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How to Choose The right Credit Card?

By Finserv MARKETS - Dec 4,2019
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How to choose 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.

Let’s have a look at some of these criteria:

Accessibility:

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

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

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 features that are more relevant to their needs.

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.

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.

Credit limit:

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

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 Finserv MARKETS, you can apply for the Bajaj Finserv RBL Bank SuperCard by checking your pre-approved limit and filling some simple details.

How you will choose your credit card, finally, depends on what you will end up using it the most for. 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. We would recommend opting for a customized card like the Bajaj Finserv RBL Bank World Prime SuperCard available on Finserv MARKETS, which offers you complimentary airport lounge access up to 4 times a year and unlimited paid access the rest of the time. The Bajaj Finserv RBL Bank 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 Bank Platinum Choice SuperCard or Platinum Choice First-Year-Free SuperCard available at Finserv 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.

“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we works towards fulfilling all your personal and financial needs . What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522