When it comes to selecting the best credit cards, you need to consider several factors to ensure your preferred card meets your financial obligations effortlessly. For example – your monthly income helps you determine your repayment capability. Again, your spending behaviour helps in determining which type of credit card would be better for you.
The appropriate credit card can bring numerous benefits and offers, saving more on your expenditures. So, follow a few easy steps to choose the best credit cardsfor your needs.
Step 1 : Know your purpose of availing the card
The first step before applying for a particular credit card is to decide the purpose of availing it. There are different cards for different customer requirements.
Business, travel, fuel, entertainment and lifestyle credit cards achieve specific objectives. Credit cards like the Bajaj Finserv RBL Bank SuperCard combines features of 4 different cards in 1, which you can use for various purposes.
Step 2 : Determine your spending habits
How much you spend every month can help you choose a credit card. These cards come with a credit limit up to which you can borrow funds or make payments. Opt for a credit limit which is feasible for your needs.
Once you receive a new credit card, ensure to use only 30% to 50% of your credit limit. Going beyond that makes you look credit hungry in front of your lenders. This can increase the chances of rejecting your loan application in the future.
Step 3 : Meet the minimum qualifying requirements
Check the eligibility criteria before you apply for a credit card. You must have a credit score of 750+ and the area from where you apply should be serviceable. You should be in the age group between 25 and 60 years if you apply in leading financial institutions like Bajaj Finserv.
Step 4 : Compare offers and terms
You need to compare offers and conditions of all credit cards due to their distinct qualities. Check the annual maintenance fee and tenor of the cards.
Bajaj Finserv has introduced pre-approved offers on credit cards, personal loans, business loans, home loans, and a variety of other financial products. It simplifies the process of availing credit and saves your time. Check your pre-approved offer by sharing a few basic details online.
Step 5 : Match the various fees and interest rates
There are many fees applicable with even the best credit cards. Interest rates, processing fees, balance transfer fee, annual fee, etc. are some of the essential charges involved. However, you need to pay interest only if you default on your outstanding amount.
Therefore, find a credit card offering a competitive rate of interest.
Step 6 : Measure reward points
Rewards points are add-ons to attract customers and retain them. Look for airport lounge accesses as a reward if you are an avid traveller. A passionate shopper should avail discounts on shopping from various online portals.
You should choose the card that adds value to your life. Do not apply for credit cards that have minimal reward points. Choosing from the best cards is difficult, but it is meritorious in the long run.
Apply for a credit card once you have weighed all these parameters mentioned above. Choose wisely and check all scheme-related documents. It is not necessary to use the same credit card forever. Besides documents, you must also read their eligibility criteria and apply for a card without any hassle. Remember to fulfil the requirements aptly and avoid any chance of rejection.
Make sure you do not leave essential details of your card on any merchant site to prevent cyber-crime. Secure your device and network before using it online. Report a file with your lender if you have misplaced your card or have been stolen. The best credit cards have in-hand security along with insurance cover.
Evaluate all these pointers carefully when choosing a credit card. Also, it is equally essential to approach a leading financial organisation which offers the finest credit cards designed for various lifestyle requirements. You can accumulate higher number of credit card reward pointsand redeem those for attractive discounts, coupons, etc.
Make sure the credit card offers the highest overall value. It should help you achieve your financial goals in the most efficient way possible.