If used correctly, a credit card can work as a powerful tool in keeping your finances in order. It can help you borrow money when you need it, benefit from cashless transactions, take advantage of EMI facility, etc. However, with the comprehensive array of credit cards available today from popular financial institutions, choosing the ideal first credit card can be a Herculean task. This is because to make sure which credit card is right for you, you need to assess the details of the different card choices you are eligible for and determine which one is best for you. To do this, you need to keep in mind some aspects to watch out for in your first credit card.
Here is a list of things you should consider before getting a credit card for yourself-
Features and Benefits-
Study the features and benefits you can get for each card before making a choice. This will allow you to get the most out of your credit card. If you travel often, you may want to get a credit card that will allow you to enjoy benefits on air and train travel. You can also look for credit cards that offer perks like free salon and hotel memberships. Likewise, if you own a car, you can opt for a fuel credit card which allows you to save on fuel purchases by offering supplement waivers. As you are likely to do all types of transactions on the card, make sure the credit card has a low minimum bill amount so that you can convert all your big and small purchases into easy EMIs and pay them off on one. period of practical time. It is also useful to keep the option of cash withdrawals and instant loans on the credit card, handy if you do not have sufficient funds to cover expenses in an emergency. Look for cards that offer the additional card benefit, so that you can extend the benefits of your credit card to your immediate family members or dependents.
Offers and rewards-
In addition to offering funds, credit cards also offer the ability to earn loyalty points, cash back rewards, rebates and offers, when used for transactions. These offers and rewards are offered in association with different companies and service providers, such as airlines, gas stations, supermarkets, online shops, etc. However, not all cards offer the same type of offers. Therefore, it is wise to look for rewards and offers that match your lifestyle so that you can get the most out of your credit card.
Fees and charges-
There are certain fees and charges associated with owning a credit card. These are charged according to the use of your card. Finance charges are one of those big charges that get added to your credit card bill if you don’t pay your credit card dues on time. So it is wise to go for a credit card that has a lower interest rate. Likewise, you would also want to go for a card with a lower annual fee or no annual fee. This will save you more. Also take a look at other fees like cash advance fees, late payment fees, over limit fees etc. and make sure they are lower.
The credit limit is the maximum amount you can borrow from your credit card to complete transactions. Depending on the usual monthly expenses, you can choose a credit card with an appropriate credit limit. As the first credit card holder, your credit card spending may not be very high, so you can choose a credit limit with a lower credit limit. You can always apply for a credit limit increase later, if you need to.
To choose a credit card and apply for it, you can refer to a credit card application, like the Finserv MARKETS app, which lets you compare different credit cards from popular banks and apply for a credit card online.
How do I apply for a credit card online using the Finserv MARKETS app?
Viewing, comparing and applying for a credit card online on the Finserv MARKETS credit card app is simple and easy to follow.
- Download the Finserv MARKETS App on App Store or Play Store
- Log in with your credentials
- Enter your personal data and contact details
- Browse & Compare The Best Credit Cards From Popular Financial Institutions You Can Apply For
- From the list of options, choose the credit card that best suits your consumption habits
- Submit your credit card application with the requested documents and you will be able to enjoy instant and easy online credit approval
A credit card is a convenient way to conduct cashless transactions online and offline. Equipped with the right credit card, you can make the most of the benefits that a credit card can offer, without worrying about the card becoming a financial burden. Take a look at popular credit card options, their features, benefits, fees, offers, rewards, and more. and select the best first credit card for your daily use.
In association with Finserv Markets
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