Over time, lenders have come up with several categories of credit cards to fulfil the lifestyle needs of their premium clients. Along with the basic features, these lifestyle cards include a few additional benefits that help users to meet the advanced convenience and luxury.
Shopping and lifestyle credit cards are indeed designed for borrowers whose maximum expenditures on cards go towards leisure, entertainments, or shopping. Usually, lenders provide a generous amount of rewards on these card expenses. Thus, individuals need to evaluate some factors to arrive at the best card as per their expenditure and submit an online credit card application form accordingly.
These cards are typically designed to address various spending objectives of borrowers. By availing online credit cards for lifestyle, individuals can enhance their way of living. However, it may seem challenging to select the best shopping and lifestyle credit cards from such vast options.
8 Things to Consider When Looking for a Lifestyle Credit Cards
Thus, here are some factors that applicants should consider while opting for one.
Check spending habits
While looking for a lifestyle or shopping card, at first individuals should go through previous account statements to identify their spending habits. Usually, these cards provide various rewards typically on shopping and lifestyle expenses. Thus, it is essential to understand the spending patterns to maximise credit card benefits.
For example, borrowers who tend to spend more on leisure or dinner should opt for cards that offer reward points on luxury and dining. Users who often shop online can look for cards that offer incentives for online credit card shopping.
Facility for EMI conversion of purchases
Even though it is always advisable to repay the total monthly outstanding before the due date, there could be times when such payments get burdensome. Typically, a credit card for shopping or lifestyle thus brings EMI conversion facilities that allow for payment towards total purchases on easy EMIs.
It, therefore, allows for affordable management of finance while fulfilling your lifestyle spending needs. Thus, borrowers should choose the right card for themselves that provides the EMI conversion facility.
Consider the most useful incentive program
Applicants should also evaluate the reward programs available on cards before selecting any. Individuals who incline towards shopping can look for these reward programs to select the best card for lifestyle expenditure –
- Online credit card shopping advantages
- Exclusive privileges at partner stores
- Cashback offers
- Discounts on purchases from partner brands
- Spending milestone benefits
Furthermore, while choosing lifestyle cards, borrowers can look up to cards that bring accelerated reward points on the following categories of spends like –
- Travel purchases such as hotel or flight ticket bookings.
- Fuel or gas filling.
- Dining and restaurant payments.
- Entertainment purchases like movie tickets.
The primary advantage of choosing cards based on expense patterns is to redeem the reward points for benefits like discounts on purchases. Or, use incentivised offers for lifestyle improvement like free lounge access at airports with flight bookings.
Check the habits of spending
As a first step, applicants should check through their past expenditure patterns before considering any cards. It can help to find out what they tend to spend more on. For example, a candidate who purchases flight tickets frequently needs to look for credit cards that offer rewards on travel purchases. A card with a retail shopping bonus may not sound useful to them.
EMI conversion facility
Selecting a card that offers EMI conversion facility allows one to defer the burden of their lifestyle expenditures met through credit cards and pay for it in easy instalments. Such a facility allows them to purchase as they go while managing the accruing debt efficiently.
Consider rewards programs
Reward programs are incentives like bonuses, cashback offers, vouchers, coupons, discounts, reward points, etc. that are available on certain purchases. Individuals can save big with some of the best reward programs. For example, borrowers can get rewards with coupons on purchasing groceries of a minimum price. Also, they can use those coupons on their future grocery shopping and save a substantial amount on it.
So, while choosing cards for lifestyle and shopping like Bajaj Finserv RBL Bank SuperCard, individuals should pay attention to the reward programs and select as per their expense pattern.
Terms and fees
During the time of dues payment, terms and fees can play important parts. Charges like late payment fees, cash withdrawal fees, annual fees, etc. can significantly increase the payable amount. Thus, borrowers should look for these charges and conditions before applying for any card.
So, applicants can compare the available options based on these tips and select the right card for their shopping and lifestyle needs. Moreover, by availing the attractive incentive programs of these credit cards, borrowers can save considerably as well.
Check various charges and terms
Credit cards for shopping and lifestyle can come with various terms and conditions as well as different fees. These can include an annual fee, over-limit charges, processing fees, late payment fees, balance transfer fee, cash advance charges, etc. Such charges can accrue a substantial amount in the monthly statement. Thus, individuals need to compare different options and know all the important things before applying for a credit card.
For example, applicants should opt for cards that waive off the annual fees while renewing the benefits. Similarly, they should look for other terms like minimum payments, sign-up bonus, etc., to choose the right lifestyle and shopping cards for them.
Cards such as the Bajaj Finserv RBL Bank SuperCard can be convenient for all types of shopping and lifestyle spending patterns. Also, their options like emergency personal loans against unused credit limits with interest-free periods of up to 90 days can enhance liquidity.
Furthermore, the lender also provides pre-approved offers that reduce the complications of approval processes. Other than credit cards, financial products like business loans and personal loans come with these offers as well. By providing their mobile number and name, candidates can take a look at their pre-approved offer.
Individuals should be aware of all these components while applying for an online credit card for lifestyle and shopping. Nonetheless, they should remember to spend with their cards as per the ideal credit utilisation capacity to keep an excellent credit profile.