Which Credit Card Reward Program is Best for you
There are different types of credit card available in the market and all the credit card has their own benefits and rewards points. They carry specialized benefits that range from rewards, cashback, and shopping to miles, fuel, and entertainment. Choosing the best card is very important for enjoying all the benefits. There is no credit card which is rated as the best credit card because the best Icici credit card for you depends on your preferences and tastes.
Types of credit card
Banks and NBFCs offer different types of credit card according to the taste and preferences of the customers. You just need to identify the category, you preferred the most. The main types are :
Shopping credit cards are the one which offers a number of benefits and rewards to you every time you shop. Lifestyle credit cards will offer you numerous benefits which include the rewards, cashback, and discounts. These credit cards are not only limited to retail shopping, but they are also designed for groceries and household needs.
The travel credit cards are very beneficial to those businessmen who travel a lot. You can earn a numerous rewards point by spending on the credit card. These cards might also provide great insurance cover for your life, baggage, and also offers benefits on services like flight, hotel, cab booking etc.
Entertainment credit cards are the one which is used for going out like clubs, dinners, movies, concerts and more, you could get discounts, complimentary drinks, free tickets, exclusive invites, and earn rewards on your spends.
Fuel cards are the one which is used if you filling up gas tank very often. You will get the credit card reward points everytime when you spend on the gas or auto services.
Read More : How Often You Should Use Your Credit Card
Reward Program Types and benefits
- You can accumulate the reward points and when the certain number is collected then you can use these reward points to purchase any item. Some items like gold, advances, fees are some of the items on which you are not eligible for the reward points. You should spend a minimum amount to become eligible for the reward points.
- Credit cards come with attractive offers like reward points, cashback, and discounts.
- Cashback and discounts help in reducing your cost of purchases. On the other hand, reward points can be redeemed for goods or services from partner stores like grocery stores, nearby shops etc. Hence, you can avail more such benefits through increased credit card transactions.
- Credit cards keep a track of your day-to-day expenses, which include the name of the merchant, date of the transaction and amount spent. There are some credit cards, which provide the year-end summary that helps while paying taxes.
- Existing cardholders with a good credit score are offered pre-approved loans. Credit Cards gives you an option to convert your purchases in Credit Card EMIs which can be paid during a pre-agreed loan tenure. The advantage of pre-approved loans is that it involves no documentation, unlike other loans.
So, above these are the benefits of getting a credit card. We can’t rank any credit as number one. The best credit card for you depends on your requirements.