5 Best Airline Credit Cards in 2020

Several airline credit cards offer advantages like free checked bags, airport lounge access, discounted food & drinks, etc., along with travel points/miles and savings on flight tickets. In this blog post, we have highlighted branded airline credit cards on the premise of miles value, rate of rewards and other features. Below are the best offers available on cards:

Let’s understand that airline credit cards are meant to be used by frequent travelers. They usually offer offer maximum reward points when money is spent on partner airline tickets. These special credit cards offer benefits like premium lounge access across domestic and international airports, long-term membership to flyer programs and bonus reward points when you redeem to make credit card bill payments.

Best Airline Credit Cards in India

Let’s have a look at the best airline credit cards in India with their key benefits:

Air India SBI Platinum Credit Card

Benefits:

• Welcome gift of 20,000 Reward Points

• Avail complimentary membership to Air India Frequent Flyer Program

• Earn upto 4 Reward Points on every Rs.100 spent and nearly 1,00,000 bonus reward points on a yearly basis

• Renewal benefit of 5,000 reward points on paying renewal

• 30 reward points on ticket bookings on Air India portal

• Priority Pass Membership for access to International Lounges

• 8 complimentary visits to domestic Visa Lounges (2 visits per quarter)

RBL Bank World Safari Credit Card

Benefits:

• Welcome voucher of Rs. 3,000 from MakeMyTrip

• 5 Travel Points on every Rs. 100 spent on travel expenses

• 2 Reward Points on every Rs. 100 spent on other spend categories

• 10,000 Travel Points on every Rs. 2.5 Lakh spent in one calendar year and another 15,000 Travel points on spending Rs. 5 Lakh on the RBL card

Citi Premier Miles Credit Card

Benefits:

• Welcome bonus of 10,000 miles

• 10 Miles on every Rs. 100 spent on the Premier Miles portal

• 4 Miles earned on all other expenses for every Rs. 100 spent

• Accumulated miles can be redeemed to pay to 100 +Airline and Hotel partners

• Air-miles can be easily transferred to 14 Airline and hotel partners

• Miles earned never expire so you can use them whenever & wherever 

Axis Vistara Signature Credit Card

Benefits: 

• Welcome gift of complimentary premium economy ticket

• Complimentary Club Vistara Silver Membership with priority check-in and additional baggage

• 4 Club Vistara points on every Rs. 200 spent

• 3000 bonus Club Vistara points on Rs. 75,000 spent in a financial year

• 1 premium economy ticket each on spending Rs. 1.5 Lakh, Rs. 3 Lakh, Rs. 4.5 Lakh and Rs. 9 Lakh

• Free domestic airport lounges access

Read More: Top 5 Factors to consider before converting Credit Card dues to EMIs

HDFC Diners Club Miles Credit Card

Benefits:

• 4 Reward Points on every Rs. 150 spent (1 Reward Point = 1 Air Mile = INR 0.50)

• Airline aligners include Club Vistara, Jet Airways, British Airways and Kris Flyer

• Air Accident Cover of Rs. 1 Crore at ease

• Redemption of travel points to pay up to 70% of the credit card bill

Top 5 Factors to consider before converting Credit Card dues to EMIs

Making big payments using credit cards and EMIs on it have become a natural way of purchasing. This is also a convenient way to make your spending more affordable. However, we must understand that the payment option of EMI comes with a fee like processing charges, interest of reducing balance, and penalties for late payments.

You may have experienced how banks/financial institutions send you the option to convert your big payments into EMIs. For some, it’s a good idea to break down a onetime purchase, and for others its costs them more. So, it’s a trade-off between convenience & payments.

Here are a few important things to consider when choosing a credit card EMI option & how can EMIs feel easy on your pocket.

1: Every Credit Card does not Offer EMI facility 

If you’re interested in converting your payments into EMIs, then check on your bank/financial institution. Many credit card holders understand this at the time of payment. You must check on it when you’re getting a credit card sanctioned & thoroughly reading the terms and conditions of EMI payments.

2: Your Spending Shrinks with EMI Purchase 

It’s important to realize that when you convert your big purchases into EMIs, you’re immediately blocking your credit limit. It’s easy to avail EMI facility whenever a nee falls upon you. This is great because your overall spending doesn’t get affected on an everyday basis. Let’s say if you’re credit card limit is 1,00,000, then a purchase of Rs. 90,000, you will be left with a limit of Rs.10,000. And once you begin to repay, your credit limit eventually rises.

