Easy Tips To Choose The Right Credit Cards In India

Digitization of payments has now become commonplace. The Indian marketplace has long been accustomed to the use of credit cards.  Nonetheless, online payments made using credit cards are becoming increasingly common in the current times. This is because, with an urgent need for contactless payment, credit cards have risen to the occasion in more ways than one. 

Apart from providing easy affordability and convenience of use, they are also accepted in most places. This allows cardholders to pay for any goods and services by using a simple plastic tool, without worrying about carrying cash wherever they go. More than just practical payment tools, credit cards offer users a way to improve their credit profiles by increasing their credit scores. 

This aspect is beneficial if you’re contemplating applying for a loan. If you want the ‘perfect’ credit card, how do you make your choice? It is important to first understand that there is no single ‘perfect credit card’. To choose the right credit card, you have to seriously evaluate the purpose you wish to use them for. 

How to Make the Right Choice

Various factors may influence your credit card selection process. For instance, you may want to consider rewards as the most essential variable when shortlisting cards. However, there are many more aspects to a credit card than merely the reward points it offers. You have to think about the other elements related to credit card use, such as fees, billing cycles, etc. before making your choice.

Furthermore, different cards cater to a diverse range of users and their needs. Thus, to find one that’s appropriate for you, some research is mandatory. This will help you gain insights into the various aspects you need to consider while narrowing down the options. While understanding how to apply for a credit card may be relatively easy, paying heed to the following tips will help make the selection process simple and convenient.

Consider your Lifestyle

– The main benefit of a credit card is that it gives you the freedom to buy whatever you wish to own and pay for it at a later date. Thus, you should make your credit card choice based on your individualistic spending pattern and behavior. For instance, if you travel extensively, you may wish to choose a credit card that has a tie-up with a travel agency. Such a card gives you the maximum number of benefits when you spend on travel-related requirements. If you are not really particular about any such single functional requirement, a good multipurpose card like the Bajaj Finserv RBL Bank SuperCard may be the best-suited option for you.

Fees and Charges

– Credit cards come with fees and charges that most people seem to ignore when shortlisting credit cards for themselves. It is vital that you focus on this aspect as many such cards come with joining fees that are quite exorbitant. Besides this, credit cards have annual fees and additional charges. If you are on a tight budget, then it’s wise to opt for credit cards with low yearly charges. Apart from these fees, other financial charges include interest charges that are levied on your transactions. Interest is also charged when you use the credit card to buy goods on EMIs. Furthermore, for cash withdrawal facilities, you are charged a processing fee. On some cards, the annual fees may be waived if you spend a particular amount. This is a perk you can look for when looking at credit card offers. The bottom line remains that you must check all the charges and fees that come with a credit card before you decide to opt for it. 

Bonuses and Rewards

– The best credit cards may offer you several benefits, but they may come with high fees too. However, bonuses must be considered as these can help you save more when you use your card. Attractive welcome bonuses and incentives like free vouchers and extra reward points may be offered to attract new cardholders. Note that these perks may come with an expiry date.

Credit Limits

Each credit card comes with a credit limit. This outlines the maximum amount you may spend on the card. Offered on cards based on users’ income levels, you should find out about the maximum limit on your credit card from the issuer before you opt for the same. 

Make the Right Choice

If you happen to be a novice, credit cards with low charges and moderate credit limits are best-suited for you. A great card for overall use is the Bajaj Finserv RBL Bank SuperCard. This card serves multiple purposes. Apart from using it like a regular credit card, you can take loans against this card, purchase goods with it on EMIs, and enjoy up to 50 days of interest-free cash withdrawals from ATMs.