The latest technological advancement in the field of finance has led to some of the most innovative payment methods. In earlier days, it was just about making payments without cash, but now it is much more than that. In addition to cashless transactions, today's credit card features some of the best rewarding transactions for every type of customer. Although there is a long credit card features list, everyone who wants to make seamless payments with a rewarding experience must address some of the best features.

Every bank has a different type of benefits they offer for their credit card, it is important to make sure that your needs are being met with the type of credit card you are applying for. There are still some common credit card features which are the same for all types of credit cards irrespective of their issuer. The best part about credit cards is that they provide these features free of cost, mostly at a nominal yearly fee. There are some exceptions of credit cards with a hefty annual fee but some elite class features are required by people who want a luxurious experience and are fine with spending more money.

Here are the Top 10 credit card features list, which are found in almost all types of credit cards by any issuer banks or financial institutions-

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Recurring monthly payments

Credit cards can be used to make a recurring automatic payment to transact for things like bills, subscription payments and investment transactions. These payments can be set up while unlocking the card after issuing and modified according to the customer's needs. Many times, people forget to make payments for their electricity, water, gas, etc., which can lead to facing penalty charges as well. Having a credit card helps you to avoid any such situation and lets you relax while your payments are being taken care of every month automatically. There are a lot of subscriptions that you need to keep track of nowadays for your OTT applications, music applications, grocery subscriptions and many more, and it is easier now to make a recurring payment through your credit card for any such services which will never fail to make payment on time.

Ease of use

Earlier, we used to have cash transactions almost everywhere we went, which involved a theft factor that could have led to a heavy loss. However, as credit cards have replaced money with plastic money, transactions have become much simpler, and wallets have become less bulkier. Almost all the leading brands and merchants have POS machines that accept credit cards as a legal payment tender and just by a quick swipe, transactions are easily completed. You do not have to carry your hard cash, chequebooks, or debit card for ATM withdrawal anywhere; all you need is just a credit card that can help you make the payment within seconds, and you will not even have to worry about the amount getting deducted from your bank account in real-time.

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Interest-free credit Amount

People who are on top of their finances always find it easier to have a one-stop payment method which can be used for all transactions, and they do not like to be charged directly from their bank account as it would be better to have a grace period before actual money deduction. In such cases, credit cards are the best way to go as they have the most grace period days without any interest, which could even go up to 50 days for a customer, depending on the type of card they hold. This grace period can be used smartly to generate some income, and the money you have in your hand can be used for some sure-shot investments and then later on paid back to the bank without incurring any charges.

Online transactions

One of the biggest advantages of having a credit card is the easy online transactions you can make with a click. All online vendors accept credit cards as a payment mode, and they can prove to be very easy to use as you do not have to enter your details after the first transaction if you save your card details in your account with the merchant. You can easily make payments for products, subscriptions, movie tickets, phone recharges, flight tickets etc., all by one credit card.

Easier to track expenses

If you are on a budget and have to list everything you spend every month, a credit card can be a lifesaver. A credit card automatically generates a list of all the expenses made by the card in a monthly statement where you can go through all expenses, big and small, under one roof. It is really easy to track expenses and find out what categories have been taking up a good chunk of the budget every month, which is the best way of financial planning.

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Improves Credit Score

A Credit card can be a helpful tool to improve your credit score as all the timely payments you make will be recorded as a plus in your credit report, which is impacted monthly. However, the cards should be used by remembering that if you miss out on making a payment on time, it could also lead to a decrease in your credit score. Suppose you have made a massive transaction in a month. In that case, you can easily talk to the bank to convert it into a monthly EMI with nominal charges and interest fees, these EMI's if paid timely, are also considered as a loan repayment in your credit file and help you to improve your credit score which can prove helpful in the future.

Safety features

The most important credit card features are their safety features. Any amount of cash is unsafe in your pocket if you are strolling through a heavily crowded place, but if you have a credit card, you do not have to worry about your money being stolen. You must be thinking that if your credit card gets stolen, it can be a bigger damage to your account as thieves can use the whole card limit, but you don't need to worry about that. A credit card comes with a safety feature that can be used in times of theft; in case your card gets stolen or just gets dropped somewhere and you are not able to retrieve it, you need to call the customer service of the card issuer bank and ask them to block the card for any future use.

