Understanding the advantages of a HDFC Bank Travel Credit Card

Travelling is done every day whether it is for business or for pleasure. But, if you are someone who spends a big chunk of your income or your allowances on travelling, you should take a look at the best HDFC travel credit card. Having a travel specific credit card gives you access to savings on the biggest expenditure on your list.

 

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Travelling is expensive more so if it is air travel. Air travel is also the fastest and most efficient if you travel a lot for business. Using a credit card which is travel based to make your purchases is a good way to save money because you can earn miles which can be used to redeem discounts on future purchases. Frequent fliers can benefit greatly from having a travel credit card.

Now, let us look at the benefits of the best HDFC travel card.

While there are different travel benefit cards available with HDFC bank, a card that is most recommended in this category is the Superia travel premium Card. This is a travel specific credit card which gives customers access to compounded savings.

New customers:

As a new customer you can earn 1000 reward points which can be used at a later stage to get discounts on ticket purchases.

Rewards:

For a frequent air traveler, earning rewards can give many benefits in the form of savings. When you use the Superia HDFC credit card, you can earn 3 reward points on every Rs.150 spent. You can earn double the rewards when you use this card for making dining reservations.

The savings don’t stop here. If the total amount spent on the card reaches a total of Rs. 5 lac, you get an air travel voucher of Rs, 8000.

Lounge benefits:

Business travelers who travel from place to place often spend a great deal of their schedule waiting for flights. While they wait to board a direct or a connecting flight, they access lounge services. These services can be expensive generally, however, using the Superia travel HDFC credit card can help save on these services as well.

Possessing this card will give members exclusive lounge benefits in airports all across India. Also, the total savings on lounge expenses can add up to a total of Rs.8300 every year which is again a significant savings.

Fuel discounts:

A big part of business travelling is also intercity travel that involves booking cabs or using official vehicles for travel. Using the Superia HDFC bank travel credit card, the customer will get many fuel transaction discounts further expanding the savings slab.

An HDFC travel credit card offers traditional travelling expenditure savings but, in addition to that the span of savings is enlarged when the related travelling expenses are also featured as part of the plan. It is therefore, prudent to use a credit card specifically meant to extend travel benefits that covers the entire spectrum of expenses.

For a company or a corporate the same, helps save a ton of money on personnel travelling purchases.

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Best Credit Cards for Balance Transfers in India 2014

If you have been using credit cards regularly, you may sometimes develop a tendency to over-spend. If over-spending has become your habit, you are certain to exceed your financial capabilities. This may strain your finances and so, you may look for ways to come out of this quagmire. One of the best options that can help you surmount this situation is balance transfer on your credit cards. Balance transfer is a convenient option also because you will get time for arranging funds. Further, the interest will also be much less than that on the original credit card.

 To explain the situation more elaborately, if you have a tendency to over-spend and if you are also in the habit of making only partial payments, you will be forced to pay a very high interest on the unpaid amounts of your credit card bills. Some of the banks may levy 30 per cent per annum or even more on the unpaid amounts. If there are delays in your payments, there will be penalties and interests on interests also. All these things may push your debts up and there are chances of you getting into an irretrievably awkward financial situation.

It is in this context you are advised to use the option of balance transfers so that the interest you pay may get reduced even to 0%. This will continue for a while, may be few months, before which you can arrange the required funds. Another benefit from the option of balance transfer is that almost all the banks that offer this facility levy only a nominal fee for processing your application.

You should opt for the balance transfer scheme only if you think that the cash crunch you are facing is temporary. In other words, you must be certain of arranging funds very soon so that you can rectify your financial situation. Another point is that if you have all along been reckless in your credit card spending, you should jettison that habit and try to be more organized and disciplined in your financial matters.

Financial experts are of the unanimous view that opting for a balance transfer scheme is a very wise decision if the tenure you choose is one year or less than that. This is because the savings you can make on the interests will be substantial. So, this makes this option much better than all other avenues.

To put it differently, balance transfers are nothing but refinancing loans that are extended for clearing credit card dues. In general, those who have two credit cards from two issuing banks are eligible to opt for the balance transfer scheme of either of the banks.

Balance transfer is certainly an excellent scheme but people should not opt for it just with an intention of delaying their credit card payments. The best way to avoid such awkward situations is to have a disciplined approach towards personal finances and avoid over-spending. 

Some of the Best Balance Transfer Schemes In India

SBI Balance Transfer Credit Cards

According to SBI, their scheme makes things easy for those who opt for it. They add that their schemes are the best among the schemes available in the market.

