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Axis Bank credit card vs HDFC Bank credit card: Pros and Cons

A credit card is the best alternative to cash. It is easy to carry, provides funds in an emergency situation, can be used anywhere and also increases the credit score if used wisely. However, with multiple options of a credit card from several banks, it often becomes difficult to choose the right card. But, there’s nothing to worry as we have listed the two top banks that offer Axis Bank credit cards with great cash-backs and discounts.

Axis Bank credit card: Credit cards offered by Axis Bank come with tons of deals and offers such as discounts on movie tickets, exclusive access to airport lounges, fuel surcharge waiver, vouchers, and cashbacks.

Here are the top Axis Bank credit cards:

1. My Zone Card: It offers the highest level of security, enabled with chip and pin facility with easy fraud detection. You can earn 25% cash back on the purchase of movie tickets with your card. You also earn 100 points on your first online transaction.

2. Axis Bank Platinum Card: Earn 25% cash back on online and box-office ticket purchases. Get 1% fuel surcharge waiver on all fuel transactions within the country. Avail consumer protection and added security with the EMV certified chip.

3. Axis Bank Vistara Card: You can earn 3000 reward points on spending Rs. 75,000 a year. Further, you can also enjoy complimentary lounge access at select airports within India.

4. Axis Bank Signature Card: You can earn 50% cash back on movie tickets, 15% discount on dining. You can earn 10 points on every Rs. 200 spent on the credit card domestically, and 20 points on every Rs. 200 spent on the credit card internationally.

Here are the benefits of using an Axis Bank Credit Card:

1. Attractive offers and cashback: Axis Bank credit card offer attractive reward points, cashback, and discounts. These cashback and discounts reduce your cost of purchases. Hence, if you make more transactions through your credit cards, it will help you earn more such benefits.

2. Interest-free period: You can get up to 50 days free credit period on your purchase transaction without any finance charge being levied on your card. It is not applicable to cash transactions.

3. Auto debit facility: If you are an existing Axis Bank account holder, you have the added convenience of paying your monthly card bills directly through your bank account.

4. EMI Facility: EMI feature on Axis Bank Credit Card gives you the convenience of paying for High-Value Credit Card transactions in easy EMIs.

Here are the disadvantages of an Axis Bank credit card:

1. Interest: Axis Bank offers credit cards at a higher interest rate. A high-interest rate can drag you deeper and deeper in debt if you don’t pay off your balance quickly. The interest rate of an Axis Bank credit card generally starts from 2.50% per month. Hence, it’s better to pay off purchases in full before the grace period ends and avoid taking on interest.

2. Late fees: If you do not pay at least the minimum due amount in time, then the bank will levy an additional charge known as ‘late payment charges’. It is applicable when the amount is paid post the due date. It can range from Rs. 500 to Rs. 2000.

3. High annual maintenance fee: If you are not highly dependent on your credit card for shopping and other purposes, then it’s not advisable to get a credit card with a high maintenance fee. So, look for a credit card with no annual fee or a low fee.

4. Cash advance fee: Withdrawing cash using your credit card is a costly affair as it entails fee as high as 2.5 percent of the amount withdrawn. Moreover, the interest is charged right from the day of making the transaction which means the interest-free period does not apply for cash withdrawals.

HDFC Bank Credit Card: HDFC offers over 20 types of different cards that serve all shopping, travelling and lifestyle needs. HDFC credit cards come with the greatest features, reward points and attractive discounts.

Here are the top HDFC Bank credit cards:

1. Platinum Times Card: The card offers various benefits at shopping, dining and up to 25% off on movies. The card also offers amazing discounts at participating movie and dining outlets in your city.

2. Titanium Times Card: Titanium Times is a great entertainment card which offers up to 15% off on dining and 25% off on movie tickets.

3. Jet Privilege HDFC Bank World Card: The JetPrivilege Card is one of the best travel and lifestyle cards which offers various milestone benefits such as Priority Pass membership and lounge access. The card also offers JPMiles Accrual Programme that can give you up to 7,500 Bonus JPMiles.

Here are the advantages of using an HDFC credit card:

1. Cashbacks and discounts: From great online shopping deals to fuel surcharge waivers, your HDFC Bank Credit Card opens the doors to a host of cash back offers and reward points, especially with selected offline and online merchants.

2. Travel benefits: The HDFC Bank Credit Card makes your travel more comfortable with free access to exclusive airport lounges, priority check-in, and boarding, extra luggage allowance, etc.

3. Recurring payments: You can set it up to automatically make recurring payments such as your electricity, phone or gas bills. There will be no chance of forgetting to pay bills on time and facing penalties or disconnection.

Disadvantages of using an HDFC credit card:
While HDFC Bank Credit Cards provide rewards when used wisely, a failure to be responsible with your Credit Card usage can weaken all the benefits. If you carry forward a balance on your Credit Card, the interest rate that you would need to pay will be much more than your benefits. It can also hurt your credit score which in turn can make it difficult to avail a loan in the future. Further, if you do not pay at least the minimum due amount in time, then the bank will levy an additional charge known as late payment charges.

So, before choosing your card, make sure to compare interest rates, discounts, and cashback, penalty fees. Opt for the card which offers maximum benefits and comes with a lower interest rate.

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