A lifestyle credit card is an "All-in-one" credit card that provides privileges across categories. From shopping to travel, rewards to cashback, entertainment to dining, you can enjoy special offers and discounts on most of them.
The Lifestyle Credit Cards typically come with a high annual fee and joining fee, which of course, is worth spending for the privileges offered by the cards. Some Lifestyle Credit Cards also have low or no annual fee and are designed for low-income group individuals.
The name says it all - Shopping Credit Cards are designed for shopaholics or frequent shoppers. While some cards provide deals and discounts for shopping online, others are designed for in-store shopping. Further, there are co-branded Shopping credit cards that provide offers and rewards on specific brands or stores.
Shopping Credit Cards are typically affordable with a starting annual fee of Rs.500. The benefits offered on the cards including the welcome gifts, reward points, deals and discounts, etc., revolve round the shopping category.
Mostly providing air travel benefits, the Airline Credit Cards are best suited for frequent travelers. The features and benefits offered on the cards revolve around the air travel. Reward points to air mile conversion, free flight tickets, complimentary airport lounge access, and accelerated rewards on air ticket booking, among others are some common features offered by Travel Credit Cards.
Most of the Travel Credit Cards are co-branded cards offered in collaboration of the card issuer and an Air Carrier or Travel Website. The annual fee of the cards ranges from Rs.500 to Rs.5,000 depending on the benefits they offer
Rewards Credit Cards offer accelerated rewards on most of the spending categories. Credit Card issuers are providing a wide variety of redemption options ranging from gifts to air miles to cashback. Reward Credit Card also provide welcome rewards, bonus rewards, milestone rewards, etc., in terms of reward points. Most of the cards offer reward points with unlimited validity.
Wondering if you are eligible for a credit card? Check out the eligibility criteria for credit cards. Do keep in mind though that depending on the type of card you are applying for and the issuing bank, the criteria may differ.
Nationality: You should be a citizen of India or a non-resident Indian (some banks extend credit cards to NRIs).
Age: You should be at least 18 years old. In some cases, the minimum age to apply for a credit card is 21 years.
Employment status: You have to either be salaried or self-employed and have a steady source of income.
Income:Most banks will require you to meet their minimum income requirement before they approve your card application.
Credit score: A good CIBIL score, with no history if default goes a long way in making sure that your credit card application is approved.
Visit the bank's website.
Take a look at the credit cards offered by the bank.
If the bank has a comparison tool, use it to see how each card compares to the other.
Select the credit card that is the right one for you and hit the 'Apply' button.
Fill in the required details and upload all necessary documents.
Submit your form.
LoanBazaar offers end-to-end application process, wherein you can browse through most of the credit cards offered by various banks, compare and apply for the best credit card in just a few clicks.
Robust comparison tool :Before availing a credit card, it is always advisable to compare various cards to find the best. But the process of comparing is not that easy, and a lot of people tend to avoid it, ending up with a wrong card. To solve this problem, LoanBazaar introduced a platform where people can compare credit cards offered by different banks online at one place. This not only helps them in making an informed decision but also in getting the best credit card available in India.
We simplify the application process : With our end-to-end paperless online application process, we have simplified the entire application process in a few simple steps. You don't have to visit the bank branch nor have to meet any bank representative to apply for a credit card. Simply, visit our website, compare various credit cards, choose one and apply for the same without leaving the comfort of home.
24x7 Support : Apart from the above, LoanBazaar provides 24x7 support to all its customers throughout the year
Although most of us are quite familiar with credit cards and use them on a regular basis, there're many aspects of the cards, most of which are quite basic, about which we are quite ignorant about. This section discusses all such things every credit card user must know.
To manage your short-term financial needs - your salary won't be sufficient always.
To enjoy interest-free credit - You pay interest on a credit card only when the due amount is not repaid on time.
Ease of use - Ready cash for sudden expenses.
And the perks that come along - Reward points, discounts,cash-backs, offers air miles and lot more.
