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Thursday, October 01, 2015

Best Credit Cards for Frequent Travelers

When it comes to credit cards, there’re dime a dozen. With 1000s of options and never ending bombardment of telemarketing calls, selecting the best credit card is a daunting task. Each card claims to be the best and has some advantages boldly listed, but also comes with various unfavorable terms declared in tiny print. So what makes a card better than others? What to look for while applying for a credit card?
In this post, let us check out Citibank’s PremierMiles credit card, designed targeting frequent travelers. PremierMiles card has some benefits other cards do not offer- thanks to its extensive list of partners, the amount you’d have anyway spent on tickets and hotels will now earn you extra miles and these miles can be redeemed for a flight tickets over 100 airlines. Some

Key advantages:
- No blackout dates to redeem flight tickets (Many other card users may face restrictions to  redeem points with airlines during popular season like Dec 25-Jan 1st etc – Citibank PremierMiles has no such restriction)
- Miles Accumulated do not expire ever. So there’s no pressure to redeem it under a hurry (Note: your card must remain active & valid)
- Faster miles- 10 miles for Rs 100 spent with partners, 4 for non-partners. Almost every well know brand in travel industry- makemytrip, cleartrip, booking.com, goibibo, expedia and dozens of others are part of this premierMiles card program and spending money there will automatically entitle you more points.
- Swap your card miles for airline miles- that way you can qualify for next higher level of airline’s frequent flyer program faster and or access free lounges or upgrades
- Tempting joining bonus (10000 miles) and renewal bonus

But then note that Citibank PremierMiles card is not free for life. There will be an annual fee of Rs 3000. I believe the craze of issuing free for life card is long over- it was the way of business a decade ago. Now almost all banks charge an annual fee- they want only financially affordable people to have cards, not issue a card to every individual and then risk defaults. 100 premiermiles is worth Rs 45. After factoring 3000 renewal bonus, if you’re spending about 40000 an year on this card at designated partners, then you break even with the annual fee you’ve paid with reward points. Most of us will definitely be spending 5k+ on the card every month, so this is usually not a point to worry about.

Besides Premier miles specific advantages, you will also be getting a host of other benefits Citibank customers enjoy complementary lounge access at leading airports in India, great offers at leading airlines and hotels. Just be sure to identify yourself with your Citibank card at the counter. Compare above benefits with what you’re getting from your current card. I am sure you will see a difference in benefits. But like any cards, be careful with your spending habits and repayment timelines, to avoid up to 42% per year interest rates.

Other than Premier Miles Citibank and other large banks have many other cards to choose from. 

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