With anything you use today – whether it’s an appliance or a credit card, what do you consider while making your choice? The answer lies in the features of the product. While you cannot directly compare appliances to credit cards, these products have one thing in common – they serve a purpose.
When you are searching for any of the best credit cards on the market today, you would be interested in the card’s features, as these spell advantages for you. Several credit cards have a range of features that suit different requirements of users.
Based on distinctive spending habits and purposes of card use, certain features will be important for some users and not for others. Popular credit card issuers offer cards loaded with numerous features, to ensure that they cater to the diverse needs of consumers.
The Features of Credit Cards
Credit card features are often compared during the process of selecting a card, to ascertain that it is the right fit for your purchasing habits. Hence, if you are searching for a credit card company or a bank with the ‘best’ or ‘better’ credit card features, you may find, not one, but many cards. The point is, credit card features matter when they help users with their unique needs. For instance, the best features for a credit card user who is interested in travel-related purchases may be found in a travel credit card. However, credit cards, in general, offer certain features common to most cards in use today.
Common Credit Card Features
Although you get a variety of credit cards to serve different spending purposes like shopping cards and corporate credit cards, most credit cards have certain common features regarding their use. The main feature of a credit card, distinguishing it from a debit card, is its line of credit. You can use your credit card to buy goods and services on credit, without having to dip into your savings or bank account. The interest-free credit period typically lies anywhere between 20 and 40 days, depending on the credit card you use. At the end of this period, a bill must be settled. Other than this major benefit, other credit card features are listed below:
- Payments on EMI – Some of the best credit cards you get today offer the benefit of paying for goods on EMI, or equated monthly installments. With this feature, you can buy flagship products affordably, splitting payments into monthly part payments. Moreover, you get flexible tenors of repayment; for instance, the Bajaj Finserv RBL Bank SuperCard offers repayment tenors ranging from 3-24 months.
- Emergency Spending – A credit card gives you a loan facility in case any unforeseen expenses come along. When you don’t have the time or the inclination to raise funds, credit cards can be your saviors.
- Cash at ATMs – With your credit card, you may withdraw cash from any ATM should the need arise. There may be a fee attached to this service, according to the card used.
- Credit Limits – Each credit card comes with a fixed limit beyond which you cannot spend on the card. If you prove your creditworthiness, your card issuer may issue you a credit card with a high credit limit.
- Deals, Offers, and Discounts – Among credit card features, users look for benefits like discounts and other deals offered while shopping. Some co-brand cards like the ICICI Bank Amazon Pay credit card may give you shopping discounts while shopping on specific portals.
- Rewards-Based on the type of credit card you have, reward points can be earned each time you make a transaction with the card. These points can be redeemed to avail of further discounts in the future or can even be used against credit card payment bills.
The Best Overall Credit Cards
RBL Bank and Bajaj Finserv have partnered to bring you one of the best credit cards you can use today, in the form of Bajaj Finserv RBL Bank SuperCard. This SuperCard combines the features and functionalities of four cards. You can use it as an ATM card, loan card, EMI card, and credit card. Thus, you could argue that Bajaj Finserv, in collaboration with RBL Bank extends exemplary credit card features that cater to the requirements of all individuals