Welcome Gift -Many banks offer a welcome gift to new credit card applicants once the card is issued to them. This gift can be in the form of bonus points, gift vouchers, discounts, etc. The welcome gift differs depending on the card and the bank.
Rewards Program - All credit cards generally have a reward program, which allows cardholders to earn reward points on every transaction they make using their cards. The amount of points that cardholders can earn per transaction is fixed and differs from card to card. The points that card members collect can be redeemed for various gifts that are listed in the rewards catalogue of the cards. These gifts can be discounts, product, services, cashback offers, etc. Some credit cards allow card members to redeem their points against air miles and cash as well.
Fuel Surcharge Waiver - Many banks offer fuel surcharge waiver to credit cardholders when they spend specific amount of money on fuel every month. This offer is available on fuel transactions made at all Indian petrol bunks.
Cashback Benefits – There are certain credit cards that offer cashback benefits to the customers. The amount of cashback that will be offered depends on the provider
Lifestyle Benefits –Cardholders can enjoy various lifestyle benefits on their credit cards. Lifestyle benefits include dining, shopping, golf, wellness, entertainment, etc. privileges.
Travel Benefits – This is one of the major reasons for credit cards being so popular among people. There are some credit cards that offer amazing travel benefits to the customers. Travel benefits include air miles, airport lounge access, travel insurance, airline offers, hotel offers, etc.
Airport Lounge Access – Some credit cards offer complimentary airport lounge access to the cardholders. The offer varies from one bank to another. Some banks put a limit on the number of visits, while some others allow access only to Indian airport lounges.
Exclusive Privileges from Visa/American Express/MasterCard – Visa, MasterCard and American Express are three popular and recognized credit card variants. Depending on the variant of your card, you can enjoy exclusive lifestyle, travel, etc. offers from MasterCard/Visa/American Express.
Add-on Cards – Many banks allow their credit cardholders to apply for add-on cards for their immediate family members. Most card issuers offer add-on cards for free, but some of them limit the amount of add-on cards that one can apply for. Cardholders can enjoy all the privileges of their primary cards on their add-on cards.
Air Miles – Certain credit cards such as travel or Airline cards offer Air Miles to their customers. These miles can be JPMiles, Air India Air Miles, etc. Cardholders can collect these miles and redeem them to avail flight tickets and other travel benefits.
A credit score between 300 and 650 is considered a bad credit score by most banks. In most cases, banks will not consider this score to be ideal to offer you a credit card. However, if you have a credit score between 550 and 650, it might be considered poor credit. In these situations, if banks deem you as a responsible borrower, you might be qualified for an unsecured credit card.
The best and the easiest way to get a credit card is toapply for it on a platform like Loan Bazaar. You can compare the features, benefits, fees, interest rates etc. and then choose a card that best suits your needs. You will also benefit from exclusive offers available only on Loan Bazaar. Alternately, you can directly visit the bank's website to apply for a card.
If you already have a credit history, you can check your eligibility, choose a card that suits your lifestyle needs and apply for it on Loan bazaar. If you do not have a credit history, you can opt for a secure credit card usually offered against fixed deposits.
No, you don't have to pay interest on all the transactions. However, if you're not repaying the due amount within the stipulated time, the unpaid due would attract interest along with all the new transactions, till the due amount is repaid in full.
The number one should own is not fixed. It depends on your financial ability and your spending behavior. However, ensure to manage all the cards properly. Use them responsibly, repay the outstanding on time and make sure none of them is affecting your credit score.
The banks typically state that they would take 21 days to disburse a credit card. However, depending on the applicant's profile, availability of documents, verification checks, etc., it might also take a little longer than the stipulated time.
The minimum amount due is the minimum amount a credit cardholder needs to pay in case he/she is not able to pay the total outstanding. It is typically 5% of the total outstanding amount on the card. Paying the minimum amount would save you from the late payment fee.
Not all credit cards do, but there are quite a few credit cards that come with fraud liability protection cover.If your card offers the protection, most of the fraudulent transactions that might happen on the card when it's either lost or stolen will be covered. However, you need to intimate about the loss of the card immediately to the respective creditor.