How to Get the Best Credit Card in India?
Eastern Eye Staff
Banks and financial institutions offer a range of credit cards in India. Each type of credit card has its own benefits and rewards to offer. However, when choosing a credit card, you must consider your expense trend and repayment capabilities. There are numerous other factors too that you need to take into account when choosing the best credit card to meet your financial requirements. Let us find out the ways to get the best credit card in India.
How to choose the best credit cards in India?
When it comes to credit cards, banks offer a variety of options based on individuals’ needs and expenses. There are several factors that one must consider before acquiring the most suitable credit cards. The following are the factors you need to ensure before getting the best credit card.
- Annual Membership Charges – Annual membership charge is an important factor that you need to consider when looking for the best credit cards in India. The credit card issuers levy these charges annually to continue the services on your credit card. Compare annual charges on different cards along with the benefits they offer before selecting the most suitable credit card for you.
- Finance Charges – Finance charges are the monthly fees levied on your credit card expenses. These charges are applied to the outstanding amounts paid after the due date. When searching for the best credit card, ensure to find the card with the lowest finance charges as it will reduce financial liabilities.
- Rewards and Benefits – Every card issuer offers loyalty benefits to the credit cardholder through rewards and cashback. You earn reward points and cashback on every expense you make using the credit card. While choosing a credit card, ensure that you select a card that provides the highest rewards and cashback. You can use the reward points to avail yourself of additional discounts. In addition, also check the terms and conditions for using the reward points. IDFC FIRST Bank Millennia credit cards are one of the best credit cards in India that offers up to 10X rewards on every expense.
- Penalties – Chances of late or missing repayments can’t be denied hence ensure to verify the penalties on the credit card. Best credit cards offer leniency of lower charges on late payments. When choosing a suitable credit card, check penalties and terms and conditions that are not very stringent to make you fall into a debt trap.
- International Expense offers – It might not be very useful for every cardholder but, you should also check if your credit card issuer offers you international uses or not. Credit cards enabled with international uses can enhance the geographical scope of using the credit card.
- Instalment Plan Benefits – Large expenses on a credit card can be paid in instalments. Therefore, it is crucial to check the EMI (Easy Monthly Instalments) interest rates on credit cards. The best credit cards in India offer the lowest interest rates on purchases converted to EMIs.
- Grace Period – The grace period is the duration between the last billing date and the card due date during which no interest is charged. A longer grace period provides you with a longer time to repay your credit card bills and helps you manage your finances better. When looking for the best credit card suiting your needs, ensure to choose the credit card longer grace period.
- Credit Insurance – Several credit card issuers offer credit shield insurance that is helpful during unfortunate events. An emergency such as an accident or job loss might render you incapable of repaying the credit card balances. Credit shield insurance helps revoke your outstanding amounts and reduce financial burdens. Verify to look for such credit insurance when searching for the best credit cards in India.
Choosing a suitable credit card is crucial as it decides your financial liabilities. You can consider the above-mentioned factors to select the best credit cards based on your financial needs.