Most banks also provide this blocking feature through mobile apps, making safeguarding your money even easier, and you do not have to wait to be connected to customer care. Once you have blocked the card successfully, you can easily inform the bank about the incident and ask them for a replacement card, which is then sent to your preferred location within a few days without hassle and sometimes they take just some nominal charges for the physical card. In addition to this, the card is very safe to use online for any transactions as well. Suppose there is a fraudulent website or a money-ware virus that has taken an amount from your card. In that case, you can dispute that transaction immediately to the issuer bank, and they can either reverse the transaction or cancel it altogether for you.

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Rewards, Cashbacks and discounts

Credit card companies have been having a cutthroat competition for many years, and due to that competition, every company provides a plethora of offers and discounts to their customers to have the largest customer base. Many customers can use these schemes and cashback to their benefit, and they can make every purchase worthwhile. Brands endorse many card-specific schemes every year during the festive season, and customers can avail heavy discounts on their favourite products. Also, some cards offer some reward points/cashback points on every transaction, which helps people to avail even more money on every transaction. The cashback amounts are usually based on the type of transactions made and the merchant to which the money is being paid. Some companies even provide rewards for making payments towards your credit card, which adds to the credit card features. Perks

The credit card has many perks, making it a useful tool to avail multiple benefits. Many cards provide additional benefits like- airport lounge accesses, golf sessions, movie tickets, fuel surcharge waiver, accidental insurance, etc. which are really helpful in saving money. These perks are provided with different types of cards; hence, it is important to make sure that you choose the card that provides the benefits that are useful for you. E.g., if you like to watch movies every month, you should choose the card that provides free tickets every month after spending a certain amount; if you are someone who likes to play golf or enjoy lounges at airports or a spa treatment, then you should choose the card that provides those benefits.

Additional benefits

There are some other great benefits of having a credit card with a good bank. You can get an additional credit card for some of your family members who can use it at their disposal anytime they want and you can track those expenses through your account itself and payment for them as well. You can also customize the credit card according to your needs and control things like payment cycles, EMI interest rates and duration of EMI, and modify the cashback amount according to your usage type. You can even modify the physical appearance of the card to a large extent, as companies provide customized credit cards as well.

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Conclusion

There is a long credit card features list but it is important to choose the right type of card to avail the most benefits from this product. A card can be used in case of an emergency situation and help you to avail funds during time of need so it is always advisable to have a credit card handy in case you are traveling outside. If you make timely payments, get a good amount of cashback points, and use all the provided perks with your card, a credit card can help you save thousands of rupees yearly.

FAQs

1: Can credit cards be used internationally?

Certain credit cards provide features for international transactions, which are also easy to use at all the major outlets in the foreign country. A credit card can help you travel without worry in a different country as you will only sometimes have to manage hard cash.

What type of insurance is offered by a credit card?

Credit cards offer a long range of insurances to cardholders, such as- travel insurance, luggage insurance, flight insurance, accidental insurance and loss of personal belongings insurance.

3: What impact does a credit card have on a person's credit score?

In Addition to the credit mentioned above card features list, some responsibilities come with owning a credit card; you must ensure that timely payments are made to the bank by the due date, or the bank must be informed about any delays and a payment plan can be discussed in this case to transform the whole debt into an EMI plan, this can help you to make sure that your credit score is not impacted due to any missed payments. Missed payments on a credit card are equally harmful as a missed payment on any loan.

4: If my spouse wants to use my credit card, does she have to have a new account for herself?

Credit cards offer a useful feature of additional cards that can be issued to family members of the cardholder with minimum documentation. They can use it to make the same type of transactions as the main card. This method is useful for a married couple as they can easily track their monthly expenses without having two accounts to care for at a time.

5: Can credit cards be used for cash withdrawal?

Yes, credit cards do come with a feature of cash withdrawal from any ATM for which banks charge a minimal interest rate, and the cash amount is usually 20-30% of the credit card limit.