HSBC Balance Transfer Schemes

HSBC says that the interest rate on their balance transfer schemes is very low and so, those who opt for them will benefit immensely. 

Standard Chartered Bank Balance Transfers

Standard Chartered Bank, that is one of the oldest international banks operating in India offers attractive balance transfer schemes for those who want to save on their interest payments.

Kotak Mahindra Bank Schemes

Kotak Mahindra Bank, one of the renowned banks in the private sector, also offers these schemes for the benefit of credit card holders.

CitiBank Schemes

Card holders can opt for CitiBank schemes also for transferring their credit card loans so that they can save substantially on their interest payments.

HDFC Bank Credit Card Balance Transfers

HDFC Bank that has been a pioneer for several schemes is also offering balance transfer schemes to benefit card holders who want to save on their interest payments.

In addition to the above banks, there are several nationalized and private sector banks that offer these schemes. If you visit reputed sites like BankBazaar.com, you can have all the details. You can compare the features of various schemes and make the right choice. You can use the "Credit Card Apply online" feature of the bank you choose and submit your application. You can apply through sites like BankBazaar.com also.

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Bad Credit Cards - 10 Things You Need To Know

Bad Credit Cards : 

A credit card can be a blessing in disguise when you have no cash in your pocket. It is also a convenient way to carry money and is much easier to make payments with credit cards. But there are instances when credit cards can become bad for you. In fact, if not used with proper care, a credit card can ruin your finances completely. Here are 10 things you should know to recognize that your credit card is bad:

1. When you do not pay your bills on time: The first rule of using credit cards is to pay before the due date. If you fail to do this, you will be charged an exorbitant interest on the unpaid amount, which can be as high as 3.5% per month. Continuing this will not only entangle you in a financial mess, but it will also harm your credit score significantly. Further, late payment fees can harm you as well.
2. When you exceed your credit limit: Banks set the credit limit based on your credit standing, spend patterns etc. It is advisable not to spend more than 75% of the credit limit. If the credit limit is breached, it will again harm your credit score. Some banks stop usage of card when this happens.
3. When you regularly pay only the minimum amount payable: Paying the minimum amount can allow you to continue using the card. But remember that the unpaid amount goes into revolving credit and attracts interest. This ballooning of credit can definitely land you in trouble.
4. When you spend excessively albeit within the credit limit: Some credit card users take care not to exceed the credit limit, but do not think much about spending prudently. Remember that spending too close to the credit limit can also harm your credit score. Further, when you spend excessively, your finances can be greatly harmed, because at the end of the day, you will be the one to pay the bill.
5. When you use it to regularly withdraw cash: Credit cards allow you to withdraw cash. This feature should be used in an emergency. However, when this is made a habit, it can burn a hole in your pocket, as the charges for cash withdrawal are quite steep.
6. When you use your card only to get reward points: Sometimes, one uses the credit card only to gather reward points. If this becomes a habit, then you may end up spending excessively on unnecessary things.
7. When you use multiple cards: Using multiple cards can again land you in trouble. You may end up paying bills throughout the month as the payment becomes due for the different cards on different dates.
8. When you spend excessively while traveling abroad: Almost all major credit cards allow you to use them when you are traveling abroad. While this looks convenient, remember to check on the charges for such usage. Also don’t forget the exchange rate differential. It may be less expensive to use other payment modes when traveling abroad like using prepaid cards or travelers cheques.
9. When you are not careful about your CVV and PIN: Carelessness on the CVV or PIN of your credit card can again make your credit card ‘bad’ for you. This means you are giving an opportunity for someone else to use your card. This is disastrous and therefore you must be extremely careful of such passwords.
10. When you constantly transfer your balance to new cards: Some people transfer their unpaid balance to a new card or another existing card, if they are unable to pay it. You may save on the interest temporarily, but the interest will start to accrue after the initial period. Further, you will also have to pay balance transfer charges.

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Best credit cards for shopping in India 2014

Credit cards can be used in a variety of areas, one of which is shopping. Using credit cards for shopping is extremely convenient, as there is no need to carry cash in huge amount. In addition to this, you get a credit period to make the payment. But the biggest benefit is that you can get cash back, discounts and reward points on certain expenses. We have put out a list of the best credit cards for shopping purposes:

Citibank Rewards Card: As the name suggests, this card focuses on rewards. Rewards are high at 10 points for every Rs. 125 spent at partner outlets and 1 point on all other purchases. Points can be redeemed instantly at 700 partner outlets. You also get 2500 points on card activation. You earn bonus points on special occasions, on crossing certain amount of expenses and on renewal. The points earned do not expire as well. Interest rate is 3.25% per month.

