A credit card allows its customers to buy items now and pay for them later. A bill for all of your purchases is created once a month, and you have a 30-day grace period to pay it. When you use a credit card, you get both reward points and cashback. However, deciding which credit card to select among the finest credit cards is challenging. People often prefer credit cards that correspond to their spending habits. In general, each Axis Credit Card comes with its own set of incentives, such as reward points, special discounts on meals, movie tickets, and cashback, among others. To maximise its benefits, you must first choose which one best matches your lifestyle.
What exactly is a Cashback Credit Card?
Let us first define what a cashback credit card is. A cashback credit card allows you to receive rewards on every rupee spent with it. Some Axis bank credit cards give set cashback, while others offer greater cashback, for example, the more you spend, the more cashback you receive. If you spend a lot of money on groceries, other necessities, and energy bills, a cashback credit card is a better option for you.
For example, if your monthly costs for food, energy bills, and other necessities exceed Rs. 20000, you can receive a cashback of Rs. 200 if the cashback is 1% of your entire spending. This sum would accumulate over time.
You can even earn more cashback because certain grocery shops and other businesses have agreements with banks about credit card payments. In extreme circumstances, the cashback rate might reach 4-5 percent and even 10%.
What is a Credit Card with Reward Points?
Now, let us define reward points for credit cards. A reward point credit card allows you to earn reward points for every dollar spent on a credit card. Various credit cards provide different rewards points for spending. Earned reward points can be used at specific product outlets, internet shopping, eating bills, and movies, among other things.
Is there an expiration date for cashback and reward points?
Yes, certain credit card reward points have an expiration date. If you have reward points that are about to expire, the bank will send you an email with the expiration date. Cashback credit cards, on the other hand, do not fall under this category. Cashback credit cards do not have an expiration date. You may use your cashback whenever you choose.
Is there an annual fee for the Cashback and Reward Points Credit Card?
Yes, some credit cards charge an annual fee, while others do not charge any fees at all. Annual fees on certain credit cards are eliminated after spending a certain amount on them. This amount changes depending on the bank and the card.
You may select any credit card that suits your spending habits from the several alternatives offered. The following are the eligibility requirements for applying for a credit card:
Age: To apply for a credit card, the applicant must be at least 21 years old and no older than 60 years old.
Annual Salary: Credit cards provide consumers with short-term credit. They can use credit cards to make purchases now and pay for them later. Every month on a predetermined day, a credit card bill is created, and you must pay your dues on time to avoid penalties. As a result, one of the eligibility requirements is your repayment capacity. Normally, if your yearly salary exceeds 2.5 lacs, you will be qualified for a credit card.
Credit Score: A user’s creditworthiness is defined by his credit score. A better credit score increases your chances of receiving a credit card, whereas a lower credit score diminishes your chances. Banks typically consider a credit score of 750-900 to be good.
Employment: Having a solid and consistent source of income is essential in order to obtain a credit card. Seasonal workers may have difficulty obtaining a credit card. However, if you have a steady source of income, having an axis bank credit card will not be a problem. If you have any questions about the Axis Credit Card, you may call the customer care toll free complaint number or the axis bank mail.