3: You can Bargain the Processing Fee 

When you use the EMI option, you’re charged a processing fee by the lending institution. The one-time fee can be a small percentage or a fixed amount of your loan depending on the card and the purchase amount. Though, many are not informed but you can attempt to negotiate the bank fees & to get a waiver on the amount based on your past repayment history & goodwill. If you think you’ll qualify, give it a try & give yourself some relief.

Also read: Why do People Need Emergency Loans in India?

4: Choose Online Modes of Purchase 

Online platforms liaison with banks/ payment companies to extend EMI option at the time of sales. If you wish to transact using credit EMIs, then land on shopping marketplaces like Flipkart, Amazon, etc. It’s possible to get good offers & discounts by waiving off extra charges. Infact, you can get better EMI deals to save a few buns.

5. Always Pay up your Full Dues

There’s no two way to understand that credit cards are expensive. So, it’s extremely important to make full payments & avoid outstanding balances which keep increasing with penalty. An interest of 1-2% monthly may look negligible, however it can total upto 25-30% almost, turning this into an superbly expensive deal. Infact, if you have spare cash, invest it to make a pre-payment in time & negate the charges of it. However, this is only possible if you’re a bank loyalist. This puts you in a safe zone to negotiate with your bank.

Opting for an EMI option allows you to maximize your credibility & financial status. Try to engage with your bank to negotiate related costs and make the most of the advantages.

Also Read: Best Guide to Manage your Personal Money

Your Best Guide to Manage your Personal Money

Handling finances may not be the cup of tea for everyone. You can manage finances well when your interests lie in there. Undoubtedly, you’re way successful when you keep up your finances organized. Also, this benefits your well-being in the longer run. Otherwise, you could be left caught up in a lifelong  fix.  If you’ve been thinking to sharpen your money management skills, then there we go! The below skillsets will help you take control of your daily lives.

Tips to Manage your Money Effectively

Simple Ways to Manage Your Money

1. Set out a Monthly Budget

When you track your monthly expenses, you begin to prioritize your needs as well. Keep yourself engaged with as many questions as they trouble you. Just take careful notice of your wants & needs to avoid unnecessary damage. If an urgency is felt on the financial front, it will be best to go for a quick loan. Home Credit Loan can to keep your savings untouched. Ofcourse, chalking  out a budget takes time & right amount of energy. But this gigantic looking task can sort out your financial matters!

2. Track Your All Expenses

Working on a budget is one, tracking all required expenses is the next important. This substantially helps to read your spending pattern & tune accordingly. All small expenses must be included in the tracking list & make an add-on. When you’re tracking, you’re unintentionally keeping check on your overdone spends. This way you can avoid frivolous spending, by maintain a journal.

3. Work on More Savings

Our elders have always advised us to keep savings ready for contingencies of life. This is great when you’re short of funds and arranging fast can be tedious. All possessions can be delayed until the right time to shape a better future. It’s best to focus on essentials and postpone the non-essentials.

4. Incorporate Lifestyle Changes

Every small lifestyle change can bring out a difference. Planning a weekly dinner to a fancy restaurant is not an important need. Use public transport, invest in safe investments, buy minimalistic things and much more. As you can understand these few changes can save you money.

5. Avoid Eroding your Credit Card

A few like to do binge shopping with the comfort of a credit card. As it is the easiest way to make a quick purchase. This perpetually increases your month end spending. Its best to resist this temptation & focus on essential things.

6. Consolidate your Old Debts

If you’re desirous of starting afresh, combine all your debts & pay off gradually. Paying off your debts away could be the first positive step towards money management. Once you’re done with debts, you can then bring your finances together & keep them managed.

7. Get Your Credit Report

We advise you keep your future borrowings safe. Start keeping a check on your credit report and assess your financial capacity. Let’s say, you want to apply for a personal loan, the lending institution will take your credit score into consideration & then decide. A good credit score plays a role to get you a low interest rate. Therefore, a clean credit score supports effective financial management.

Like they say gaining control over your money will be conducive to build a strong financial backup. you must gain control over your money, or the lack of it will forever control you. The practice of financial management is significant from the early days, so that it becomes a part of later.

Also read:  Why is it Important to Have Additional Sources of Income 

What online loan website would you recommend

If at all you’re looking for an online personal loan, it is fair to head to P2P platforms for a better future of finances.

Today, there are numerous opportunities for borrowers in the loan market. However, the choosing the most suitable online loan website can be a tedious task. What you really need to do is keep your eyes and hears open. One just needs to pick the right source and the best personal loan plans with an intelligent perspective in mind. The market is filled with splendid financiers with Bajaj Finserv topping the list.

Bajaj Finserv- It gets the loan sanctioned within a day, matching your financial requirements  With Bajaj Finserv you get your loan within 24 hours of approval and also match your financial requirements with ease.

