Choosing The Best Credit Card In India: What You Need To Know

Credit cards are made to simplify your life. Credit cards provide benefits like faster payments, the ability to turn your expenditure into an EMI, and savings. There’s no denying that it’s one of the most widely used and necessary financial products on the market right now. You will also receive several advantages that other payment methods won’t provide. With the increasing demand for credit cards, there are multiple options to choose from. However, you need to follow specific instructions to compare credit cards in India.

What Are Your Professions And Spending Traits?

Your profession is a crucial thing to consider while you are comparing your credit card. For example, a salaried individual and a businessperson need different credit cards. A salaried individual would choose a cash-back credit card, a rewards credit card, etc. On the other hand, a businessperson should choose a business credit card. Another thing to consider similarly is your spending trait. You need to know in which areas you spend the most. For example, if you like to travel and frequently spend on arranging and going on tours, then a travel credit card would be a good choice for you. Additionally, you can apply for instant approval credit cards online through several banks.

Consider Things Like The Interest-Free Period, Reward Points, And Other Benefits

Credit cards have different features like interest-free periods, reward points, etc. While people mainly consider interest rates only when choosing a credit card, you should also consider other elements. The interest-free period is the number of days you can access interest-free credit card purchases. This period is also called the grace period. And almost all credit cards provide reward points for purchases made in various stores and categories. The gathered points can subsequently be exchanged for tempting gifts and benefits. Why, then, do you plan to consider the interest rate alone?

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Consider The Annual Charges And Fees Of The Credit Card

An important consideration when choosing a credit card is the regular interest rate. However, apart from this, a credit card may involve other charges. Those are-

  1. Joining fees,
  2. ATM cash withdrawal fees,
  3. Credit card renewal fees,
  4. Foreign transaction fees,
  5. Late payment fees, etc.

When you compare credit cards in India, you must consider these annual charges too.

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Confirm The Credit Limit  

A credit card limit is a maximum amount a bank or lender would allow you to spend or transact on a line of credit or credit card. Different banks allow different credit limits for credit cards. It would help if you always considered this while comparing credit cards.

Do You Need Any Specialised Cards?

Consider your need for a credit card, and choose the one that provides benefits for transactions you usually make. Different credit cards are available for other purposes and occasions. Some of the specialised goals for choosing a credit card would be-

  • Travel,
  • Buying petrol,
  • Movies,
  • Shopping,

Also, there are instant approval credit cards provided by many banks in case you need them urgently.

Is Your Card Accepted Globally?

While comparing credit cards, you must check if the card is internationally accepted. It will provide you with two benefits-

  • You can use the credit card anywhere regardless of which country you are in,
  • You can make international transactions without fear of not being able to complete the payment promptly.

Is The Service Provider Credible Enough?

When you compare credit cards in India, you need to check the credibility of the financial institution or the service provider. Also, you should check whether the service provider has a good track record. It will enable you to stay out of difficult situations, especially when money is at stake. It is better to be cautious at first than suffer at the end. Also, ensure that the service provider delivers 24X7 assistance in case of any trouble.

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Do Not Fall For Introductory Offers

Here is a pro tip for you. The introductory offers of a credit card may be lucrative. It may have a more extended interest-free period, good reward points, and special discounts on shopping and travel, but that is not all. You must check the above mentioned things while choosing credit cards.

To compare credit cards in India, you must properly follow all the instructions mentioned above and choose the best card for your financial or other needs. A credit card can make your spending easier and provide thousands of benefits. So, choose carefully.

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