visa Signature Credit Card
- HDFC Bank Diners Club Black Credit Card
- Yatra SBI Credit Card
- SBI Advantage Platinum Credit Card
- SBI Platinum Corporate Card
- Axis Bank Miles & More World Credit Card
- Axis Bank Privilege Credit Card
- Axis Bank Signature Credit Card
- IndusInd Bank Platinum Aura Credit Card
- IndusInd Bank Platinum Select Credit Card
7 WAYS TO EARN MORE CREDIT CARD POINTS AND MILES
Choosing a credit card that suits your lifestyle is the first and foremost step to ensuring that you make the best of reward plans.
Credit card reward points can be easily earned these days, given that you know the tricks of doing so. Every credit card company will offer a reward program scheme to stand out from their competitors and of course, to increase their overall customer base. So, for every penny that you spend, you will earn reward points that can be redeemed.
Click on this link to know more about the 7 WAYS TO EARN MORE CREDIT CARD POINTS AND MILES: https://sites.google.com/view/credit-cards-india/home/earn-more-credit-card-points-and-miles
So, how do you maximize credit card reward points? There is no harm in getting something for nothing. Understand that every purchase made with a credit card carries a reward value. To ensure that you make the best of the reward plan, here are a few tips to make a note of:
1. Choose a credit card that suits your lifestyle
The first and foremost step is to select a credit card for your day-to-day purchases. Though there are a plethora of options, look for a card that not only suits your lifestyle needs but also pays off 1.5% (minimum) on every purchase.
2. Sign up at the right time
Once you have chosen the card based on your needs, learn when to avail it and when not to. Most of you might not be aware of the fact that there is a wrong and right times to sign up for the credit cards that offer reward points.
3. Redeem reward points regularly
A mistake most people tend to make with a credit card is to save reward points for a long time and then using the whole pile in a single go. This happens frequently with flyer miles and hotel points. Understand that every year the card issuers increase the points required for redeeming against things of value. Therefore, over a period, the points will turn less valuable even if you accumulate a lot of them.
4. Use an online portal that offers cashback
Each time you make a purchase online, the possibilities of earning additional points also increase, especially on cashback, miles, etc. Most credit card banks will have their own shopping portals from which purchases can be made.
5. Utilise bonus opportunities
A credit card bonus is an amazing way to double or sometimes, triple the overall reward earnings.
6. Focus more on food and grocery
Although it is quite tempting to sign up for credit cards that offer extra reward points for specific purchases, a mistake most do is to buy too many cards.
7. Maximise benefits during the interest-free period
Typically, credit card companies will offer an interest-free period on transactions between the range of 15 and 50 days. This duration usually falls from the transaction date and the due date to pay it back.
HDFC Bank MoneyBack Credit Card: What Makes This Card So Famous?
The Moneyback Credit Card by HDFC Bank is specially curated for customers. With this card, for every spend you make, you will receive a certain percentage of money back at the end of the credit cycle. The card comes with a joining fee of Rs.500 and an interest rate of 3.49%.
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Key Highlights of HDFC Bank MoneyBack Credit Card
- A Cash back credit card with minimal annual fee.
- Joining fee and annual fee waiver when applied through BankBazaar (T&C apply).
- Accelerated reward points on online purchases.
- Reward points redemption for cash against card outstanding.
Offers on BankBazaar
- If you apply for the HDFC MoneyBack Credit Card through BankBazaar, you can enjoy:
- Joining fee waiver by opening an HDFC saving or current account within 3 months of card issuance.
- Renewal fee waiver if the annual spends exceed Rs.50,000.
- You can also enjoy 100% paperless approval. You don’t have to submit any hard copies of the documents required for approval.
HDFC Bank MoneyBack Credit Card - Features and Benefits
Welcome gift:
Apply for the MoneyBack credit card and earn 500 reward points as joining bonus. If you renew your card, you will get 500 more reward points.
SBI PRIME CREDIT CARD VS SBI SIMPLYSAVE CREDIT CARD
SBI Cards offers a humongous range of credit cards to its customers. From entry-level credit cards to super-premium credit cards you can find a credit card that fits your needs and spending habits. Two of the most popular credit cards are the SBI Prime credit card and SBI SimplySAVE Credit Card which you can consider applying for. We have covered these two credit cards in this article with their features and benefits so that you can make an informed decision. Keep reading to kick start your research.
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SBI Prime Credit Card
This one is specially designed to meet the shopping and travel needs of the public. The SBI Prime Credit Card is the premium credit card offered by the SBI Cards. Here are the key highlights of this credit card.
- Joining Fee: Rs. 2,999 plus applicable taxes
- Renewal Fee: Rs. 2,999 plus applicable taxes
- Spend-based Waiver: The renewal fee will be waived off on spending Rs. 3 lakhs in the previous year.
SBI SimplySAVE Credit Card
This is an entry-level credit card designed to meet the shopping needs of those who shop a lot. The SBI SimplySAVE Credit Card is best suited for first-time credit card users. The key highlights of this credit card are as follows.
- Joining Fee: Rs. 499 plus applicable taxes
- Renewal Fee: Rs. 499 plus applicable taxes
- Spend-based Waiver: The renewal fee will be waived off on spending Rs. 1 lakh in the previous year.
How To Use A Credit Card The First Time?
Your first credit card can be a step toward building a strong financial future and establishing an excellent credit score—or it can lead to a mountain of debt you struggle to repay for years. Before using your first credit card, here are some tips to guide you along the right path.
