Choosing the best credit card for yourself can be very tedious work to do, at least for those who are applying for the first time. Which credit card will be the best according to your needs? How much does it cost to get a credit card? Is it really necessary to have a credit card? All will be answered in this blog. First of all we need to understand what a credit card is. A credit card is a plastic card that allows you to easily borrow funds from the card issuer to make purchases. On borrowing the funds using a credit card you need to pay the credit card bill by the due date. Apart from borrowing funds from the card issuer you also get to earn reward points and other benefits like entertainment and travel benefits. Keep reading to know how to pick the best credit card so that you can maximise the benefits from a credit card.
Step 1: – Identify your needs: To begin with the credit card application procedure first you need to identify your needs such as whether you shop a lot or travel a lot, all these factors you need to know. You also need to analyse your spending habits according to your needs.
Step 2: – Ask questions: After the first step you need to ask the questions like do I really need a credit card? How much will it cost me to get a credit card? Do my needs are fulfilled with a credit card? And so on. If the answers to your questions are in favour of getting a credit card then you can definitely start with the next step.
Step 3: – Check eligibility requirement: In this step you need to check whether you are eligible to get a credit card or not. The eligibility requirements for getting a credit card are: Credit score, minimum age and income requirements. On fulfilling these requirements the chances of your credit card approval increases. Pick those credit cards for which you are eligible to apply for.
Step 4: – Narrow down your choices: In this step you need to make a list of credit cards and bifurcate them according to your needs and eligibility. After this, compare them on the basis of fees. Read the most important terms and conditions to determine which credit card is affordable for you. Among the best credit cards in India select 2-3 credit cards which are highly affordable and rewardable too and suit all your requirements.
Step 5:- Select the card that suits the best: From the selected 2-3 credit cards you need to select one credit card that checks all the requirements. The one that complements your financial health instead of hurting it. Having a credit card should help you in making things easier for you rather than becoming a burden. So choose a credit card wisely.
Step 6:- Choose how to apply?: After selecting the credit card the next stage comes in selecting the method to apply for a credit card. You can apply for a credit card online as well as offline. As per your convenience select the method that is more suitable for you and easy to understand. For applying online you need to open the respective credit card issuer’s site and select the card and click on the apply button. For the offline method, you need to visit the nearest credit card issuer’s office and fill out the form and submit it with the required documents.
Bottom Line
To summarise, we hope the above-mentioned 5 steps will surely help you as to how to choose the best credit card. Applying for a credit card itself is a big step so you might not go wrong with choosing the best credit card. Choosing the right credit card is not the last step. You need to be careful while using a credit card. To maximise the benefits of a credit card you need to use it wisely. Pay the credit card bills timely and keep the credit utilization ratio low to maintain a good standing account.
Additional Reading – 5 Best Premium Credit Cards In India
