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GST tax slab ready to roll-which credit cards should you apply for?
One thing that we all love or aspire to do is shopping via credit cards. Such is the privilege that credit card brings and makes one overwhelmed. Most often, people find themselves being short on cash.
This is a user generated content for MyStory, a YourStory initiative to enable its community to contribute and have their voices heard. The views and writings here reflect that of the author and not of YourStory.
At that time, it’s the credit card that comes to the rescue by allowing you to buy your needy items without requiring any cash. But the problem comes when you see a spiraling bill in the card statement, creating a barrage of tension and giving you sleepless nights about those inflated dues. You can’t run away from the situation as you need to pay the bill on time to avoid unnecessary penalty and prevent your credit score from worsening. It’s the interest rate that becomes the villain by raising the bill to unexpected proportions. The other fees like cash advance fee, overlimit charges, late payment fee are also added to the bill. Apart from the interest rate, the cash advance fee, late payment charges and others remain very much the same among the credit cards issued by different banks.
After the addition of interest rate and various fees, a service tax at 15% is levied on the overall sum. Now with the GST tax slab implementation date of July 1 2017 is approaching fast, the same service tax will be replaced with a standard 18% rate, thereby creating a situation where the credit card bills will soar. And if you like to shop frequently, then finding the card with lower interest rates will be the primary concern in the GST era. So, find with us the credit cards having an affordable interest rate for you to apply when GST Tax Slab Rates List 2017 will be applicable.
Kotak Mahindra Bank Best Price Premium Card
With a lowest interest rate of 1.50% per month, Best Price Premium Card is exclusively designed for use at Best Price Modern Wholesale stores. Kotak Credit Cards, in a joint venture with Best Price Modern Wholesale, has designed this card for self-employed businessmen, wholesalers and other members.
Features & Benefits
Joining Fee-NIL
14-day Interest-free Period
2 add-on cards
Spending limit can be set as desired
SBI Advantage Gold Credit Card
The card, which comes with an interest rate of 2.25% per annum, features a host of rewards and discounts to make your shopping experience an enjoyable one. So come and apply for the same while also glancing at the points below. ‘
Features & Benefits
Joining & Annual Fee-₹499
10x reward points by spending ₹100 each on departmental stores, grocery, dining and movies
Acceptance in 2.85 lakh Indian and 20 lakh global Visa outlets
Fuel surcharge waiver with a transaction of ₹500-3,000 at a petrol pump
SBI Advantage Plus Credit Card
You can enjoy a wonderful shopping experience with this card by paying the bills charged at an interest rate of 2.25% per month. The card, which is offered against SBI fixed deposit, features flexipay and other facilities.
Features & Benefits
Cash withdrawal facility available at more than 1 million mastercard or VISA ATMs globally
Cash withdrawal limit upto 100%
You can apply for add-on cards for your spouse, parents or children aged above 18 years
Use flexipay feature to convert your transactions into easy EMIs. A purchase worth ₹2,500 or more will make you eligible for the same. After spending the stated amount, you need to log onto SBI card within a month to get the transactions converted into EMIs.
Flexipay facility, however, will be available only when the five EMIs of the Encash facility are paid.
ICICI Instant Platinum Card
Available against a fixed deposit at ICICI Bank, the card serves as a valuable mean to shop with a host of discounts and rewards on offer. The bills will be serviced at an interest rate of 2.49% per month. Catch the salient features of the card below.
Features & Benefits
Opportunity to earn reward points and redeem them for cash
A ₹100 discount available on purchasing 2 tickets in a month at bookmyshow web portal.
As part of Culinary Treats Program, a minimum saving of 15% can be made while dining at more than 800 restaurants.
SBI Unnati Card
One of the latest entrants in the credit card space, SBI Unnati Card has taken the segment by storm by waiving off the annual fee for the first four years alongside a host of benefits for the cardholders to avail. If you have a fixed deposit of a minimum value of ₹25,000, the card is all set to be in your hand to shop. Anxiously waiting for the exciting features to roll before your eyes? Here they come in the points below.
Features & Benefits
Interest-free credit period of 20-50 days
Cashback of ₹500 on a spend of ₹50,000 or more in a year
1% fuel surcharge waiver on transactions of ₹500-3,000
Massive acceptance with over 24 million outlets ready to serve your needs
Cash withdrawal available upto 80% of the credit limit
No annual fee for first 4 years. From 5th year onward, ₹499 would be charged
I suppose, it must have been a thrilling experience reading some of these exciting credit cards being offered at a lower interest rate, giving you the much-needed cushion to fight against the 18% standard GST tax rate post July 1, 2017. So, what are you waiting for, folks? Just choose from these cards and apply for the one that adjusts in your wallet.
