Banks offer amazing features on their credit cards. These features vary depending on the card provider and the type of credit card that people purchase. Some of them are as follows:
Accepted Globally – Today, most credit cards that are issued in India are international cards and are accepted by various merchants all over the world.
Balance Transfer – Credit cardholders can transfer the outstanding balance of their existing cards issued by one bank to the credit card account of another bank. Doing so helps them in saving money and repaying the amount at a low rate of interest. Banks offer various balance transfer options to their cardholders, which allows them to repay the amount on a monthly basis within a tenure of their choice.
Instalment Payment Plan – Many banks offer the instalment payment option to their cardholders. This feature allows cardholders to convert their transactions into monthly instalments. Cardholders can choose the tenure for their EMI plan. Generally, these plans have very attractive interest rates. There are some banks that offer 0% instalment payment plans to their customers.
Loans on Credit Cards – Some credit cards offer pre-approved loans to their holders at low interest rates.
Utility Bill Payment – Credit Cards have made it easy and quick for people to pay their utility bills. Using their cards, cardholders can pay all their utility bills online at one go.
Alerts – Credit cardholders receive bill payment reminders via SMS and e-mail from their banks every month, which helps them in not missing out on their monthly payments.
E-statement – Most banks today provide e-statements to their credit cardholders at the end of every billing cycle. Cardholders can access this statement at any time online.
Joining Fees – When customers apply for a credit card, they have to pay a certain amount for enrolment, known as the joining fee. There are certain cards that do not have any joining fee as well.
Annual Fees – Every credit cardholder have to pay a fixed amount to renew their card every year. This amount is called the annual fee or renewal fee. This amount varies depending on the card that a person opts for. Some banks waive this fee for their customers for a period of minimum 1 year as benefit for achieving certain spends milestone.
Lifetime Free Card – There are some banks that offer lifetime fee credit cards, which means cardholders do not have to pay any annual fee for these cards.
Lost Card Liability – Many banks offer lost card liability coverage to their credit cardholders. This feature protects the cardholders from fraudulent transactions that made using their cards after they have reported its loss to their card provider.
Insurance Coverage – Some banks offer insurance protection on certain credit cards they offer. For example – travel insurance, life insurance, etc.
Cash withdrawal facility – Credit cardholders can use their cards to withdraw money from ATMs. Banks charge a small fee for the service and cardholders can instantly avail money in any part of the world.
24×7 Customer Care Service – Banks offer 24×7 customer care service to all their credit card holders. Some banks have a separate helpline number for their cardholders. Cardholders can contact on this number to get any assistance related to their card. For example – They can contact the department to avail concierge services, make card replacement requests, report loss of cards, etc.
Credit Card Bill Payment – Banks allow their credit cardholders to pay their credit card bills online and offline. Cardholders can use NEFT, Internet Banking, Cash, Cheques, etc. facilities to pay their bills.