Credit card is an credit innovation in payments method. It not only helps us improve our spending limits, but also makes it easier to transact without carrying cash. One can increase their spending levels and pay through monthly installments (EMI) or a full payment at later point of time.
Most of the banks offer both credit card and debit card to their customers. India has over 130 million cards in circulation as per Wikipedia. As per the recent CIBIL report payment through card transaction showed 38.7% YoY growth and this is accompanied by increase of 20.1% YoY on number of outstanding cards. The credit card numbers accounted for 5.4% of this number but constitutes for more than 50% on transaction amount. The number of credit card is 18.87 million which is up by 6.8% from last and the transaction amount also showed increase of 27%.
The reason of such growth in credit numbers and usage is simple: Buy Now and Pay Later. Many companies are offering wide range of offers to woo the customers. There are different flavours of credit card available. Depending upon your usage you can choose which is most valued for you. Some of the major variants are: Fuel card – if you spent more on fuel, travel card – if you are frequent traveller, shopping card – if you are big time shopaholic and more.
1) ICICI Bank is one of the premium banks of India. Some of the ICICI credit card options you can avail from ICICI are: Gemstone card, Airline card, Fuel card. Each card is created as your usage. Under each you can choose your choice of plan.
Click here to know more about ICICI credit card and apply.
2) Standard Chartered is another bank which is also a premium banks offers wide range of credit cards. You can choose the following Standard Chartered Credit Cards: Travel card, Cashback cards, Reward card, Business Card. Each card has different options to choose from.
Let’s compare the credit card features of ICICI Credit Card Vs. Standard Chartered Credit Card.
|ICICI Preferred Silver Card|
|Add On Card||Rs.350||Free|
|Rewards||1 reward point for every Rs.125 spent in domestic and Rs.80 for international||2 reward points for every Rs 200 spend on retail in India
10 reward points for every Rs 200 spend on retail outside India
|2.5% Fuel Surcharge||Waived off at all outlets||Waived off at all outlets|
|Credit Limit||Notified later||Notified later|
|Credit Advance APR||
|Interest Rate||2.5% of the Overlimit amount.||2.5% of the Overlimit amount.|
Standard Chartered has also got many other variants like Super Value Titanium, Manhattan Platinum, Platinum Rewards and many others.
Click here to apply for Standard Chartered credit card.
Here are 3 Important things to remember when applying for any credit card:
1) Interest Rate: We all enjoy spending through our credit card. However when we were not able to make the full payment in time, we have to pay interest as well. Every company charges interest rate which varies depending on card. Be very careful about the interest rates. Most of the company will mention in terms of monthly rate. For eg: if they say the interest rate is 1.99% which means 27% annually.
2) Fees and Charges: Every credit card has got different offers. On most of the credit card their will be zero joining fees, however do check for the annual fees. Annual fees may start from second year or even after third year. Corporate people usually get credit cards for free annual charges for lifetime as it is based on corporate business relations. However for common man we need to clarify about the annual charges to save us from extra payment.
3) Rewards and Offers: Definitely every company will want their customers to use their card as much as they can; hence they offer many rewards on each transaction. Every card is designed for specific purpose. If you are a big traveler, then go for the travel card which can give you extra miles like in ICICI travel card and if you are big spender then go for the shopping card which gives rewards points on each transaction. Many times you get cash back also on use of your credit card.
The above three are the most important aspect when you go for any credit card. Apart from these there are other factors like add on card, customer relationship, security and other but those are more subjective.Standard Chartered Credit Card vs ICICI Credit Card Comparison by CouponRani