 ICICI Bank Platinum Chip Visa Card: Joining fee for this shopping card from ICICI Bank is Rs. 199, which is reversed if spend is more than Rs.2000 in the first 60 days. Annual fee is Rs. 99, which is waived if the card spent is Rs. 50,000 or more in the previous year. The user earns Rs. 2 for every Rs. 100 spent on all retail purchases other than fuel. There is minimum 15% savings on dining at participating restaurants. You also get 2.5% fuel surcharge waiver at HPCL petrol pumps. Overdue interest rate is 3.4% per month.

American Express Payback Credit Card: With an annual fee of Rs. 750 in the first year and Rs. 1500 from second year onwards, this payback card from AMEX doesn’t come cheap. Nevertheless, you can earn 3 payback points for every Rs. 100 spent and multiple points from more than 40 payback partners. This increases the number of points you earn. You can get discount vouchers and bonus payback points when you enrol and spend over Rs. 15000 within the first 60 days respectively. Other than this, there are also offers on dining, movie ticket and travel spend.

ICICI Bank Sapphiro Credit Card: This is an expensive card with joining fee of Rs. 6000 and annual fee of Rs. 3500 (waived if the spend is more than Rs. 5 lakhs). However, the card is great in terms of the benefits it offers across entertainment, wellness, dining and golf. You enjoy both American Express and MasterCard benefits, with payback points of upto 6 points for every Rs. 100 spent. There is a complimentary membership to priority pass programme. You can also enjoy concierge services, 15% savings on dining, 2.5% fuel surcharge waiver and a lot more benefits.

HDFC Bank Titanium Edge Credit Card: This shopping card entails reward points of 2 points for every Rs. 150 spent and 50% more on dining spends. Reward points can be redeemed as cash back. You can enjoy a fuel surcharge waiver across petrol pumps. Interest rate on revolving credit facility is 3.25% per month. Interest free credit facility of upto 50 days is available from the date of purchase.

Citibank Cash Back Card : The cash back card from Citibank gives you 5% cash back on movie ticket purchases, telephone bill payments and utility bill payments made online. For all other spends, you receive 0.5% cash back. The annual fee on the card is Rs. 500. Interest rate is comparatively nominal at 2.5% per month. You also get 20% savings on dining bills and shopping privileges at partner outlets.

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Balance transfer facility in HDFC Bank Credit Card

Imagine a situation where you have a large balance outstanding on your credit card, but are unable to pay the entire amount within the due date. In this case, the bank will levy a huge interest charge on the unpaid amount. The interest rate charged by the bank is exorbitant, to say the least. It is therefore desirable that one does not get into this situation. But if it is impossible to pay, then there is another way out. It is called ‘Balance Transfer’, where you can transfer the outstanding balance on your credit card to another bank’s new or existing credit card.

How does the customer and the banks benefit from Balance Transfer?

The customer saves on the interest cost he has to pay. Say for example, he is required to pay Rs.40,000 on his credit card, but can manage to pay only Rs.10,000 within the due date. He will be charged a very high interest (in some cases, even 3.6% per month) on the remaining Rs. 30,000. When he transfers the balance, he can either get an interest free credit period on this amount or will have to pay a preferential interest rate, which is much lower (less than half in most cases) than normal interest rates on the card. The interest free period or the concessional interest period varies from bank to bank, but it is generally not more than 6 months. The bank to which he transfers the balance benefits as it receives a new customer. The bank from which he transferred loses the customer, but the outstanding amount is no longer unpaid. The entire amount is paid by the bank to which the balance is transferred. It is therefore a win-win arrangement.

HDFC Bank’s Balance Transfer Facility

HDFC Bank offers Balance Transfer facility to customers on its credit cards. This means an individual can transfer an outstanding balance from any card in any bank to an HDFC credit card account. The individual may or may not have this card. If it is a new card to which he is applying, he will have to carry out card opening formalities before transferring the balance. On the other hand, if he wishes to transfer the amount to a HDFC credit card which he already possesses, the process is simpler.

The transfer amount should be a minimum of Rs.2,500 and maximum of Rs. 1 lakh. The amount however cannot be more than the outstanding balance on the other card account. The eligibility criteria vary from customer to customer. Banks check the number of times you transfer the balance on your card. Too many balance transfers will lead to rejection, as it is seen as a way to enjoy interest free credit.