Bajaj Finserv is one of the most recommended instant loan website ever. One needs to just meet the basic eligibility criteria and other related conditions. Loan amount available upto 25 lacs can be easily procured on minimum documents submission. The tenure for repayment varies between 12-60 months. Considering the ease of application, Bajaj is almost touching the sky.  

Faircent – A P2P lending platform is all that you need for a quick personal loan. A P2P lending is the key to every financial endeavor. Faircent is a popular name in the NBFC P2P market for the financial operations.

HomeCredit- Personal loan byHomeCredit provides instant online approval. There are so many online websites which can provide loans when you require. But you should have a clear idea of the type of loan you’re looking for.1 you’re looking for. Loan types like Instant Personal Loan, Home Loan, Business Loan, etc. can be chosen for the specified purpose. Picking your personal loan online is the best thing to do. Going with the online loan is done of the best way to get your loans in a short time.

Also Read more: Know More about Personal Loan.

What is a Pre-approved Personal loan?

Pre-approved loans are available to individuals when they have a clean record of transactions. This is possible after repaying your credits on time. This is usually available at reasonable rate of interest. A few lending institutions reach a decision to provide personal loan to its individuals even when they do not have a strong financial history. The evaluation is purely based on their income bracket and savings in the bank account.

Pre-Approved Personal Loan – What should you know?

A personal loan is an unsecured short lived loan, which can be used for a variety of purposes.  No security or collateral is required to fulfil demands for immediate expenses.  Whether it is a medical emergency, abrupt loss of job, or financing your marriage or education, a pre-approved loan is available for all urgent requirements. Infact, it can also be used as short term capital.

A personal loan has many advantages like paperless process, free of security/collateral, flexibility of money use, etc.  Though, its adverse for personal loans to have high interest rates. So it’s better to maintain high credit scores before filling in a loan application.  

Let’s understand a pre-approved personal loan now?

A pre-approved personal loan can be understood as a loan offer by banks when individuals have a clean past record and making timely payments of their past dues.  These personal loans are offered at extremely low interest rates.

A few lending institutions by norms pre approve a personal loan. This is purely based on a combination of factors, credit history, regular income and bank savings. It is a consolidated offer which is limited by time. We can quickly highlight the advantages of a pre-approved loan now. They require limited documentation, and disbursal within a day. It’s quite simple to have a pre-approved loan, just log into the net banking account and check if you have pre approved loan in your kitty. However, the final call depends on the credit history and trading policies.

Salient features of Pre-Approved Loans:

• Easy application
• Quick Processing
• Minimum paperwork
• No hidden charges

Advantages of Personal Loans:

• Flexibility of use
• Easy choice of repayments options with tenures between 12- 60 months
• No collaterals
• All-purpose loans 
• Simple online application with easy approval and disbursal
• Easy eligibility check

Disadvantages of Personal loans

• Very high interest rates on unsecured nature along with poor credit history 
• When the credit history is eroded, your loan application gets rejection 
• Whenever your personal loan gets approved, that also happens at high interest rate. In turn it increases your monthly outflow.

  

Can I avail a pre-approved loan without documents?

Many banks and financial institutions have attractive personal loan offers, without much documentation. Some of the features are as follows:

•    Instant Loan disbursal

•    Paperless and online

•    Minimum documentation

•    Specific rate of interest

Any pre-approved customers get the authority for special interest rates. If you’re an existing customer, then it’s possible for you to have no document personal loan. Simply login into your account and find your pre-approved loan.

It is also possible to have instant personal loans, if you possess credit cards of renowned banks/financial institutions. The personal loan amount exactly matches your credibility and market position.

So how does this pre-approved personal loan reach you? The credit limit stays blocked until the personal loan amount, specially till the time its fully paid off.

This offer of course is available for pre-approved individuals alone. You can easily check for your eligibility using the net banking platform.

Also read | What is the Perfect Credit Score for a Small Business Loan?

Why do People need Emergency loans in India?

Emergency loans can be really effective when immediate needs fall upon you. An emergency loan can be the best way to raise immediate funds. An emergency loan is quick and user friendly when you wish to be less embarrassed within your family and friends circle. It gets you the confidence to not ask for money and afford it yourself. However, we extra careful while borrowing and repay it as per your convenience. Make sure to go through all terms and conditions and avoid being fooled.

As discussed earlier, emergency loans are the most popular loans. So what are the reasons behind the performance of emergency loans? Let us have a quick glance below:

· Medical Emergencies- Any sudden medical emergency including accidents, surgeries, etc.in the family or with bear & dear ones is relevant.  

