They have also made payments for bills as well as shopping transactions effortless and without carrying cash. Before applying for a credit or debit card, you must ensure that it comes with the latest features that are the most wanted. This is why we have listed 3 essential features that a modern credit card should possess.
Online Credit Card Payment Options
A modern credit card should include multiple payment options online for example:
- You can pay with net banking or debit card with your preferred bank account
- Paying with net banking through the app of the bank (including an auto-debit feature that allows you to automate the payment of future bills and avoid missing any payments)
- Pay instantly using UPI via a BHIM application or any UPI-enabled banking app
- Instantly paying by using the option of fund transfer through NEFT or IMPS
Online bill payment services for credit cards can be beneficial, particularly in current times. However, a reputable lender will also allow the option of making payments offline which is beneficial for people who are who are used to this type of payment.
Additionally, you should look for the option of paying in an easy and simple EMIs in the event of spending more than an amount. However, how can you pay for credit card charges by making a change from a transaction to EMI? There are several options:
- Converting offline using POS terminals of certain merchant stores.
- Converting via your bank’s OTP webpage in the event for online transaction.
- Logging into the mobile application of the bank for conversion at an affordable rate. EMI durations. Leading lenders offer terms of that extend to 36 months on all transactions that are acceptable.
Interest-free Cash Withdrawals
Credit cards typically charge interest starting from the date of cash withdrawal, with monthly rates of up to 3.5 percent and a substantial withdrawal cost of up to Rs500.
The best new credit cards are those that offer the option of interest-free ATM cash withdrawals up to when the deadline is reached. Therefore, the rate of interest is zero. In addition, the transaction cost is considerably lower. This is especially beneficial in the current scenario where you might have cash-flow needs.
A Beneficial Rewards Program
The most reliable credit cards also come with a valuable rewards program that comes with many advantages. For example, you could gain access to:
- You can earn up to 10X reward points without expiry date
- Rewards points up to 6X when you shop online using your credit card
- Up to 3X points for buying at stores offline by using the card
- Zero redemption fee
- Benefits of earning forever , and the ability to redeem at any time and from anyplace
You can also make use of the reward points you accumulate to make transactions using a card offline with select merchants, as well as all transactions online. Additionally, you can obtain the memberships you like from your favorite brands or gift cards through the bank’s constantly refreshed and exclusive reward redemption catalog.
Other notable advantages of a high-quality credit card include lower interest charges, no annual maintenance cost, no joining fees and more than 300 dining and merchant discounts all year. In addition, you will receive multiple benefits from joining such as emergency roadside assistance personal accident insurance and lost card liability insurance for air accidents, insurance for travel on certain items and so on. It is advisable to consider applying for credit cards that offer all of these advantages.