How to Choose The right Credit Card?

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Choosing The right Credit Card

A credit card is a critical payment instrument. It helps you to transact without worrying about the balance in your account, helps build a credit history and offers rewards and perks. It is important that you choose a suitable credit card for yourself in accordance with your needs. A good strategy would be to shortlist the parameters that you prioritise in a credit card.

Criteria to Choose The right Credit Card

1. Accessibility:

First of all, figure out the credit card eligibility criteria and documents required for your credit card application. Once you are convinced that you qualify for the card, get going.

2. Features:

You might want to look at the additional features that a credit card provides. These would include the repayment periods, security safeguards, access through an online application, etc

3. Incentives:

One of the major advantages of a credit card are the added incentives in the form of discounts, offers, cashback schemes, reward systems, loyalty points, and privileges that are offered with them. These start right at the beginning - in the form of welcome gifts and continue by accumulating points with every transaction you make with the swipe of the card.
It is essential for an individual to look at the credit card features that are more relevant to their needs.

4. Fees and charges:

All credit cards come with annual fees and other charges for the credit service provided to you. Make sure that the fees and charges you pay are reasonable and affordable.

5. Defining highlight:

Every credit card comes with one distinct feature that becomes a sort of competitive advantage. For example, the Bajaj Finserv RBL Bank SuperCard offers interest-free instant loan and cash withdrawal facility. Not many credit cards offer this facility, so if these services rank high on your convenience-meter, you can make an easy decision.

6. Credit limit:

Your credit limit decides how much you can spend through the credit card without worrying about your fund balance. This credit card limit should be enough to cover your monthly expenditure, but also within reasonable boundaries of your monthly income.

7. Application procedure:

You would not want to go through a harrowing or time-consuming application process for a credit card. Apply online and find an issuer with the minimum processing time. At Bajaj Markets, you can apply for the Bajaj Finserv RBL Bank SuperCard by checking your pre-approved limit and filling some simple details.

Choose the Right Credit Card Based on Your Needs

Let’s break it down:

  • For the Traveller:

If you are a frequent traveller, there are two wide implications. One, you need a sizeable cash corpus handy to fund your travel emergencies without having to run for forex exchange. A credit card can fill in for cash. As a substitute, credit cards are superior since they can be easily carried and used anywhere, anytime. This credit card limit should be enough to cover your monthly expenditure, but also within reasonable boundaries of your monthly income. The Bajaj Finserv RBL World Plus SuperCard brings you 20,000 reward points as a welcome bonus itself and you get to earn 20 reward points on every Rs.100 you spend on your international travels and every Rs.100 you spend on dining.

  • For the online shopper:

If your purpose is to make your shopping experience smooth with a credit card, then choose a card with more rewards for shopping, more promotional offers and more partner brands and retailers. The Bajaj Finserv RBL Platinum Choice SuperCard or Platinum Choice First-Year-Free SuperCard available at Bajaj Markets, for example, bring such rewards and privileges. Apart from the 2000 reward points doles out to you as a welcome bonus, you earn 2 reward points for every Rs.100 spent on regular spends and 4 reward points for every Rs.100 spent online. You also get 10% off on movie tickets (up to Rs.100) on BookMyShow any day of the month. If you are a keen consumer of these services, this is a pretty sweet deal.

  • For the professional:

As a freelancer, self-employed professional, or anyone in the gig economy, your fees and salaries come in rather unpredictably. It can be tricky to maintain a balanced bank account.
A credit card with a hefty credit limit is a must for you. It also helps that credit cards like the SuperCard allow you to withdraw funds against your credit card’s available credit limit easily.
If your client is taking time in processing your payments and you are in the middle of a cash crunch, you can apply for an interest-free personal loan for 3 months against the credit limit on your credit card. It can be a saviour in urgent times.

Make sure you apply for a credit card that suits your lifestyle, personality and needs.