Friday, 16 March 2018

Which is the Best Credit Card?


If you are looking for a credit card, you will be surprised by the number of options available. While it may seem like a good thing as this means there is card available that suits your exact requirement but finding the right card amongst so many options available could be a challenge. So here we try and help you choose the right card as per your requirement.
Understand Your Requirements:
As we said earlier there are so many options that making a choice could be challenging. The first thing is to understand what your requirements are and then choose a card that matches it.  Without being sure of your own requirements choosing a suitable card for yourself is not possible. If you travel a lot then it makes sense to have a card that can be used with ease internationally, if you spend a lot on shopping then a card that offers an attractive reward structure and so on. It is also important to be sure about the kind of credit limit you want. A low credit limit could harm your credit score if you usage is usually higher than 30% of your sanctioned limit but your credit limit cannot be based solely on your choice. It depends on your income levels and also the eligibility criteria as specified by the card company.
Best Credit Cards As Per Features:
Below is a list of few cards that suit different requirements and hence you may find it useful.
Ø  Citibank Premier Miles Card:
This card is best suited for those who travel a lot. The user gets access to premium airport lounges across the world, 10000 miles are awarded on activation and subsequently there is attractive reward structure that lets the user earn miles on bookings and other transactions. These miles can be redeemed at over 100 airlines. The annual fee is steep at Rs. 3000 which may prove to be a deterrent and the card is issued only to those who already have another credit card, so it is not suitable for first time card applicants.
Ø  Standard Chartered Platinum Rewards Card:
This card comes at a nil annual fee; the applicant may be charged a joining fee of Rs. 250 upfront but that will be waived off when the card is used within first 90 days. This card is suitable for salaried people who use the card for a host of transactions. The rewards structure includes reward points for registering for online banking, using the card for dining and fuel and also cash back on Uber rides.
Ø  SBI Simply Click Credit Card:
This card is best suited for people who are in love with online shopping. The annual fee of Rs. 499 can be waived off if the user spends Rs. 1 lakh within a year of getting the card issued. The card is issued only to salaried applicants. Users get a voucher from Amazon worth Rs. 500 on joining; the card offers an attractive reward structure when shopping online with special benefits for Amazon, Cleartrip, Fabfurnish and many more. You can also get waiver on fuel surcharge and get an e-voucher from Cleartrip. 
Ø  Standard Chartered Super Value Titanium Card
This card could be a great choice for first time applicants who spend a lot on fuel, phone and utility bills. There is no annual fee for the first year, second year onwards there is annual fee of Rs. 750 which is waived off on case the user spends more than Rs. 60,000 in a year. The joining fee of Rs 499 is also waived off when the user spends more than Rs. 30000 in a year.  The user gets 5% cash back when paying for fuel, utility bills and phone bills.
Ø  ICICI Instant Platinum Card:
As the name suggests this card is available instantly, so if you are in a hurry then this card is for you. This card also offers another advantage; it is suitable for first time applicants who are finding it difficult to get a credit card issued for some reason. This card comes with no annual fee and can be issued against an FD which makes it a great choice for those who do not have running source of income.  The credit limit of the card is linked to the deposit amount. The card also comes with some attractive rewards but will be difficult to get one without holding a deposit with ICICI bank.
As we said right at the onset of this discussion the choice available for credit cards is huge and it’s not possible to discuss all of them. We have just picked a few based on the different features and utility they offer. There are many great choices available depending on what you need.

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