Salary Card or Credit Card: What Should You Choose?

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24 February 2021

Salary Card or Credit Card: What Should You Choose?

As we all try to pave our way amid our daily chaos, financial decision-making becomes increasingly complex. Of course, one such dilemma is choosing between the variety of credit cards that are available. While some offer a higher spending limit, others pack in attractive offers.

Confused much? 

We, at EarlySalary, understood this and were itching to deliver a solution. We began by constructing the perfect card that takes care of all that the modern informed customer needs. 

Now, it’s possible to use a simple solution for all that you desire, with the EarlySalary Salary Card powered by RuPay. The Salary Card is a prepaid instrument that lets you enjoy dynamic spending limits, flexible tenure options, and transact on EMIs on any website across shopping, travel, wellness, education categories! 

In this post, we share how the Salary Card provides financial convenience and safety and how it compares against mainstream credit cards.

Salary Card Vs Credit Card

  • Easy Application and Use

You can get a Salary Card without any paperwork and hassle within a day. It takes at least 14 days to secure a credit card and more paperwork, on the other hand. Plus, a credit card has spending limitations and can be used for certain types of transactions or websites only. 

The Salary Card has more use cases and can even be used to directly transfer your fees to an educational institution from your credit limit without any paperwork. It’s a card made for 2021 – with spending limits configurable from your EarlySalary mobile application. More on that, below!

  • Spending control

It’s fairly obvious who wins here, a Salary Card. Salary cards constantly give you notifications on your dashboard and do not operate on a line of credit. With an EarlySalary Salary Card, you can control spending limits on shopping, travel, wellness, and education. It has a higher spending limit on essentials such as medical expenses, education, etc., and a comparatively lesser limit on expenses like shopping, travel, etc. The spending cap is 50% of salary on lifestyle and 200% on education. 

The maximum limit is roughly equal to your monthly salary, with an option to set dynamic limits. This feature lets you spend twice your monthly salary through this card.

  • Rewards 

Trade-offs are a reality when picking any product, but not here. Finding a credit card with a rewards program is common as banks earn higher profits through credit cards and hence, give lucrative rewards to encourage customers to use the cards more often. 

Guess what? With all other features, Salary Card can get you offers that can help you save up to Rs.12,000 across shopping, travel, education, and more. 

  • Interest Fee Security Features

Generally, credit cards come with up to 50-days of interest-free credit, and outstanding amounts should be paid by the due date to avoid late fees. Some also charge an annual credit card fee. Extra charges are levied to convert transactions into EMIs. 

However, the Salary Card allows your transactions to be automatically converted into flexible EMIs ranging from 3 to 12 payments, with zero prepayment charges. 

What is Right for You?

As you would have understood, there is no cookie-cutter approach to this decision. All that matters is the why what, and when of the need that you want to be fulfilled. With over one million happy EarlySalary customers, our data shows that millennials are opting for Salary Cards over credit. Also, a credit card may be tougher to get if you have a low credit score.  

We at EarlySalary, determine your eligibility on a few simple criteria.  You should be a resident of India, above 21 years of age, but below 55. If you are a salaried individual with a minimum of INR 18,000 in urban cities, and INR 15,000 in rural cities, you can apply for the Salary Card.

To conclude – Salary Card is now a matter of a few clicks. With EarlySalary’s app-based zero-touch application process, fastest process & the smartest features of dynamic limits, you get flexible tenure options, shopping on EMIs and you can save up to ₹ 12000 round the year, all on ZERO subscription fees, ZERO annual charges, or ZERO renewal fees.

Have more queries? Connect with us here for any questions on credit, loans, and your instant cash needs! We’re listening all day on:
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