In today’s world, individuals are more inclined to upgrade to premium cards for the accelerated benefits that accompany transactions with such cards. According to a report, there is a sharp increase of 43% in demand for premium cards, as these are ingress towards a superior lifestyle.
Premium credit cards are available as a modified version of regular cards and often come with customized benefits. These cards generally come with a renewal or annual charge and are provided to individuals who hold a strong credit history or keep a long-standing association with the card issuer.
Contrary to regular credit cards, premium ones come with low rates of interest, enhanced credit limits, discounts and gift vouchers, accelerated reward points, etc. Moreover, similar to other credit cards, you can make both offline and online credit card payment bills for premium ones as well.
Let’s take a look at the added benefits of these premium cards in more detail to identify the reason behind their increasing popularity.
Increased credit limit
Individuals with a high net worth or reliable credit history are eligible to avail premium credit cards which usually come with higher credit limits than regular cards. In addition, for some such cards, their spending limit may not be fixed because of a card holder’s considerable net worth.
Cards with high credit limits also signify that customers will benefit from a reduced credit utilization ratio. It is the percentage of the provided limit an individual utilizes in a particular month, with a low ratio helping maintain a high credit score.
Enhanced travel benefits
Customized cards with high credit limits also offer a wide range of benefits for every traveller. Individuals may receive points as travel, which are redeemable for discounted air tickets, and complimentary seat upgrades with bookings at partner airlines.
Moreover, some of these cards also provide travel insurance coverage that assists during flight delays, cancellations, theft or other issues that may take place while on a visit to a new place. Premium cardholders can also enjoy discounts on hotel bookings and access to international airport lounges.
Furthermore, these cards can again come up with concierge services, where a chosen individual will assist the cardholder in carrying out reservations, bookings, or accomplish any other required task.
Exclusive lifestyle and shopping privileges
Another most essential benefit of premium credit cards is lifestyle privileges. Individuals can expect to receive huge discounts, deals, and gift vouchers on purchases from partner stores, both online and offline. Cardholders may also receive discounts on dining and movie tickets.
Accelerated reward points
Credit cards provide reward points on several transactions made by a cardholder. The number of reward points offered by a premium card is only accelerated with a higher scope for accumulating points.
As they come with an annual fee, the issuer may proffer deals and gift vouchers worth the charge paid by an individual. Furthermore, applicants must also get acquainted with information on how to redeem their credit card reward points for offers, deals and discounts.
Individuals can opt for financial tools like Bajaj Finserv RBL Bank SuperCard to avail such benefits, like accelerated reward points and other privileges.
Moreover, the said card’s issuer also provides pre-approved offers on several financial products, like credit cards, personal loans, and business loans to make financing hassle-free. Individuals can check their pre-approved offer by entering their name and contact details.
Moreover, here are steps mentioned below for credit card apply online for first time users who are unsure about the application process:
- Visit the official website of the financial institution and compare their credit card options.
- Next, select a credit card according to your repayment capacity, and check whether you fulfill the eligibility and document requirements.
- If eligible, fill up the application form and submit it with all necessary documents.
Accompanied with several features and advantages, premium cards proffer users with multiplied benefits over regular cards. However, it must be kept in mind that availing premium cards necessitate proper credit awareness like timely payment of credit card bills.
There are several modes for offline and online payment of credit card bills which one can use to clear dues in time and make the most of the available credit limit.