Getting to maintain a lifestyle based on fine dining, travelling and entertainment can be a bit tedious at times with the rising costs of almost everything around us. Even if one earns well and has savings piled up, at times there is that need for getting more. Which brings us to the forte of credit cards. Now, credit cards can aid you in a lot of things where expenditure is concerned regarding fuel, travel, dining and shopping. But if you are someone who believes in being in the upper echelon of every aspect of life, lifestyle cards are the ones to go for. In addition to supporting a life full of decadent whims, these cards reward you for your – well – lifestyle.
Be it a crazy weekend in Ibiza, snorkelling your ways through the azure waters of the Mediterranean, relaxing at the white beaches of a tropical island or zooming through brick-paved streets of Italy in a brand new Maserati, lifestyle cards have got you covered. The rewards of using a lifestyle card just keep growing with every swipe at every merchant.
Lifestyle cards are multi-purpose cards that can be used for almost every purpose and offer great benefits on whatever aspect they are being used for. Some of those benefits are as follows –
1. Lifestyle cards are the insignia of an epicurean way of living. Using one basically lays out a red carpet of offers on your shopping, dining and travelling spends.
2. Loyalty points or reward points keep accumulating upon every transaction at any place and the same can be redeemed on the next purchase anywhere else.
3. Seasonal offers are always agog on lifestyle cards and if your bank prefers giving out discounts on every occasion or sale event, your wardrobe could turn into a branded store in no time.
4. If travelling is more your thing, lifestyle cards give you a chance to score the best seats and preferential seating in flights.
5. FOREX charges will be incurred on credit cards while shopping abroad. But that is not a problem in many cases, since the charges will either be reversed or converted into reward points.
6. If you ever decide that you want to spend a bit lesser, you can still earn reward points on your purchases even at convenience stores.
The basic eligibility criteria for availing a lifestyle credit card is as follows –
1. The age limit for holding a lifestyle credit card in most cases is 18 years
2. An active bank account for transacting and a valid source of income for paying your dues are necessary
3. The minimum income required by most banks is around 100000 Malaysian Ringgits for a lifestyle credit card
Upon fulfilling the basic eligibility criteria, almost anyone can get through the application process successfully if they have a proper credit score. Depending upon the bank, lifestyle credit cards can have a separate section of their own or can be included under the gamut of credit cards that are available from the bank. According to the process laid down by the bank, KYC documents would need to be submitted, a salary transfer form might need to be signed and a details form to be filled up. The application process is then initiated and post verification of the details that have been furnished, within a fortnight to a month, one can receive his/her credit card of choice after the application process is complete. Optionally, different lifestyle credit cards from different banks can be viewed on Bbazaar’s website detailing their rates, fees and current offers.
In case further details are required about any particular bank’s credit cards, one could get a personal meeting arranged wherein the terms and conditions are also explained.
A. Lifestyle credit cards are versatile credit cards which are meant to be used at merchants that deal with haute-couture, restaurants with the choicest of international cuisines and places which allow one to splurge to their wildest whims.
A. Most lifestyle cards have interest rates of 15% to 16% per annum.
A. Fuel surcharges might be waived off and cash back is mostly limited to 10% on a minimum amount of spend but the reward points system works much better on lifestyle credit cards.
A. If your income capacity is well above the specified minimum limits, you have a great credit history and you are of or over the minimum age limits, you are eligible.
A. Repayment of dues on lifestyle credit cards works in much the same way as a normal credit card, though the payment deadlines might be more stringent.
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