How Can I Compare Credit Cards And Apply For One Online?

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credit cards

Credit cards are available for all spending categories. Figuring out the best-suited credit card for your requirements is challenging. But the following tips for comparing multiple credit cards can help you choose the right one.

Tips For Comparing Credit Cards

  1. Be Sure About The Category

You should be sure about the category of best credit card in India that you want to go for. A frequent traveller can go for a travel credit card, and foodies can go for a credit card that earns them discounts on outdoor dining. Specific credit cards for cashback, online shopping, daily expenses, etc., are also available.

  1. Consider The Credit Card Type

We often find that the credit cards available are nomenclature as gold cards, silver cards, platinum cards, titanium cards, etc. You become eligible for these best credit cards in India based on your income group. There are, then, likely to be some differences in the features and benefits these cards offer.

  1. Interest-Free Period

Grace period or interest-free period is the number of days you can enjoy spending over your credit card without paying the interest. The phase may extend for 50-55 days. It will be relative to the date the expenditure is made and the date on which the bills need to be paid.

  1. Reward Points

The reward points program is among every credit card’s most attractive features. In several cases, reward points are accumulated for all transactions made over credit cards. They may be redeemed for gifts and benefits. So, you should get a credit card that gives maximum reward points in the categories you most frequently spend on.

  1. Interest Rate

The lower the interest rates are on a credit card, the lower you will be charged for over dues.

  1. Associated Charges And Fees

Beyond interest fees, the other additional fees generally associated with credit cards are joining fees, ATM cash withdrawal fees, renewal fees, foreign transaction fees, late payment fees, etc. So, you have to look over these fees when comparing credit cards.

Choosing The Method Of Comparison

You may choose to compare credit cards manually by using a pen and paper. Alternately, a few online resources, such as websites, online tools, and mobile apps, are also available that let you compare credit cards based on their specifications. So, you can go for either method that works for you. This may be based on the time you are willing to invest in the activity.

What To Avoid When Comparing Credit Cards:

  1. Reading Too Much Into Introductory Offers

Introductory offers on credit cards, while tempting, are not always beneficial. This may include low-interest rates for initial months, and high discounts, on shopping, dining, etc. Ideally, this should not be the sole reason you go for a credit card.

  1. Keep An Eye On The Credit Limit As Well

The maximum credit available to you when using a credit card is the card’s credit limit. In several cases, users prefer to go for a credit card that enables high credit limits for them. This allows them to comfortably make spending over the credit card without worrying about paying it back.

Banks consider a range of criteria before defining your card’s credit limit. This includes your annual income, your credit score, and your income stability. 

So, you should research a few credit card providers and take the services of the one who offers a higher credit limit.

Overall, choosing a credit well from among the options available before you calls for due diligence and is a step you should not overlook. When the credit card you decide to go ahead with is the ideal match for your spending patterns, it will work like nothing else. But when not chosen right, a credit card may lead to a financial burden instead of rescuing you from the same.

Applying For A Credit Card

There are several ways in which you can apply for a credit card. These are:

  • online
  • by post
  • by phone
  • at a bank

To apply credit card online, you must first fill out a form. The credit card provider will then have your credit record checked with a credit reference agency. Your application will be processed if they find you to be credit-worthy.

The factors that define your credit worthiness include any borrowings you have and how many bank accounts you maintain. In case you have had any court orders in the past six years, it also reflects on your creditworthiness.

For a small fee, you can check your credit record by contacting one of the credit reference agencies.

It is, then, important to ensure that you fill-up the information in the form correctly so that it is not perceived as fraudulent. In case of a doubt, you should ask your credit card provider for help.

Conclusion

The steps to take in order to select the finest cashback credit card
It helps to be meticulous in your choice if you want your cashback credit card to seamlessly fit your needs. Making an informed choice is aided by the following advice:
First, one should confirm that the credit card they intend to use is a cashback credit card.
There are various cashback credit card models, but one must choose the one that best meets their needs. There are three types of cashback credit cards: cards with variable bonuses, cards with set bonuses, and cards with flat rates.

Now, one should choose the choice that offers the greatest benefits at the lowest price among the options at their disposal. For instance, if a credit card is offered for free, the person should take it. At Bajaj MARKETS, there are appealing possibilities.

How to Choose The Best One

Since cashback credit cards are the most practical for them, the majority of people opt for them. Rewards credit cards will only be of limited use to them if they rarely eat out. Additionally, compared to other credit cards, membership costs for cashback credit cards are moderately reduced. Even a free credit card may be yours. The value of the rewards remains the same even though these cards might not have introductory APRs.

You’ll probably find two or three cards with similar features at the end of your search. In such circumstances, one must thoroughly understand the variations among the best credit cards.
Suppose the card being examined is a protected card. In that case, one may choose a credit card with an automatic credit limit increase after several timely payments with interest added.
The balance transfer card with 0% APR and cheap interest rate will be useful if it has a debt repayment planner, too. This is effective in the case that debt overwhelm occurs. In the case of such a card, the alternative that will produce premium outcomes is one that waives late fees and penalty APR.

In the event that the cardholder misses a payment, the feature will be useful.
Last but not least, while choosing between cash-back, travel, or rewards cards, one should go with the one that enables them to spend less in order to be eligible for a sign-up bonus.
Additionally, one should try to come up with a replacement that does not have a prize expiration date. A couple of these cards allow you to use the rewards while your card is open.

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