Hey friend,
Credit cards have become increasingly popular, thanks to the convenience of making payments online and offline. Many banks provide their cardholders with certain benefits, discounts, and cash-back on every transaction. You should consider numerous factors before picking a credit card. I will share with you how do I choose the right credit card.
Pay your electricity bill via NoBroker using your credit card and earn rewards.Pay your monthly rent using your credit card on NoBroker and get huge cashback. How to choose the right credit card?
There is no card that will 100% meet your needs. Pick a card that suits you the best.
Spending habits :The card you pick should be suited to your spending habits. Take a look at your spending patterns and decipher which card will allow you to save more on day-to-day expenses.
Category and Offers :There are various categories of credit cards available. Each type is targeted to different customer habits. Eg shopping credit cards for those who tend to shop a lot online, travel credit cards, lifestyle credit cards, co-branded credit cards etc.
Fee :
Banks and institutions have a set credit card fee which is supposed to be paid by the cardholder on an annual basis. In most cases, the fee is waived when the cardholder archives the minimum spending.
Charges:Choosing the right credit card involves thinking about late payment fees, cash withdrawals etc. Pick a card that doesn't rack up extra charges for you. A few of the charges to look out for are :
Late Payment Fees
Cash Advance Fees
Rate of Interest Charged on the Balance Amount
GST
Foreign Currency Mark-up Fees
Cash Withdrawal Charges
Mobile Alert Charges
Balance Enquiry Charges
Duplicate Statement Charges
If your use of a credit card will be infrequent, choose a card with a lower credit limit as opposed to a card with a higher limit and higher spending. The credit limit is spending on the income/ CIBIL score of the cardholder.
If you have any advice on how do I choose the right credit card, do so in the comment section.
Read more:
what is a balance transfer credit card
how co-branded credit cards work.
which card is good sbi simply click vs simply save
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How do I choose the right credit card ?
Jyoti
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3 Year
2022-11-29T11:35:45+00:00 2022-11-29T11:35:45+00:00Comment
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