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How to Choose a Credit Card for the First Time in India

Highlights

  • Things to Consider before applying for a credit card for the first time.
  • Check the Annual Fees and All the Offers of the credit card before choosing any of them.

The trend of using credit cards is increasing day by day and as soon as an individual reaches the age of 21 he wants to use a credit card. But you have to learn how to choose a best credit card for the first time in India as it can build your credit history and destroy your credit history. Therefore it is important to know each and everything that is related to a credit card before applying for it. There are various things like offers, discounts, cashback, charges, fees, payment options, services, terms and conditions, and the credit limit that you must see while selecting a credit card for the very first time.

Things to Be Kept in Mind While Choosing a Credit Card

Need for Using the Credit CardDetails to be Seen Before Choosing
Improving the Cibil ScoreAnnual Fees and Other Charges of the Credit Card.
Enjoying Discounts, Cashback, and Great Deals on Various Brands.All the Latest Offers Available on the Credit Card.
Purchasing Something Big and Expensive.Maximum Credit Limit Given by the Bank on the Credit Card.
Purchasing Expensive Products on EMIsPayment option available to pay the bill of the card.

Everyone thinks that knowing the features and benefits of the card is enough to apply for it but before applying you should self-analyze your needs and objectives of using the credit card. There are various objectives of using the credit card so first, you must see the objective for which you are applying for the card.

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Self-Analyzation of the Need for Credit Card

Increasing the CIBIL Score:- There are some individuals who prefer using a credit card just to improve their bad credit history. Individuals with a positive CIBIL Score just use the card to increase it. So that in future they can take various types of loans.

Earning Rewards, Cashback and Discounts:- Most of the credit cards have discounts and cashback offers on shopping, booking flight tickets, booking hotels and many more. So if you want to earn reward points and enjoy discounts then you must look for such a credit card.

Making Heavy Transaction:- If you are willing to purchase something expensive and you are unable to accumulate enough funds then the credit card might help you out. So choose such a credit card that has more credit limit.

Making EMI Transactions:- Some credit cards offers EMI option to purchase something expensive so in such a case you must go for a credit card that has EMI options without any extra interest. So, you must analyze your needs first and then choose a credit card in India.

Go Through the Following Details Before Selecting a Credit Card

Annual Fee and Other Charges:- If you are choosing a credit card for the first time in India then you must see the Annual Fees and Renewal Fees of the credit card. You must also go through the waiving off criteria of the annual and renewal fees. The waiving off criteria totally depends on your expenditure pattern. So, analyzing your expenses and then choosing a credit card would be a better move.

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On the other hand, go through the order charges given as follows:-

  • Late Payment Fees
  • Cash Advance Fees
  • Rate of Interest Charged on the Balance Amount
  • GST
  • Foreign Currency Markup Fees
  • Cash Withdrawal Charges
  • Mobile Alert Charges
  • Balance Enquiry Charges
  • Duplicate Statement Charges

Credit Limit:- Every Credit Card has a different credit limit and the credit limit of an individual is decided according to the income. So before taking a credit card for the first time. you must contact the bank’s representative and ask the maximum credit limit that you get according to your salary or income.

All the Available Offers:- You must have a thorough look at all the offers prevailing on a credit card. If you are a travelling freak then choose a travel credit card and for shopping, there are different types of credit cards. You must see the various categories of the credit card first and then go through the offers.

The various category and offers that available on the credit card.

Category

  • Lifestyle Credit Cards
  • Rewards Credit Cards
  • Shopping Credit Card
  • Travel and Fuel Credit Card
  • Business Credit Card
  • Professional Credit Card

Offers

  • Discounts
  • Cashbacks
  • Reward Points
  • Fuel Surcharge Waiver

Terms and Conditions:- After viewing all the offers you must see all the terms and conditions related to those offers. Check the validity of each offer while choosing a credit card for the first time in India.

Conclusion

Now you know how to choose a credit card for the first time in India. First of all, make a self-assessment of the requirement for a credit card and then go to the credit card’s specification. In the card’s specification see the fees, charges, payment options, and all the prevailing offers on the card. After going through all the retail details, you’ll definitely choose the best credit for yourself.

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