HDFC Bank only allows balance transfer from non-HDFC Bank credit card accounts. It is also not applicable from accounts with an overdue status or where the credit limit has been exceeded. The bank will only pay for the outstanding balance and will not be liable for any new charges, interest or overdue payments. HDFC Bank will pay a cheque or DD favoring the other card issuer while taking over the balance amount.

The bank charges 2% of the Balance Transfer amount or Rs.250, whichever is higher as the Balance Transfer processing charges. Customers can enjoy the preferential interest rate on the amount transferred for 3 months only. Beyond this, normal interest rates would apply.

There is a facility to request for transfer from different card accounts. However, this request should be made across cards at the same time and not at different points in time.

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Check out the Best Credit Cards in India 2014

The world has been swept by the plastic money wave, and India is no different. Although the use of credit cards in India is much lower than other developed countries, there are several options to choose from various leading banks in the country. There are cards catering to specific needs like shopping, travel, entertainment, etc. and also catering to specific individuals like salaried class, women, doctors, etc. Here we list the best credit cards in India across different categories:

Citibank Rewards Card: A rewards-focused card, the rewards earned are high at 10 points for every Rs. 125 spent at partner outlets. Beyond this, you can earn 1 point on all other purchases. There is no joining fee, but annual fee is Rs. 1000. This can be waived if total annual spend exceeds Rs. 30000. You earn bonus points on special occasions, on crossing certain amount of expenses and on renewal. The points earned do not expire. Interest rate is 3.25% per month.

HDFC Bank Titanium Times Card: You can earn reward points of 2 points for every Rs. 150 spent. The joining fee and annual fee on this card is Rs. 500 each. There are welcome benefits in the form of gift vouchers across shopping, apparel and dining and discount offers on movie and dining and fuel surcharge waiver. Interest rate is at 3.15% per month. Interest free credit facility of upto 50 days is available from the date of purchase.

Corporation Bank CorpBank Gold Card: At an interest rate of 2.25% per month, this card scores well on account of the cost. There is no joining fee or renewal fee. You should however be a customer of the bank for atleast 3 months with a minimum net annual income of Rs. 2 lakhs. The free credit period is upto 50 days. The card gives you reward points of 1 point for every Rs. 150 spent.

SBI Platinum Card: SBI’s Platinum card is expensive with a joining fee of Rs. 2,999 and annual fee of Rs. 2,999. However, reward points earned are high at 10 points for every Rs.100 spent on dining, department stores and international spends and 2 points for every Rs. 100 spent on other transactions. There are a whole host of other benefits like welcome gift worth Rs. 3000, spend rewards worth Rs.3000, Rs. 3000 worth anniversary gift, airport lounge access, specialized concierge facilities for various services and fuel surcharge waiver. Interest rate is 3.35% per month.

American Express Payback Credit Card: This card is good for shopping purposes and focuses on rewarding payback points. You can get 3 payback points for every Rs. 100 spent on behalf of American Express plus multiple points from more than 40 payback partners, thus giving you extra earning benefit. You can also get welcome benefits in the form of discount vouchers and bonus payback points depending on your expenses in the initial 60 days. There are offers on dining, movie ticket and travel spend as well. However, the annual fee is Rs. 750 in the first year and Rs. 1500 from second year onwards.

ICICI Bank Instant Titanium Credit Card: This card is issued against your fixed deposit and can be got instantly. The card gives you Rs. 200 worth movie tickets every month. You also get minimum 15% discount on dining through the bank’s Culinary Treats program. You can earn 3 payback points for every Rs. 100 spent and also enjoy a fuel surcharge waiver in select HPCL petrol pumps. Interest rate is comparatively low at 2.49% per month.

For more information visit the given link hope that helps you -  http://www.bankbazaar.com/credit-card.html

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Best Credit Card Offers in India 2014

In the present day world, credit cards, also referred to as plastic money, have become an indispensable part of everyday life, especially among the upper middle and high class of the society. Of late, people have stopped stashing their wallets with actual money, and prefer carrying a couple of credit cards instead, which, apart from making day-to-day transactions easy, also serve the purpose of a status symbol for the owners.

Despite the fact that credit card is, at present, one of the most sought after monetary instruments in India, a major chunk of the population apply for it without conducting much research and overlook the features and benefits offered by the service providers. There are several things that one must look into before selecting and applying for a credit card, including hidden charges, customer service, rewards and benefits, transaction charges and others. Based on such an analysis, here is a tally list of some of the best credit cards offered by several banks and financial institutions for salaried professionals in India.