·  Wedding expenses: Whenever an important wedding ceremony comes your way, it's crucial to sponsor it with an instant personal loan. Using up your savings will not be a judicious idea.

· Travelling: Take a tour if and only your savings are enough or a personal loan is instant.

· Startup ventures: If you’re desirous of the first level investment, then its best to apply for an instant personal loan.

Best requirements to be met for an instant personal loan

Instant personal loans are helpful for both salaried and non-salaried individuals. Both the categories can judge and consider the same personal loan. A few documents are tremendously important for the individual to keep handy and put to use when necessary. Documents include ID proofs (PAN card, Aadhaar card, Voters ID, etc.), Address proof (Passport, Driving License, Utility Bills, etc.), Age Proof (Birth certificate, 10^th grade certificate), 3 previous salary slips, bank statements. In case of self-employed, it must be salary slips, bank statements, employment letters, bank documents, etc. 

Many reasons for an emergency personal loan? A few rank higher!

We already know that there is an entire list of reasons for emergency loans. However, a few have topped the chart, in order of priority. An emergency personal loan is most needed when a huge amount needs to be settled within a limited period. Also, a larger chunk of your savings is invested into high interest avenues.

Therefore, an emergency loan is the best resort. Emergency personal loans are quite suitable for contingencies. When we apply for an emergency personal loan, its approved and available within a day. The loan amount gets credited to the bank account instantly. Hence, with a personal loan deal with your financial issues at the earliest. 

Financial problems can hit you anytime, anywhere. It is extremely important to have a feel of the situation and then manage finances effectively. This is the scenario where emergency personal loans are tripping over! These loans are easy, tailor made and simple to access. Home Credit offers customized repayment tenure for a comfortable future.

Use the emergency loan as a stepping stone

When in emergency, personal loans help! Just not for emergencies, personal loans can also be of great help to build a house, buy a car, get repairs and what not.

Interesting Reads | How to apply for Loan Online via Personal Loan Mobile app

Does the foreclosure of a loan increase your credit score?

Foreclosure essentially means pre-closing your debts when you have sufficient funds with you. Repaying your loan before deadline hits you can be assumed to be extremely helpful. So, how does a foreclosure impact your credit score, if at all it does. However, it’s not a direct impact but it does have an effect on the credit score.

A foreclosure means an ongoing loan will show closed on your credit report. This will directly reduce your outstanding debt. This is progressive for your credit score.

If you do not have an existing loan or credit card, then anyway your credit score will be lower than the usual.  If you do not have any credit card, then anyway your credit score will be hugely impacted. Your credit score will not only sink lower but may also not show any score at all.  

There are certain factors which must be taken into consideration when estimating the future credit score. If you’re taking the first personal loan and foreclosing it too (lesser than a year). This will not even support a strong credit score.

To be precise, it is encouraged to try foreclosure and check your credit score after 2 months to know how it actually works.  

Common Myths About Foreclosure of a Loan:

·         Pre-closing your personal loan considerably helps your CIBIL score

If your intention is merely to build on your credit score, then it will be an unsuccessful attempt.  This is still going to compliment your credit score if have enough investment opportunities. Avenues like mutual funds, stocks etc. can be extremely useful for building a powerful score.

It’s a common myth to conceive that a foreclosure will improve your credit score. And they take it as a guarantee for future investments and loans. According to a recent study, a forced foreclosure turns detriment to your credit score. You could be at unrest to know how can a foreclosure hurt your score but we will help you understand this better:

When you pay as per the repayment distribution table, it reflects on your potential to repay. It also throws light on how much you can afford with your current salary. Moreover, it provides insights on how the financial position can shape in the future and his ability to manage debt. However, if the individual repays the loan amount before the tenure ends, then it directly influences the individual’s building credit score.  So it is true to believe that a longer tenure will positively impact your credit score over a long period of time. When all EMIs are paid on time, it only betters your financial position from the market standpoint.

And ultimately when your credit score gets affected, it is extremely tedious to have it back. This will only give you a hard time at the instance of personal loan online approval. Also, your future debts will be greatly affected as well.  

Its significant to know that the impact of a foreclosure is not as much relevant to financial institutions.  They are more interested to know whether they will receive their interest portion on the loan or not. They suggest borrowers to make repayments as per the pre-fixed schedule. Yes, they would want borrowers to pay their loan according to the schedule that’s exactly why a penalty is charged too.  

To conclude, we must know that an impact of pre-closure on the credit score will change from one individual to another. Every person views it differently, depending on the credit history. It is also import to understand that credit bureaus scrutinize each aspect carefully and report the same into the credit report. 

Read More: Read and Understand Your Credit Report