Which Credit Card is right for you?

Posted by IndiaLends on July 17th, 2020

Most of us are not aware that we have a choice between different credit cards. It is because Banks in India provide a dizzy assortment of cards that carry specialized benefits that range from rewards, cashback, shopping, fuel, and entertainment. Choosing the perfect credit card for you can make all the difference between enjoying benefits that are perfect for you or getting benefits that make no sense to you. There is no perfect card in the world that can be rated number one. The number one card for you depends on your preferences and tastes.

Types of Credit Cards

Banks offer different credit cards to suit the needs and requirements of varied customers. You need to identify which category you prefer the most to find out which is the best credit card for you. The main types can be categorized as follows:

• Shopping cards– If you love shopping, shopping, or lifestyle cards will offer you many benefits that include deals, discounts, cashback, and rewards. Most of the time, banks partner with stores to bring you fabulous deals that you will not be able to resist. These cards may also give you access to exclusive sales, previews, and more. Shopping card is not limited to retail shopping. Cards are designed for groceries and household needs as well. With these grocery cards, homemakers can enjoy deals while they look after their home and family.

• Travel cards– If you are a big fan of traveling, you can make use of travel cards that will also help you to earn many rewards by spending on your credit card. It also might provide you a great insurance cover for your life, baggage, and travel time. Besides this, you can also get free access to lounges and concierge services like flight, hotel, and cab bookings.

• Entertainment cards – Entertainment credit cards are also there to let you enjoy and earn special rewards and benefits when you go for clubbing, dinners, movies, concerts, and more. With entertainment cards, you could get discounts, complimentary drinks, free tickets, exclusive invites, and earn rewards on your spending.

• Fuel cards – Fuel cards are truly a savior for you if you spent a lot on fuel. Such cards can help you get fuel surcharge waivers across petrol pumps. You can also earn credit card reward points when you spend on fuel and related products. Make sure you are aware of the details of your fuel credit card before applying for it.

• Others – There are many other unique cards designed to suit special needs. There are rewards cards, cash back cards, student cards, golfing cards, educational cards, and more. Choose the card that you feel would be most appropriate for you.

Choose the right credit card from the right bank

Apart from choosing the right credit card, you need to choose the right bank as well. Many banks are there that will offer you a credit card without opening a savings account with them while others may not allow you for the same. So, you need to check this before choosing any credit card for you. You can easily find out about different credit cards and check your eligibility by using Fintech websites like IndiaLends. You can then view and compare different offers to find the best card for you.

Know the right details- While choosing an ideal credit card for you, look at all the details. Some of the important information you need to be aware of has been listed below.

• Billing cycle - A billing cycle is a duration between the last statement closing date and the next. During this cycle, whatever purchases you make using your credit card is recorded and deducted from your credit balance. You need to pay the unpaid charges made during this cycle to clear your outstanding dues.

• Interest rate -You are charged interest only when you carry forward the balance. If you pay your bills on time and in full, you will never incur any interest or penalty. So, if you are someone who pays bills on time and in full, interest rates should not matter much.

• Annual fees - Most of the credit cards carry an annual fee, joining fee, and renewal fee which you need to check before applying. If you are one to use your credit card sparingly, choose such a credit card that does not carry high annual fees. Some cards also offer an annual fee waiver when you exceed the specific spending limit. So, if you are a big spender, you need not worry about the annual fee.

• Late payment charges - You should also be aware of how much your bank charges if you miss the payment on the due date. Sometimes banks increase the interest rate when you default on paying your credit card bill.

• Cash credit - Banks also allow users to take out cash from credit cards, but after charging a certain fee. Usually, cash advances carry high-interest rates so you should avoid doing that. Withdraw only when very necessary. Know the details before you withdraw cash from your credit card.

• Rewards - Before signing up for a credit card, make sure you know how and what kind of rewards you are offered on your credit card. To know this, you can view your lender's credit card reward catalog.

Tips for choosing the best credit card:

• Know your taste and preferences. Identify which card will give you more benefits.

• Spend only what you can pay back easily.

• Make comparisons between different credit cards on Fintech portals online and then choose an appropriate lender.

• Remember, credit cards come with great responsibility. Do not take it lightly. Always pay your bill on time to boost your credit standing in good shape.


About the Author

Joined: October 23rd, 2019
Articles Posted: 14

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