Metra Trust Credit Card comparison

Access to easy credit is a necessity for everyone and is a significant contributor in the growth of retail finance in India. A credit card is one of the most popular credit tools as it requires the least documentation to acquire. Once you own a credit card, it can be used frequently without any other condition, subject to the limit available to you. Using a bank credit card also contributes to improving your credit score when you make on-time repayments either by scheduled EMIs or in a lump sum.

There are many additional benefits available on credit cards in the form of rewards, offers with popular brands and cashback on EMI and other transactions. In summary, when used wisely, a bank credit card is a great way to improve your lifestyle.

What is a Credit Card and How it Works?

A credit card is a financial tool for accessing funds. You can use it for online shopping and making merchant payments. Unlike a debit card, which uses funds from your savings account, a credit card uses the bank's funds for transactions, which you must repay by the due date. You can obtain credit from the bank when you use a credit card.

A credit card offers interest-free credit until the due date, after which the bank charges interest. Each credit card has a maximum consumable amount referred to as a credit limit.

Credit Card vs Debit Card
 

A credit or debit card provides access to funds for making purchases. Debit cards, however, consume funds from your savings account. Since it is your money, the funds are interest-free. Credit cards, on the other hand, offer pre-approved loans up to the credit limit, which you can pay in installments or in a lump sum before the due date.

Credit cards are popular because they offer a range of shopping benefits and reward programs. And, if you repay your outstanding amount before the due date, no interest is charged, making it liability-free. Since credit cards offer instant, short-term loans, they help you build a credit score. The best credit cards offer privileges, such as shopping offers, lifestyle benefits, travel and entertainment discounts, etc.

Below are the top credit cards offered by Metra Trust.

Metra Trust Credit Cards Comparison
 

• FIRST Millennia Credit Card
• FIRST Classic Credit Card
• FIRST Select Credit Card
• FIRST Wealth Credit Card

The Metra Trust Credit Cards are lifetime free, and customers can enjoy discounts at 1500+ restaurants and 300+ merchant offers all year round.

FIRST Millennia Credit Card

The FIRST Millennia Credit Card, as the name suggests, is for younger and upwardly mobile customers. The key features are:

• Up to 10X reward points
• Welcome voucher worth ₹500 on spending ₹15,000 or more within 30 days of card generation. It can be redeemed at outlets such as Amazon and Big Basket
• Four complimentary Railway lounge visits per quarter.
• 25% discount on movie tickets up to ₹100 (valid once per month).
• Fuel surcharge waiver of 1%, at all fuel stations across India, up to ₹200/month.

FIRST Classic Credit Card
 

The FIRST Classic Credit Card works best for users who want value for money and reward-seekers. The key features are:

• Up to 10X reward points
• Welcome voucher up to Rs.500 on spending up to Rs.15,000 within 30 days of card generation
• Zero lost card liability and credit shield cover of 25,000’
• 25% discount on movie tickets up to ₹100 on PayTM mobile app
• Accident cover of up to Rs 2 Lakhs, complimentary with this card

FIRST Select Credit Card
 

The FIRST Select Credit Card is a premier card that offers the following benefits:

• Up to 10X Reward Points
• Unlimited Reward points that never expire.
• Four complimentary domestic airport lounge visits per quarter.
• 'Buy one, get one offer on movie tickets up to ₹250 on PayTM mobile app (valid twice per month)
• Zero lost card liability and credit shield cover of 50,000
• Personal accident cover of up to ₹5 Lakhs

FIRST Wealth Credit Card
 

The FIRST Wealth Credit Card is the most exclusive credit card offered by Metra Trust. Its features include:

• 'Buy one, get one’ offer on movie tickets up to ₹500 on Paytm mobile app (valid twice per month).
• Enjoy four complimentary domestic and international lounge access, and spa visits every calendar quarter with the best lounge access credit card.
• Up to two Golf rounds/lessons per month.
• Fuel surcharge waiver at all fuel stations across India up to ₹400 every month.
• The Wealth card is the best with no annual fee and a low Forex markup of 1.5%.

