ONE FINE DAY, Aradhana Taneja, a 31-year-old IT professional passionate about travel was walking into a bustling shopping mall in Noida when a credit card sales executive from a well-known credit card provider approached her. Though initially uninterested in hearing about the benefits of the card, two perks grabbed her attention. Firstly, the sales rep said the card required no joining fee; and secondly, the card awarded 3x reward points for each domestic premium economy air ticket purchased using it. Plus, he said, she would also receive generous rewards for every purchase she made in shopping malls. Intrigued by the seemingly cost-free proposition, Taneja decided to go for it.
Fast forward a year, and Taneja was shocked to be charged ₹3,000 as annual fee. Then it dawned on her that the credit card was not, in fact, free for lifetime. After scrutinising the terms and conditions of the card, she discovered that the card was less beneficial than what she’d been told. She would have to make several mandatory purchases in order to avail the annual fee waiver.
Her case is not unique. Anecdotal evidence suggests that such instances are quite common. And all of them serve as good examples of what can happen when you don’t evaluate your options thoroughly before making a financial decision. It also underscores the importance of choosing the right credit card based on your needs and circumstances. Thus, you should evaluate the potential risks, and costs and benefits of any card before signing up. Careful consideration can protect you from unpleasant surprises, and help you maximise your benefits.
While choosing the right credit card can seem like a daunting task due to the vast selection of cards available, some steps can help you simplify the process, and ensure that you make a choice that best suits your financial needs.
This story is from the October 29, 2023 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 29, 2023 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
The EV Craze
The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly
The Storage Boom
Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?
India Beckons
Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before
The Pearls of The Sea
Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it
66.Brand persona should define the core"
I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.
Unwind in Style
Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury
A Lifelong Affair with Inspiration
In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art
Make it Bubbly
Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles
Palatial Splendour
Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers
Of Beaches and Cream
GianChand Single Malt Whisky
