A credit card is all about borrowing now and paying later. The owner of a credit card can use the card, to pay for goods and services without having to pay in cash. Through the credit card, you can borrow money (also called cash advance) from a bank, to make purchases. Carrying a credit card is more convenient than cash. Credit cards are widely accepted and can be used to make big purchases.
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A credit card generally charges an interest of around 2-3% a month. However with a low interest rate credit card, rates could be low:
There are certain drawbacks to using a low interest credit card. Let’s discuss them:
The low interest credit cards are special privilege cards that are offered by banks only to a limited number of customers. There is a minimum eligibility to avail these cards. A bank is not willing to risk a non-repayment from the credit card holder and therefore provides these cards to individuals only having high net worth or a good credit score.
A person who wants to avail a low interest credit card must have a good credit score. Ensure, credit card dues are paid on time. If a person has a lower credit score, he is not eligible for these cards
A low interest credit card helps save money each month. These credit cards are good options for individuals who carry month on month balances. Some low interest credit cards have 0% introductory rate while others offer cards at the ongoing market rate.
Citi Rewards Credit Card: these cards come with zero joining fees. You can earn up to 10x reward points on apparels and departmental stores. A bonus can be earned on an expenditure of Rs 30,000 each month. One gets 2500 points for activating the card and the points never expire. It charges an interest rate of 3.25% per month and a cash advance fee of 2%.
First Citizen Citibank Titanium Credit Card: this card also comes with zero joining fees. The card offers zero renewal fees and charges a regular interest rate and a cash advance fee of 2%. It offers benefits on beauty and wellness products. One can redeem points at shopper’s stop payment counters. It charges an annual fees if an individual spends less than Rs 30,000 each year.
HDFC Infinia Credit Card: the Infinia card from HDFC bank is a low interest rate credit card that offers a regular interest rate and a low cash advance fee. However, there are fees an individual has to pay for signing up and the renewal fee of the card is quite high. The card does not have a preset spent limit. This card encompasses an extensive range of privileges and benefits that can be availed by the card holder.
SBI Advantage Platinum Credit Card: the card charges a low rate of interest each month and has a slightly higher cash advance fee. The joining fee and the renewal charges are also quite high. However, there are some benefits offered by the card as privileges.
ICICI Bank Instant Platinum Credit Card: this credit card is available at a regular interest rate and a slightly higher cash advance fee. There are no joining charges or renewal fees. The card holder can avail an interest free credit of up to 48 days on purchases made using the card.
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