Although the popularity of credit cards has been growing at a high rate in India in the last few years, its penetration is still limited. For every 100 individuals in the country, only 3 credit cards are used, thus leaving wide scope for increased use of the card.
Even so, some individuals in the country prefer owning multiple cards. In such cases, each card is assigned to a specific type of expense. For instance, individuals who own a car or bike can avail a credit card offering accelerated reward points on refueling expenses.
Besides the fuel credit card, another popular category is for travelers. Travel oriented credit cards provide superior cashback and offer to frequent flyers. Such card users can also pay for hotel bookings with the cards, earning substantial reward points in the process. Nevertheless, the importance of choosing the best card for both cannot be discounted, with the following elaboration helping you arrive at the best card.
Choosing the best fuel or travel card
The availability of credit card types which are suited to specific expenses is ample in the Indian market. Thus, one can find several such cards, which offer accelerated savings or points on refueling and traveling expenses. Here are thus some factors to consider before picking a card for these purposes to ensure that you get your hands on the best care possible for the purpose.
- Annual fees for the card
Most credit cards come with yearly fees associated with them. Such a fee can differ based on the card you choose. While acquiring a travel or fuel credit card, ensure that its yearly charge is affordable. Excessive pricing can reduce the benefits of these cards, thereby limiting their utility.
- The widespread acceptance of the credit card
When availing a fuel credit card, make sure that the option you pick is accepted across most refueling stations. Otherwise, you would have limited opportunities to derive the benefits of such a card. Also, to combat high fuel prices with your credit card, always pick a reputed financier.
The same holds true for travel credit cards. You should ensure that such a card comes with the option to transact internationally.
- Avail cards with the proper security features
You may end up misplacing your credit card at any point. It is especially true for cards that offer travel-related perks. Cardholders are prone to misplace their luggage in transit, which can also cause loss of the card. Additionally, credit card theft is common, which, in turn, can lead to unauthorized transactions.
Whether you want to travel or a fuel credit card, preventing financial liability due to losses and theft should be a top priority. In this regard, some high-end cards come with additional insurance policies designed for such contingencies.
For instance, the Bajaj Finserv RBL Bank SuperCard offers a zero-fraud liability cover and in-hand security to users. These features are part of the company’s commitment toward robust security.
Additionally, the NBFC issuing this card also provides pre-approved offers to streamline the process of credit card application. Such offers are available on other financial products as well, including personal loans, business loans, and more. You can check your pre-approved offer by providing a few essential details.
- Reward points and facilities to redeem
The number of points you earn from such cards will determine whether they offer substantial benefits. You can compare the reward point earning potential for each fuel credit card and travel card and choose the one that allows for accelerated earnings.
Sorting these cards by the reward points is just half the battle though. You should also be aware of how to redeem your credit card reward points. In most cases, reward points can lead to substantial savings on future expenses.
Further, before looking up on how to apply for a credit card, spare some time to consider how much monthly expense you can afford on such cards. Ensure that your desired spending limit does not put excessive strain on your finances. Also, check the eligibility criteria for a specific card before sending in your application, as failure to do so can result in card rejections too.
