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Rediff.com  » Getahead » How to benefit from these 5 credit cards

How to benefit from these 5 credit cards

By Rajiv Raj
May 25, 2015 11:41 IST
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We hope this information can help you save and trigger more money saving ideas in your mind.

When it comes to credit cards, companies get very innovative while passing on benefits to customers. Not only do you get access to borrowed money but you can also avail numerous benefits which save time and money. What’s not to love?

However, one must bear in mind that all is good with your finance world as long as you are disciplined enough to clear your outstanding monthly balance on cards before your due date. Having a planned and organised approach to credit cards will save you from the money sucking black hole called card interest rates. Once this aspect is taken care of, you can enjoy the various benefits cards have to offer.

Cherry on the cake! Here are a few cards with interesting benefits which can indeed help you save.

1: These points can run your car!

So every time you purchase fuel from Indian Oil, points can be gained! Indian Oil Titanium Citibank Credit Card offers 4 points on purchase of fuel worth Rs 150. These points can be redeemed at Indian Oil for purchasing more fuel.

Apart from fuel, the same is also applicable on purchases from Amazon, bookmyshow, jabong and many more.

If you spend up to Rs 30,000 on this card, an annual fee of Rs 1000 is waived off.

2: Planning a movie, shopping and dinner?

Grocery shopping is an unavoidable weekend task! ICICI Bank’s Coral Credit Card offers four payback points on every Rs 100 spent on this mandatory expense is like an offer which walks up to you. Additionally, the card also adds up two payback points per Rs 100 spent elsewhere. You also get two free movie tickets per month at bookmyshow!

There is also a minimum discount of 15 per cent applicable if you are dining through the culinary treats programme. This card promises all the fun for just Rs 500 as the annual fee second year onward and Rs 1000 as the joining fee.

3: Spend and have more fun!

RBL Bank Platinum Maxima Card offers five reward points per Rs 100 spent on dining, entertainment, utility bills and fuel and two points per Rs 100 spent elsewhere. Points accumulated can be redeemed for shopping, dining, entertainment and travel.

It’s raining bonus points with this card since it also offers an annual bonus on spending Rs 2 lakh annually. For an annual fee of Rs 2000 you indeed end up saving a lot while spending.

4: Sign up and fly for free!

A complimentary Jet Airways ticket and 10,000 JPMilesis is how Jet Airways ICICI Bank Sapphiro card welcomes you! And if you fly often this is a good choice.

What’s more?

A complimentary ticket and 5000 points on renewal. Apart from this, miles can be earned every time you fly. Get set and fly with this card which has a joining fee and an annual fee of Rs 5000 respectively.

5: Extended credit option on credit cards, soone pe suhaga!

SBI Student Plus Advantage Card offers great flexibility of payment. This extended credit period at a very low charge is of great help to students. The minimum amount due can be paid off and the outstanding can be paid in installments. Apart from this 2.5 per cent value back is assured on grocery and departmental store spendings. And if you do end up spending at least Rs 35000 for the year, the annual charge of Rs 500 is waived off.

We hope the above information can help you save and trigger more money saving ideas in your mind. Keep looking out for those offers and benefits since some of them can be really rewarding. Be aware, keep yourself updated and keep thinking of new creative ways to save and invest. But do remember this: Having a planned and organised approach to credit cards will save you from the money sucking black hole called card interest rates.

Good luck!

Illustration: Dominic Xavier/Rediff.com

The author is a credit expert with 10 years of experience in personal finance and consumer banking industry and another 7 years in credit bureau sector. Rajiv was instrumental in setting up India's first credit bureau, Credit Information Bureau (India) Limited (CIBIL). He has also worked with Citibank, Canara Bank, HDFC Bank, IDBI Bank and Experian in various capacities.

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Rajiv Raj