Conclusion

1. If you need a credit card only for ad-hoc basis or just at times that you don’t want to carry cash- opt for any credit card which has no fees. It will save you from any unnecessary charges.

2. If you have your own vehicle and you spend on petrol or diesel for more than 2000 a month- Opt for a petro card and start using that card for your refills- this will increase your overall savings.

3. If you are a frequent flier – Opt for travel cards- it will help you in getting miles or few tickets free in a year and can be the free holiday that you been looking for.

We hope this article was helpful and now you can make a diligent choice about the credit card to apply for.

Updated Information on Credit Cards in India

-Reserve Bank of India data shows that the debt of an average Indian credit card user is rising at an alarming rate. The recent RBI data shows credit card outstanding amount od ₹ 42,100 crore at the end of May 2016 as against ₹ 27,000 crore during the 2008 crisis period. The reason behind this is the annual interest on credit card outstanding ranges between 36 and 48 per cent.

-Reserve Bank India (5th October 2016) is to boost card use funds resulting in a big boost to the acceptance of debit cards in shops in rural and semi-urban areas. The fund is expected to subsidize setting up of a point of sales terminals or machines that enable acceptance of credit cards in areas where banks do not consider it viable to do so.

-State Bank of India is gearing up to introduce payments through mobile phones that will be an add-on to the competition in the mobile wallet services segment. The bank plans to make its credit cards in the user’s mobile phone and facilitate payments through the host card emulation technology (HCE), which neither requires swiping nor reading an embedded chip.

– Credit Cards for Women: Kotak Mahindra Bank has launched credit cards only for its women customers. ‘Kotak Silk Inspire’ credit card can be availed against fixed deposits and targets housewives with no fixed income. The card will offer 5% savings on apparel, fuel surcharge waiver and Silk Inspired Shield for protection against the misuse of the card.

HDFC Bank has also introduced HDFC Bank Solitaire Premium Women’s Credit Card with the welcome gift of one-time free wellness package from Apollo and Shoppers Stop voucher of worth ₹ 2,000 on cumulative spends of ₹ 2,00,000 every 6 months.

-Credit Cards for Students: State Bank of India has introduced SBI Student Plus Advantage Card exclusively for education loan customers. The joining is free of cost and the users can enjoy up to 80% cash withdrawal limit. On international spends, you can get 10X reward points and the reward points can be used to pay the outstanding balance.

-On 2nd October 2016, Bihar CM Nitish Kumar launched credit card for students. It is an education loan in which the government will pay the interest. Under this scheme, students who have passed Class XII will be able to avail credit card and can withdraw up to Rs 4 lakh while pursuing any professional course.

-HSBC launches ‘simple two-click process’ to apply for credit cards. The bank has announced the launch of a customer-friendly digital initiative for customers of the bank’s retail banking and wealth management arm can apply for a credit card through HSBC India ATMs or when they log on to internet banking.

-Now you can pay bills, buy movie tickets or repay the loan without using your credit card. The machine enables payment via registered mobile (OTP) and Aadhaar platform for domestic remittances and currency deposits.