1. Citibank Platinum Credit Card

Citibank platinum credit card is the talk of the day among several middle, upper middle and even upper class members of the society. With zero joining and annual fees, no person wouldn’t want to have such a credit card in their wallet. Subject to an interest rate of 3.25% per month on transactions not serviced with 55 days, this credit card offers 5x reward points at various restaurants, shopping outlets, travel, entertainment and other merchant partners, in addition to 1 point for every Rs. 125 spent anywhere.

2. HDFC Platinum Plus Credit Card

When talking about the best credit card in India, HDFC is the first name that pops up in mind. With an annual fee of Rs.299 (subject to full waiver if the annual retail spending crosses the Rs. 30000 mark) and an interest rate of 3.15% per month, this HDFC credit card offer scores of benefits to the users. Some of the prime highlights of the platinum plus credit card include 0% fuel surcharge, zero liability on lost card, free add-on cards, exclusive discounts and offers on shopping and dining, free credit period of up to 50 days and cash withdrawal limit of 40% of the credit limit.

3. SBI Gold and More Credit Card

Gold and More SBI Credit Card is yet another option worth considering for interested customers. As of now, this credit card is available at a joining fee of Rs.499 and is subject to an annual fee of Rs.499, which can be waived off if a user spends more than Rs. 75000 or more in the preceding year. As far as rewards and benefits are concerned, the bank is now offering 2.5% cash back at all grocery and departmental stores, 2.5% fuel surcharge waiver, 2000 bonus cash points on first purchase, Rs.100 cash back on first ATM withdrawal and lots of other benefits on merchant specific spending.

So, these are some of the best credit card options that are made available by various public and private sector banks this year. With the increasing demand of credit cards and amazing response towards the accompanying reward schemes, it is pretty evident that banks will come up with more attractive offers in the times to come. 

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Will a Balance Transfer on a Credit Card Help You Save Money ?

Since the credit card boom in India, shopping has been relatively easy for the middle class population. What people forget is the ‘buy now pay later’ option that a credit card provides, makes them pay it for a long time. They ignore the fact that credit card loans are probably the most expensive loan they can possibly incur (thanks to the spending power they get). It gets extremely difficult to make timely payments and coping up with the heavy interest.

The Vicious Circle of Credit Card Payments

Most people just pay the minimum due balance on the credit card along with the interest. What they don’t realize is paying the minimum due doesn’t help their credit situation at all. Rather, the outstanding amount stays as it is and if they still keep using your card for random purchases, the amount just keeps on getting intensified. One fine day they realize that they owe a huge sum to the credit card company and don’t have the means to pay it off.

Yes, the truth is credit card payments are a vicious circle, which entangles your finances in a bad way. Now if you see yourself in this position where the debt is going higher and the minimum payments are not helping in reducing the amount, what would be your first line of defense? Believe it or not, there are a lot many who take a personal loan or borrow money to pay off the credit card. What they are doing here is in fact incurring more debt.

The Role of Balance Transfer to pay Credit Card Bills

So how does one come out of this financial fiasco of credit card debt? Well the fact is there are some easy ways that can help in avoiding the high rate of interest and concentrating on knocking off the principle balance. But for that you need another credit card, with a balance transfer facility. Well of course it may sound a little lame when we say this, because superficially it looks like you are paying one credit card and still incurring debt on another. But the fact is balance transfer credit cards come with hordes of options that help you save money.

Here is how you can save some money for yourself in the bargain and manage your credit card fiasco.

• As long as the outstanding amount on your credit card is under 80% of the new card limit, you can do a balance transfer from one card to another.
• There may be a small processing fee in some case (usually 2% or less), while some other offer free balance transfers.
• Once you transfer your balance, your outstanding credit card gets paid off. Of course you have to pay the new card but most of these cards come with a 0% interest for three months. So whatever you pay on these cards will go purely towards the principle amount
• Some companies don’t offer a 0% for 3 months but a 1.5% for six months, which is a fair deal as opposed to paying the high APR on your other credit card.
• So now instead of struggling with interest + minimum due, you are purely paying the principle amount, which will be much easy to manage as opposed to the previous situation.

This option will work best for those who can pay lump-sums towards the new balance transfer card because only the first 3 months are at 0% interest (in some cases 1.5% for 6 months). The bottom line, you should be able to pay the entire outstanding amount on the new credit card within the stipulated period or you may get entangled again in the interest and credit debt web.

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