A credit card is a small plastic money issued by a bank which gives the holder an option to purchase goods and services on credit. Many people prefer plastic money over cash just because credit cards come with plenty of unmatched features and privileges.They have become part and parcel of everyone's life because from dining out at restaurants to booking your favourite international flight ticket, you can use your credit card for anything that you like.
Advantages of credit cards are as follows:
|Bank||Min. Annual Fee||Interest Free Period|
|HDFC Bank||Varies with a person’s portfolio and spending habits||45 days|
|SBI GE||499||30 to 45 days|
|ICICI Bank||Nil||18 to 48 days|
|Standard Chartered||Nil||18 to 48 days or 25 to 55 days depending on your payment due date.|
|American Express||First Year Rs. 1000 (Second year onwards Rs.4,500)||25 days|
The features of credit cards vary depending on the card provider and the type of credit card people purchase. Some of them are listed below :
Credit cards offer lot of benefits for its holders which are listed below:
|Credit card name||Minimum Fee||Best used for||Other Perks|
|SBI Simply Save||499||Fuel surcharge waiver and 10x rewards on grocery stores||
1.Spend 2000 in first 60 days to earn 2000 bonus points.
2.10x reward points for spend in grocery and departmental stores.
3.10x rewards for spend on dining & movies.
4.Fuel surcharge waiver for transactions above 500 rupees.
|HDFC Moneyback card||Varies, depending on user||Online shopping||
1.Redeem Reward points as Cash Back @ 100 Reward Points = Rs. 30.
2.Get 2.5 % fuel surcharge waiver.
3. Rs.250 cashback on first transaction of Rs.1000 within first 45 days.
4.Earn 2 Reward Points on every 150 spent for all retail purchases.
5.Earn 4 Reward Points on online Purchases.
|ICICI Instant Platinum Credit card||Nil||Ideal for first time credit card applicants||
1.3 payback points for every Rs.100 spent.
2.Global Emergency Assistance and Card replacement service available.
3.Get ₹ 100 off on movie tickets twice a month.
4. Enjoy delicious treats at minimum 15% savings at over 800 leading restaurants across 10 cities in India.
5. 2.5% fuel surcharge waiver can be availed on fuel transaction of maximum ₹ 4,000 at HPCL pumps.
|Standard Chartered Platinum credit card||Nil||Salaried people who want to own an all-rounder credit card||
1.Get additional 1000 rewards points if you transact within 60 days.
2. Bonus 100 points for registering for online banking.
3. 20% cashback on Uber rides.
4. 5 points on spending 150 rupees on dining.
5. 5 points on spending 150 on fuel.
6. 2 reward points on spending 150 on any other category.
|American Express Gold Card||1000||Universally accepted||
1.Welcome gift of 4,000 Membership Rewards (MR) Points after first 3 spends in 60 days.
2. 1000 Bonus MR Points for using your Card 4 times every month.
3.Earn 1 MR point on Rs.50 spent on all spends except for spend on Fuel, Insurance, Utilities and Cash Transactions.
4. No predefined credit limit (as it is charge card) Up to 20% off at selected restaurants.
5. Redeem from 18 carat and 24 carat Gold Collection.
6. Earn 5000 MR Points on renewal for second year.
The eligibility criteria for credit cards differs depending on the cards you are applying for and the bank providing it. .
You can apply for credit card online as well as offline.