There are over 250 credit cards in the country, but when it comes to choosing the best credit card, most people opt for the cards that are offered by the bank. However, it is very important to choose a card according to your spending style and lifestyle needs. This can save you a lot in the form of rewards, cashback, discounts etc.
Milestone benefits on credit cards are additional privileges that you can avail when you cross a certain spending limit. These benefits can vary across categories like shopping, travel, entertainment, etc. Milestone privileges are especially helpful for big spenders. Keeping these in mind, Paisabazaar has compiled a list of the best credit cards that offer Milestone benefits.
The RBL Edition Classic Credit Card offers 2000 ‘Edition Cash’ for every year you spend Rs 2 lakh. One edition cash is equal to one rupee. Users can use Addition Cash as normal cash to place orders on Zomato. The other benefit is the 500 version cash which is offered as a welcome benefit. Five varsity cash on every Rs 100 spent on purchase of food or meals through Zomato. The annual fee for this credit card is Rs 500.
HDFC Diners Club Privilege Cult.Fit Live offers one month membership or BookMyShow or Tata CLIQ or Ola Cabs vouchers worth Rs 500 per month for spending Rs 40,000. Annual membership fee is waived for spending Rs 5 lakh in a year. The annual subscriptions of Amazon Prime, Zomato Pro, Times Prime etc. are free for the users. The annual fee for this credit card is Rs 2,500.
SBI Card Prime offers e-gift vouchers worth Rs.7,000 from Yatra.com or Pantaloons on reaching the milestone of Rs.5 Lakh. Users also get a Pizza Hut e-voucher worth Rs 1,000 for spending Rs 50,000 in a calendar quarter. Annual membership fee is waived if you spend at least Rs 3 lakh in a year. It offers complimentary airport lounge access. Eight in India and four abroad. The annual fee of this credit card is Rs 2,999.
The Axis Vistara Signature Credit Card offers 3,000 Bonus Cash Value Points on spending of Rs 75,000 in the first 90 days of card issuance. The bonus club also offers Vistara Points and complimentary Premium Economy tickets at various spending milestones in a year. This includes four premium economy tickets in a year, i.e. one premium ticket at each milestone of Rs 1.5 lakh, Rs 3 lakh, Rs 4.5 lakh and Rs 9 lakh. The annual fee for this card is Rs 3,000.
SBI Elite Credit Card offers 50,000 bonus reward points equivalent to Rs 12,500 every year. Users get 10,000 bonus reward points on achieving an annual spend of Rs 3 lakh to Rs 4 lakh. If the user spends Rs 5 lakh to Rs 8 lakh in a year, he gets 15,000 bonus reward points. Annual membership fee is waived for spending Rs 10 lakh or more in a year. The value of one reward point is Rs.0.25. It also offers complimentary Trident Privilege Red Tier membership. It allows complimentary home lounge access and other benefits twice every quarter. The card comes with an annual fee of Rs 4,999.
People using credit cards should have a disciplined approach. It is important that they use the cards and benefits they offer smartly and responsibly. Since credit cards offer a significant interest-free period, there can be a tendency to overspend across multiple categories, including shopping, travel and dining. Avoid spending more to receive discounts on your milestones, bonus rewards and annual renewal fees. If you spend more than you repay and can’t pay your credit card bills on time, you’ll end up paying a hefty interest charge of 28 to 49 percent per year along with late payment charges.