LifeStyle Credit Card

About LifeStyle Credit Card in India

Increasing income levels of the average Indian, changing lifestyle habits and the thirst for new products and new experiences has made lifestyle credit cards more popular than ever in India. Banks offer a myriad of lifestyle cards that are aimed at fulfilling your lifestyle wants and enable you to choose a certain standard of living. In this way, lifestyle cards are a reflection of your personality. Today, you have a wide variety of lifestyle cards to choose from, given the amount of competition from credit card issuers. These cards are specifically designed to suit the varying needs and budget of customers.

There are a wide range of cards available in the market today and it can be very confusing to decide which one is the best for you. Before applying for a credit card, it is very important to compare and contrast the features, benefits and fees of the credit cards you want to apply. This will help you to find out the best card suited for your lifestyle.

There are many advantages of owning a credit card. It has the advantage of convenient payment options, gives you access to a world of discounts and rewards, and helps you build a positive credit history (provided you pay your dues consistently, every month) which will enable you to be eligible for loans later in life.

Lifestyle Credit Card Features

Rewards Points

Similar to any other credit card, Lifestyle Credit Cards offer reward points. The reward points program differs according to the bank or firm that issues it. It is based on the amount that you spend using your credit card. Different credit card issuers calculate these reward points differently and you can redeem these points later as per the issuer’s norms. For example: The HDFC Diners Club Premium credit card enables you to earn 4 Reward Points for every Rs.150 spent at retail outlets. Another bank may offer 3 points for Rs. 150 spent with accelerated points for online shopping. You can exchange these Reward Points for free air miles with leading Airlines or for loyalty points at international hotels, making your next holiday almost free thanks to your credit card rewards. You can also redeem your points against gifts and vouchers from an exclusive rewards catalogue.

Likewise, swiping your RBL Bank Platinum Delight Credit Card for your lifestyle shopping needs earns you 2 Reward Points on every Rs. 100 spent, which you can later redeem for exciting gifts.

Kindly note that the number of Reward Points accrued varies with each and every card issuer.

Travel/Dining/Concierge feature

In today’s fast paced world, travel has become necessary and using the right lifestyle credit card can reward you with many travel privileges. These cards offer luxury and convenience to your travel in the form of free access to select exclusive airport lounges, concierge services, dining reservations etc. For example: You can gain exclusive access to partner lounges across India when you present your ICICI Bank Coral Visa or MasterCard Credit Card.

Lifestyle credit cards offer significant discounts at thousands of restaurants across India. You can enjoy up to 20% savings across 2000 partner restaurants with Citibank Rewards credit card.

There are some credit card issuers that offer Golfing perks, for those who want to live their life in style! HDFC’s Diners Club Premium Credit Card provides 24/7 golf concierge services at select golf courses across India, while Citi Prestige Credit Card enables you to access select golf courses worldwide.

Some of the cards that gives handsome rewards for lifestyle include spends SBI Platinum Credit Card which gives 5X Reward Points on all Dining, Grocery, Departmental and International spends, and Citibank Rewards Card which gives accelerated Reward Points on online merchant partner spends.

Lifestyle Credit Card Benefits

Your lifestyle card is packed with benefits in the form of shopping discounts, cashback on retail spends (which you can redeem against your credit card statement) and specialized insurance cover. In order to avail certain benefits, you need to swipe the card within first 30 days of credit card activation and spend a pre-fixed amount on your credit card.

How to Choose the Best Lifestyle Credit Card

When you look for a lifestyle credit card, you must look at the following criteria:

• Your Lifestyle Spending pattern: Examine your lifestyle habits and decide what you would like to use your credit card for. If you are an online shopaholic, then choose one which has benefits and reward programs specially designed for that particular purpose. There is no use going for a card which offers frequent flyer miles if you do not travel much.
• Your credit card payment pattern: Perhaps, the most important criteria in choosing your credit card is your payment behaviour. You must make sure that you pay off your credit card dues every month, to avoid accumulating interest. Ideally, look for a credit card that offers certain lifestyle perks but which also offers the best interest rate, instead of a credit card which offers numerous rewards but a has a high interest rate. Because whatever rewards you get for spending on your card will be wiped out by the high interest rate you pay on your outstanding.
• Fees and charges: Before applying for a lifestyle credit card, you absolutely need to be aware of the fees and charges of each of the cards. Then decide whether the card is worthwhile for you. Sometimes, a card may offer extremely attractive discounts and benefits but the annual fees, renewal fees, joining fees and other charges may be very high. This may strip you off the rewards that you earn on your spending.
• Your income: You should carefully consider your monthly net income and decide whether you can afford to have a credit card which could considerably increase your expense and might possibly put you in debt. Choose wisely.

What are the eligibility criteria?

You cannot apply for any Lifestyle Card that catches your fancy since these come with certain eligibility requirements that vary with different credit card issuers. So make sure you fulfill the eligibility criteria of a particular card before applying for it, to minimize the chances of being rejected and damaging your credit score.

There are certain minimum age and income restrictions when you apply for a Lifestyle Credit Card. For example, if you want to apply for ICICI Bank Platinum card you should have a net salary of Rs. 4,80,000 per annum. For other credit cards, it can go up to as high as Rs 12,00,000 per annum. Some super Premium Lifestyle credit cards are only offered to those who have a high income bracket. So make sure that you fulfil the bank’s eligibility criteria when deciding on a credit card.

Lifestyle Credit Card Review

The features and benefits of a Lifestyle Credit Card designed so as to provide maximum benefit. Those who are looking to enhance their lifestyle and indulge themselves in luxury can opt for a Lifestyle Credit Card. It comes with various perks designed for the frequent shopper, frequent flyer and those who dine out regularly. Those looking to enhance their shopping, travel and dining experience, can opt for a Lifestyle card.

The offers along with the attractive rebates that a Lifestyle credit card offers makes it a desirable option, provided that all credit card dues are paid consistently every month.

How do I apply for a Lifestyle Credit Card?

To apply for a Lifestyle Credit Card, you can either walk into the nearest branch and submit the application or apply online. Some banks give limited period offer, like coupons or waiver on the charges for applying online. Typically, it takes up to 21 days for your credit card application to be processed.

Alternatively, if you think you need help with your credit card application and advice on eligibility, CreditMantri can guide you through the entire process and match you with the credit card that suits your needs the best.

Note: The cards mentioned in the article are merely indicative of the kinds of rewards and benefits on offer. You will need to choose your credit card based on your specific requirements.