Cash-free payments have eased shopping, one of the prime reasons due to which credit card transactions has hit around Rs. 48,489 Crore in February 2019. Besides, digitalisation has reduced the application process, and you can apply for an online credit card without any hassle.
While you choose a credit card for your shopping, there are certain facilities that you should look out for, some of which are given below.
Types of credit card
You get to enjoy various kinds of credit cards to suit your requirements. You can choose from various types of credit card such as a cashback shopping credit cards, and discount offers shopping credit cards and much more.
Your credit card also provides you with a bonus in the form of reward points which you can redeem at the time of your purchases. These reward points help to reduce the burden on you1r pocket by reducing your bill amount. The percentages of reward points are different for various transactions (online and offline) thus inquire about such reward percentage before making any purchases using your credit card.
Various cards like the Bajaj Finserv RBL Bank SuperCard allows first-time users to enjoy a welcome bonus of up to Rs. 20,000 which they can use at the time of their online shopping.
You can avail credit cards that offer a year-round discounts on specific purchases from particular stores, both online or offline. You also get to enjoy specific discounts to shop from partner stores. You can get the list of the partner stores on the official website of your credit card issuer.
NBFCs like Bajaj Finserv provide you with pre-approved offers that reduce the hassle of the application process and also saves you time. These offers are available on various financial products such as credit cards, personal loans, home loans, business loans, etc. To check your pre-approved offer, you will have to share minimal details like your name and contact number.
You can avail cashback for shopping using your online credit card. These facilities help you enjoy a minimal percentage of the transaction amount reimbursed back to you as readily usable credit. However, the percentage will vary for different retailers. Hence, before you make a transaction it is essential that you check with your credit card issuer on these transaction details.
Before you apply for a shopping card, there are facts that you should be acquainted with, such as –
To apply for a shopping credit card, you are required to meet relaxed eligibility criteria. To apply, you should –
- Be a citizen of India residing in any of the cities where your card issuer operates.
- Not have defaulted on a payment. You are also required to repay your credit card debtin case you have an existing balance on your previous credit cards.
- Have a stable source of income.
Ensure that your credit card has robust security to avoid cyber crimes and thefts at the time of your transaction. Top cards such as the SuperCard comes with Zero-fraud liability and In-hand security, both industry-first features which help make online transactions safer.
You get to enjoy a total of 50 days within which you are required to pay your bill. If you know how to read your credit card statement correctly, you will come across two terms, that is the bill generation date and payment due date. The bill generation is the date on which the statement was issued, and the payment due date is the date within which you will have to pay your bill.
For example, if your bill generation date is 1st September, you have 20 days to pay your bill (payment due date) which is 21st September. The next bill generation date will be 1st October. Thus, for any purchases made after 1st September, you will get 30 days till your bill generation date that is 1st October and an additional 20 days that is 21st October within which you will have to make your payment.
Paying your bills on time will assist you to avoid interest rates and hefty late payment charges and will reduce the burden on your pocket.