The ultimate guide to picking the best credit card
India has around 34 million credit card holders. Compared to the number of debit card holders which stands at approximately 826 million; this number is minuscule. Majority of the Indians believe that credit cards are a one-way ticket to getting neck deep in debt. Hence, the number of credit card holders even in 2018 remains low.
However, companies are constantly upgrading their offerings to deliver the best credit cards in India. So you may finally decide to apply for a credit card. If you have no clue as to which one to choose from all the options available, help is at hand.
The following guide can help you choose your ideal credit card:
- Choose from the types
Some of the credit cards cater to specific expenses.
For example, if you are a frequent flyer, you can avail an airline credit card. With such a credit card, you get bonus points when you apply for one, reward points that you can redeem to buy plane tickets, complimentary airport lounge access, etc.
Similarly, with a fuel credit card, you can get fuel surcharge waiver, free limited amount of fuel per year, and other benefits.
Shopaholics can also get the best credit card in India that can help them earn reward points for both online and offline shopping.
- Check the joining fee
You will have to pay a one-time joining fee when availing a credit card. Taxes will also be levied on the fees.
- Check the annual fees
You may have to pay the joining fee annually in case of high-end credit cards. If you have any outstanding dues at the end of 12 months, this fee will be added to it at the next billing cycle.
- Learn about the minimum repayment
You can pay a minimum amount if you have any outstanding dues to keep the credit card from getting cancelled. However, you will still have to pay the full outstanding dues next month.
The credit card company may charge an annual percentage rate (APR), when you don’t repay the entire outstanding dues.
- Compare the interest rates
Interest rates are added to the outstanding dues if you don’t pay them within the due date. The best credit card in India can offer repayment tenure of up to 40 days or even more.
- Check the credit limit
The credit limit is the maximum amount that you can borrow per month. Use the credit card wisely and keep your expenses within limit.
- What are the charges levied?
Credit card companies can charge fees for late payment, fees when withdrawing cash, penalties for over limit, foreign transaction fee, etc. They may also charge a fee when you ask for increasing your credit limit.
- Reward points
All credit cards offer reward points, and you have to compare all to find the best one. Reward points can be earned against each transaction and redeemed to do more. Similar to reward points, some credit cards may also offer cashback in specific transactions.
Make sure you follow these points mentioned above before opting for the best credit card in India.
The Bajaj Finserv RBL Bank SuperCard is one such card which brings industry-first features. It combines the power of 4 cards in one delivering features like:
- Interest-free cash withdrawal for up to 50 days.
- Interest-free personal loan for up to 90 days.
- No Cost EMI option when purchasing products on the Bajaj Finserv EMI Network.
- Save up to Rs. 55,700 per year.
- Up to 20,000 reward points as welcome gifts.
Bajaj Finserv additionally provides pre-approved offers on credit cards and other financial products like personal loans, home loans, business loans etc. Pre-approved offers make the process of availing finance faster and less complicated. Enter few of your essential details and learn your pre-approved offer.
So, opt for a credit card today as you not only make your purchases easier with it, but also earn exclusive offers and discounts.
Category: Credit Card
