Should you consider upgrading to a premium credit card this Diwali?

Credit Cards: This festive season if you have set up too much expenses, you may want to consider using your credit card for a number of benefits such as Cashback and Rewards. And if your card does not deliver so many offers, you may want to consider upgrading to a premium card with a variety of benefits you want. Those who are not aware, a premium card has a number of exclusive features and benefits that are usually at a price that is the card’s annual fee. Although ordinary cards have an annual fee lower than £ 1,000, premium cards – on the other hand – can charge a fee of £ 10,000 or higher. Before choosing a credit card, consider a few points. Premium Card during Diwali: Points to consider I. Annual fee: Remember that there is a high annual fee and it must justify the benefits it raises. Ii. Existing maps: If you already have a number of cards and their cumulative benefits are more than you would ever need, it is useless to apply for one more card, even if it is in the premium category. Iii. Short -term or long -term: In general, credit card should serve you in the long run. So, asking for a map only to use benefits during the Festival or Diwali can make sense if its benefits will exceed the festive season. Important benefits of upgrading a premium-card festival-specific rewards: Premium cards often targeted high-value bonuses diwali promotions. This applies to qualifying expenses that are ideal for Diwali purchases such as electronics or jewelry. Improved Cashback: Cards like HDFC Regalia Gold give 5x points about e-commerce. Long-term benefits: There are also some long-term benefits, such as unlimited access to the lounge, travel insurance and milestone bonuses that can justify the fee, especially if you travel to the Festive season. Disclaimer: Mint has a fusion with fintechs to provide credit, you must share your information if you apply. These bonds do not affect our editorial content. This article only intends to educate and distribute awareness about credit needs such as loans, credit cards and creditworthiness. Mint does not promote or encourage credit as it has a set of risks such as high interest rates, hidden costs, etc. Visit here for all updates for personal finance