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There are many different credit cards available in India these days. The main reason behind this is people’s awareness of credit card benefits. Every bank and many NBFCs offer excellent credit cards. However, not every credit card suits every user. Different credit cards have been designed, keeping the preferences and usage patterns of different people. You need to find the one that matches your requirements. Here’s a guide to help you find your ideal credit card.
What are the factors to remember when choosing a credit card? Let us find out:
Type of usage - A vast majority of the credit cards fetch rewards when they are used. For instance, you can get points on every swipe and later redeem those points for gifts. You can also get a free movie ticket every time you use it to buy a set number of tickets. Then, a credit card can bring added rewards when it is used to pay for travel expenses such as air tickets and hotels. You need to identify your usage and then choose a card accordingly. For example, if you are a frequent flyer, look for a travel credit card that will help you to get more rewards. If you are a shopper, a shopping card would be best suited for you. So to find the best credit card for yourself, you first need to identify your own usage pattern.
Credit score - At times, the credit score of a person is very low. That prevents the person from being able to take any loans or apply for credit cards. At such times, a person can take a basic credit card and use it wisely to improve his credit score. Some banks offer the basic credit cards even if a small fixed deposit is opened in the bank. These cards do not have any annual fee. The limit is very low on the card. But the card can be used for small expenses and then the bill can be paid on time and in full. This will help immensely to improve the overall credit score of the person and allow him to get credit in the future.
Cards for students - If you are a student, then get a credit card that is specifically designed for students. Most banks have these cards and you will only get it when you submit documents to prove you are a student. These cards don’t carry an annual fee and so are easy to maintain.
There are many benefits of using a credit card. However, you must be cautious and be disciplined with your spending. Do not use your credit card unnecessarily. Also, pay the bills on time and maintain a good credit score. Do not take multiple credit cards as that can hamper your financial record. Keep the points mentioned above and choose a credit card that will take care of all your needs. Use it properly and pay off the dues and get the most out of your credit card.
Read Also: Which Is Better: Credit Card Vs. Debit Card
Check for the prepayment charges in the loan agreement schedule carefully and make sure all detail.
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Updated on March 24, 2020
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