Nowadays, almost everyone has a shopping credit card in their wallet. These cards not only make shopping easier but also offer a variety of benefits. But, choosing the right shopping credit card is important. In this blog post, we will tell you everything about shopping credit cards, as well as some of the best options.
What is a Shopping Credit Card?
A shopping credit card is a type of credit card that is used to make purchases. With this card, you can make purchases immediately and pay the bill later.
Benefits of Shopping Credit Card
- Easy Shopping: With a shopping credit card, you can shop anywhere, anytime.
- Cashback and Rewards: Many shopping credit cards offer cashback and rewards, which can help you save money.
- EMI Options: Many cards offer EMI options, allowing you to pay for large purchases in easy installments.
- Free insurance: Some cards offer free travel, shopping, or medical insurance.
Things to consider when choosing a shopping credit card
- Understand your needs: What kind of benefits do you want? Cashback, rewards, or EMI options?
- Check interest rates: High interest rates can increase your expenses.
- Fees and charges: Some cards may charge annual fees, transaction fees, and other fees.
- Credit limit: Make sure the credit limit suits your needs.
- Security features: Good shopping credit cards have security features such as chip and PIN, 3D security, and fraud notifications.
Best Shopping Credit Cards
Here are some of the best shopping credit cards that suit different needs:
- HDFC Bank MoneyBack Credit Card
- Benefits:
- 5% cashback on fuel, mobile recharge, and bill payments
- 2.5% cashback on online shopping and rentals
- 1% cashback on other spends
- Interest rate: 3.5% per month
Annual fee: ₹500
- Axis Bank Ace Credit Card
- Benefits:
- 5% cashback on fuel, mobile recharge, and bill payments
- 2% cashback on online shopping and rentals
- 1% cashback on other spends
- Interest rate: 3.5% per month
- Annual fee: ₹500
- SBI Card SELECT
- Benefits:
- 5% cashback on fuel, mobile recharge, and bill payments
- 2.5% cashback on online shopping and rentals
- 1% Cashback on other spends
- Interest rate: 3.5% per month
- Annual fee: ₹500
- ICICI Bank Coral Credit Card
- Benefits:
- 5% cashback on fuel, mobile recharges, and bill payments
- 2.5% cashback on online shopping and rentals
- 1% cashback on other spends
- Interest rate: 3.5% per month
- Annual fee: ₹500
- Amazon Pay ICICI Bank Credit Card
- Benefits:
- 5% unlimited cashback on Amazon
- 2% unlimited cashback on other online purchases
- Interest rate: 3.5% per month
- Annual fee: ₹500
Use shopping credit cards wisely
A shopping credit card can be a powerful tool, but it is important to use it wisely. Follow the following tips:
- Keep your budget in mind: Spend only what you can afford.
- Pay bills on time: Late payments will cost you interest.
- Take care of your credit score: Paying on time will keep your credit score good.
- Shop safely: Always shop on secure websites and keep your card information confidential.
Conclusion
Shopping credit cards are a convenient way to shop and reap benefits. But, it is important to choose the right card and use it wisely. Using the information in this blog post, you can choose the best shopping credit card for you and enjoy shopping.
Other useful tips:
- Track your spending: Keep track of your spending using a tracking app or spreadsheet.
- Create a budget: Create a monthly budget and follow it.
- Use the auto-payment feature: Using the auto-payment feature, you can pay bills on time.
- Keep your credit card safe: Keep your credit card information confidential and keep it in a safe place.
- Check your credit score: Check your credit score once a year and take steps to improve it.
FAQs
- What are the eligibility criteria for a shopping credit card?
- To get a shopping credit card, you need to have a good credit score and a stable income source.
- Are there any fees for getting a shopping credit card?
- Some shopping credit cards may charge an annual fee.
- Can I have more than one shopping credit card?
- Yes, you can have more than one shopping credit card, but keep in mind that your credit score may be affected.
- Can I use a shopping credit card abroad?
- Yes, you can use a shopping credit card abroad, but you may have to pay a foreign transaction fee.
- What happens if I am unable to pay the bill?
- If you fail to pay the bill, you will have to pay interest and your credit score could be affected.