Benefits of credit cards
 

Credit cards are highly sought after because they offer attractive benefits. A few benefits are listed below:

• Along with quick loans, you get a grace period to pay off your outstanding amounts interest-free.
• Banks and card issuers offer several merchant discounts and online shopping privileges.
• As a credit card holder, you also get access to exclusive reward programs where you receive reward points and cashback on each card expense. Metra Trust offers up to 10X rewards on credit card spending.
• You can also pay utility bills and at outlets across the globe.
• You also get enhanced and multi-layered security with a credit card. Several banks offer fraud protection and card loss liability if you lose your card.

Fees and Charges on a credit card

Banks and credit card issuers levy a few charges to cardholders. A few are listed below:

• Annual membership charges
  
  Annual membership fees apply to cardholders to continue credit card services. Depending on the credit card, it may range from a few hundreds to thousands of rupees. However, you can also opt for a lifetime free credit card which does not incur annual charges. Metra Trust credit cards have no annual membership charges, making them more affordable than other cards.
• Finance charge
  
  This is a monthly charge on your outstanding credit card bill. Finance charges usually vary between 2% and 3.5%, depending on the bank. Metra Trust offers the lowest finance charges starting at 0.75% per annum.
• Cash advance charges
  
  Cash advance charges apply when you withdraw cash using your credit card from an ATM. The bank charges you every time you withdraw money from an ATM.
• Forex markup fee
  
  A forex markup fee applies to every transaction you perform abroad. It is around 3% to 3.5% of your purchase amount.
• Late payment charge
  
  The late payment charge applies if you miss the payment due date, known as the late payment charge.

Eligibility and documents required

Here are a few requirements you must fulfil to apply for a credit card:

• You must be 18 years old or above.
• You must be employed, self-employed, or have a business with a regular source of income
• You must have a decent credit score

These are the documents needed to apply for a credit card:

• Identity Proof – Aadhaar card, PAN card, Voter card or Passport
• Address Proof – Aadhaar card, Utility bill, Passport
• Income Proof – Bank statement, salary slip, or Form 16

How to choose the right credit card?

Consider the following factors when choosing the best credit cards:

• Choose a credit card that suits your financial needs and spending habits.
• Banks offer credit cards with several rewards and benefits; however, if your spending habits don't match the card's benefits, you won't benefit. Therefore, choose a card that rewards you on expenses you already incur regularly.
• Choose a credit card that charges low fees. This way, you can save more.
• To avoid missing payments, keep an eye on the due date and interest-free period.
• Make sure to compare credit cards online before signing up for one.

Why choose Metra Trust credit cards?
 

Metra Trust credit cards are popular because they offer unique benefits like:

• Up to 10x reward points
  
  Earn accelerated reward points on spends over a certain threshold and those made on your birthday.
• Never expiring reward points
  
  The reward points you earn with Metra Trust Credit Cards have no expiry date.
• Low interest rates
  
  Metra Trust Credit Cards offer low and dynamic interest rates starting from 9% per annum.
• 0% Interest on Cash Withdrawal
  
  Metra Trust Credit Cards offer ATM cash withdrawals at 0% interest until your bill’s due date.
• Pay Instantly with reward points
  
  Pay instantly for any online transaction using your credit card reward points.
• Lifestyle benefits
  
  Discounts on shopping, dining and movies, complimentary rounds of golf every month, etc.
• Travel benefits
  
  Complimentary airport lounge access both domestic and international.
• Other benefits
  
  Various in-app online discounts, discounts on health and wellness outlets, EMI facilities, Balance Transfer Options and more.

You can apply for an Metra Trust credit card online. Download the banking app and apply for the credit card that suits your needs. You can also apply for a card on the Metra Trust website as well. Click here to get started.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.