People often seek out the most affordable option when shopping for a credit card. But there are some credit cards that offer exclusive travel-specific benefits. Such cards are available in many avatars: from a general credit card to a hotel credit card to an airline credit card. With a travel card, you earn credit card reward points for mileage that can be redeemed for commuting, shopping, and emergencies.
Talking of emergencies, many travel cards offer insurance against unforeseen expenses because of air mishaps, misplaced baggage, medical emergencies, and loss of tickets or passports. One card that provides comprehensive travel insurance and air accident coverage is IDFC FIRST Bank’s ‘FIRST Wealth’ credit card.
Travel cards also offer benefits ranging from the accumulation of reward points to complimentary lounge access. You will be amazed by the lounge access privileges that IDFC FIRST Bank’s FIRST Select card offers.
Similar other such extras enable you to extract maximum benefit out of your spending during travel. However, the benefits accrue only if dues are paid in full and on time – i.e. there is no carry forward of dues.
Credit cards, in general, today are more than a tool to get credit; it is now all about convenience and benefits. It is the same with travel cards – be they general travel cards, hotel cards, or airline cards; they are handy when cash is short, but they also come with a range of benefits.
However, to extract the optimum benefit out of them, costs have to be recovered, and this can be done by earning enough credit card reward points. So, when selecting a travel card, you should be aware of how you need to spend on the card to earn the required reward points.
General travel cards fetch points or miles that users can redeem as cashback on further travel, airline tickets, and hotel rooms. One major advantage is the cardholder need not be a regular patron of a particular hotel or an airline to be eligible for the rewards.
Frequent travelers, of course, also go a lot for airline travel cards, which are a collaboration of some airlines and lenders (banks). But charges can be on the higher side here.
With these, frequent travelers can accumulate miles on everyday expenses, say at restaurants and retail outlets. Hotel chains are also known to offer their own travel credit cards to regular guests for use on their premises; needless to say, they come with benefits.
Features to look for in a travel credit card
When shopping for a travel card, what kind of benefits should you look for? There are quite a few; read on.
Joining fee: Many card companies demand a joining fee and an annual fee, which can go up for co-branded cards (i.e. specialised cards offered by a credit company in collaboration with a player in the travel or hospitality sector). Interestingly, your IDFC FIRST Bank credit cards are free for life, with no requirements of a joining fee, membership charge, or even an annual fee.
Cash withdrawal: When travelling, you may sometimes have to go for credit card cash withdrawal, and this can involve charges of up to 4% of the withdrawn amount. This is in addition to the standard cash withdrawal rate on your card.
However, with your IDFC FIRST Bank Credit Cards, withdrawals are interest-free anywhere in the world.
Forex markup: When you are travelling overseas, you will have to pay for your transactions in foreign currency. The forex markup is the fee that your credit card provider charges to enable this service. Indian credit card companies charge up to 3.5% of the transaction amount as a fee. IDFC FIRST Bank’s FIRST Wealth Credit Card, in contrast, charges only 1.5%.
IDFC FIRST Bank Credit Cards
IDFC FIRST Bank offers six credit cards that cover the entire spectrum of India’s credit card users; between them, there is something for everyone. For instance, the rewards program on FIRST Select promises loyalty points that never expire. Plus, the points are multiplied 10 times.
If you want to apply for a credit card, You will not be disappointed.
(ThePrint ValueAd Initiative content is a paid-for, sponsored article. Journalists of ThePrint are not involved in reporting or writing it.)