A credit card is known as the plastic money. It is one of the significant financial products to come as a boon for all and majorly for salaried class individuals. It is laced with many credit card features that can make your life easy.
If you are about to apply for a credit card and don’t know what features you can get, you can go through this informative post and dig deeper. Continue reading:
Vital credit card features that you should know
- Alternative to cash
One of the best credit card features is that it is an alternative to cash. You don’t need to carry various types of denominations with you pay for your expenses. With a credit card, you can easily swipe it and pay for your needs in a flash. You can travel anywhere in the world and don’t need to carry cash as the credit card will cover all needs. Removing the practice of carrying so much money with you will surely give you complete peace of mind as well.
- Credit limit
A credit cardholder enjoys the facility of having a fixed credit limit on his/her card. The credit limit is fixed as per the one’s income, Credit Score and repayment history. Once you have your credit limit fixed, you are aware that you have a certain amount that you can use for your needs.
- Record keeping of all transactions
Credit card issuing authorities such as banks and non-banking finance companies (NBFCs) keeps a record of all the expenses made by all credit card customers. As a result, keeping such a record helps these institutions to raise correct payable billing amounts usually on a monthly basis.
- Grace period
One of the amazing credit card features that you can enjoy is the grace period that you get on your card. The grace period is referred to as those extra days within which a credit card holder has to pay his/her credit card bill without any interest costs.
- Higher charges on cash withdrawal
You are allowed to withdraw a certain amount out of your credit card limit as the cash from a nearby ATM. But, you need to pay a hefty charge for doing that. On cash withdrawal via your credit card, the interest is charged from the day of withdrawal unless it’s repaid. On the other hand, there is also no grace period for all such cash transactions via your credit card.
- You need to pay extra charges for delayed payments
Your credit card bills are supposed to be paid by the due date. If you don’t make payments on time, then your credit card issuing banks may charge some extra costs. These charges are levied to compensate the interest cost, admin cost and other charges.
- The facility to convert big-ticket purchases into EMIs
Another popular credit card feature that you should be aware of is nothing but the EMI facility. Yes, for all the big-ticket purchases made on your credit card, you are allowed to convert all such transactions into EMIs and pay over a tenor. However, to convert your high cost expenses into EMIs, you also need to bear the interest charges levied. As a result, you need to pay the exact EMI amount along with the interest charges for a scheduled tenor. Even though you have to pay extra amount than the purchased product’s cost, it helps you keep off the stress of paying it at once. This way, you end up managing your monthly budget without issues.
Some of the critical credit card features that you get while using a card is discussed. Being aware of all these credit card features will help you manage an easy operation without facing any issues in the future.
If you wish to apply for credit cards, you can do that online and opt for the Bajaj Finserv RBL Bank SuperCard.
Bajaj Finserv offers some excellent pre-approved offers on credit cards, and beyond. It is to simplify the entire loan application process and is to make it less time-consuming.
Want to explore more? You can check out credit card apply offers by sharing your basic details.