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1. Set a Budget
2. Keep Track of Your Purchases
3. Set Up Automatic Payments
4. Use as Little of Your Credit Limit as Possible
5. Pay Your Bill in Full Each Month
6. Check Your Statement Regularly
7. Redeem Rewards
8. Use the Extra Perks
9. Know Your Fees, and How to Avoid Them
10. Download the Mobile App
When you use a credit card for the first time, starting out with timely payments is critical to avoiding interest charges and building a good credit score. A payment that is a day late is still a late payment, so try to pay several days before the due date.
ICICI Sapphiro Credit Card vs HDFC Regalia Credit Card.
Most individuals are confused between the ICICI Credit Cards and HDFC Credit Cards because they all have a lot of features and benefits. But due to the capability of handling only one card, it becomes difficult for an individual to make a one-sided choice. ICICI Sapphiro and HDFC Regalia are the two cards among which people get usually confused. Therefore you can see all the major differences between ICICI Sapphiro Credit Card vs HDFC Regalia Credit Card in this article. You can spot the major differences in the features, benefits, fees, and eligibility criteria of both cards. Have a look at the differences by all means between these credit cards.
Click on this link to know more about icici and hdfc: https://dailygram.com/index.php/blog/1109615/icici-sapphiro-credit-card-vs-hdfc-regalia/
Welcome benefits in icici:
Enjoy a Welcome Voucher of ₹9000 and above on the payment of the joining fees and they are as follows:-
- TataCliq Voucher of ₹3000.
- EaseMyTrip Voucher of ₹4000.
- Uber Voucher of ₹1000.
- Zomato Pro Membership Voucher of ₹800.
- Croma Voucher of ₹1000.
Welcome benefits hdfc:
Get a Complimentary Membership of Zomato Gold.
- Enjoy a Free Dish at the partnered restaurants of HDFC on every visit.
- Go to the Gold Drink Partnered restaurants and enjoy up to 2 Drinks for free.
- In order to enjoy the above offers, you need to spend ₹75000 within 30 days of card issuance.
Now you know all the major differences between ICICI Sapphiro Credit Card vs HDFC Regalia Credit Card and it will be easy for you to choose one card for your daily use. You will have to go through the needs for the credit card then only you must choose one card among these two. On the other hand, both of these cards are unique and they have their own exclusive features and benefits.
Best Fuel credit cards with best cashback and reward benefits
Credit cards are an excellent instrument for making payments in today's world. it helps to build your credit score and offers additional benefits like rewards and bonuses. each credit card is different in terms of annual fees, interest charges, joining fees, and other benefits. if you're considering investing in the best credit card for fuel purchases, the guide below should help!
Click on the link to know about the best fuel credit cards: https://in.pinterest.com/pin/1099441327793396410/
Fuel prices are constantly fluctuating around the world. you can save on fuel purchases by applying for credit cards from some of the top banks. the best credit card for fuel consumption offers savings on both fuel and other purchases. go through the following section to find out more:
- IndianOil Citi Platinum card
- IndianOil HDFC Bank credit card
- HDFC Moneyback credit card
- HDFC Bank Business MoneyBack credit card
- ICICI Bank HPCL Coral credit card
To summarise, the list of credit cards provided above will help you save on your annual fuel purchases. moreover, you can save even more by linking these credit cards with CRED to earn additional rewards, discounts, and gifts.
Cashback or Rewards Credit Cards - Which Should I Choose
If you are researching credit cards, you have probably seen cards offering rewards in two ways: cash back or flexible rewards points. Cash-back cards make it simple to understand how you earn rewards, but credit cards earning flexible points such as American Express Membership Rewards or Chase Ultimate Rewards may be tempting you with their promises of aspirational travel rewards.
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How do you decide whether to pursue cash-back rewards or flexible points? What are the merits of each? Are there any pitfalls? How do you make this call?
There is no one right answer to this question. The best path for you will depend on your situation, your spending patterns, what kinds of rewards you value, and to some extent the amount of effort you are willing to put into learning how to use rewards. There’s no such thing as the best credit card for everyone, but understanding as much as you can about what you want and how you can achieve that will get you on the right path.
What are Flexible Points
Before getting started, let’s be clear about what we mean by flexible points. Flexible points programs are rewards programs that allow a variety of compelling redemption options including transferring points to airlines, hotels, and other programs. Usually, transferable points currencies are programs run by banks and associated with rewards credit cards. In general, transferable points programs focus on travel rewards.
Some credit cards earn points that are only redeemable for cashback or a limited number of options at a fixed cash value; we’re not talking about those. Also, while some hotel and airline programs allow you to transfer points to other travel providers, generally these aren’t considered flexible points when the point transfer options only offer very poor redemption values.
Downsides Of Ignoring Your Credit Score
Your credit score is one of the most important factors in your financial life. Banks use it to decide whether to give you a credit card or loan. Some service providers use it to determine whether you should pay a security deposit. Car insurance providers consider your credit score when setting your insurance rate. While it's important to know what things help you build a good credit score, you also have to know those things that could hurt your credit score and lead to side effects from bad credit.
Click here to know more about the downsides Of Ignoring Your Credit Score or not: https://www.debwan.com/blogs/403215/Downsides-Of-Ignoring-Your-Credit-Score
If you avoid doing the following fifteen things, it will help ensure a good credit score.
- Paying Late
- Not Paying at All
- Having an Account Charged Off
- Having an Account Sent to Collections
- Defaulting on a Loan
- Filing Bankruptcy
- Having Your Home Foreclosed
- Getting a Judgment
- High Credit Card Balances
- Maxed out Credit Cards
- Closing a Credit Card That Still Has a Balance
- Closing Cards With Available Credit
- Applying for Several Credit Cards or Loans
- Having Only Credit Cards or Only Loans