6 Common FAQs to help you choose the best credit card in India
If you are new to the credit card world and want to apply for the best among the trending cards in the market, then here is something that has got your back. Applying for a credit card can be a bit hectic task for those who do not have any sort of prior experience and do not understand much about the same. Applying for the best credit card in India is decided with the help of a few factors, which is not generally related to the brand name, but the benefits it offers to the users. The best possible way to do this is by going through a few FAQs that can present your interest in a better way.
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6 Common FAQs to help you choose the best credit card in India
Here are the common FAQs, which is needed to be considered before you apply for a credit card
1) How you are going to use it?
Your spending habit is one of the most important factors when it comes to the credit card application. Question yourself how will you use the credit card – are you intending to pay important bills only or planning to use it for most of the transactions? Are you going to pay the credit bills without any failure or you want to carry forward the balance from month to month?
Here, one of the vital things to know is if you choose to pay all the credit bills and not rely on paying just the minimum balance, then chances are you will not have to worry about interest. Besides, if you want to pay for everything using a credit card, then go for the ones that feature attractive rewards, cashback, and the likes. For this, you can try a credit card by Standard Chartered, which comes with exciting deals.
2) What should be the credit limit?
This amount is decided by the issuer as to what limit you should be allowed to have as a borrower. As a borrower, your credit history would be considered depending on which the maximum amount could be anything. Also, depending on your habit of repayment, your credit limit might get increased as well.
3) What is affordability regarding the interest rate
The main interest rate of a credit card comes in the form of APR, which stands for annual percentage rate. The APR can be fixed or floating rate where with the help of fixed-rate, the interest percentage would be similar every month while the floating rate may fluctuate.
4) What are the fees and fines
In this case, you will have to be smarter since the issuer knows various ways to charge money off you. One of the most common charges that are levied on you is the fee, which depends on the type of transaction you do. Look for a credit card that charges a reasonable fee and provides users with zero fees on a transaction from time to time.
In addition to this, you will need to go through every possible way to not fall a victim to frauds.
5) What are the terms of usage
To get the best credit card in India, you will need to go through the terms of use for the issuer you want to select. There might be several hidden norms which you may not want and which can make your experience somewhat awful. To get the best out of everything and refrain yourself from falling prey to such hidden conditions, try and research well before deciding one.
6) What are the incentives and perks of usage
It is important to look for plans that offer flexibility while using. Many issuers have a tie-up with popular brands that can provide you with great offers and exciting rewards. Some of the cards also include cashback, travel reward, option to win a trip, goods, luxurious meals and dining or spa services. These rewards are specially designed to prompt users to make the most of their transactions via the credit card. However, there are several terms and conditions that follow up with those rewards which you should be aware of.
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With the help of the above information, you can easily procure the best credit card in India. However, you should not ignore important aspects while falling for the offers. You will need to consider what are some of the charges on a credit card that you cannot avoid. For this, you can reach out to the card issuer directly over call, chat or in person. It is advised to clear all the doubts related to the charges and why it is included and such.
Besides, while using a credit card, it may happen that you go in flow with the ease of the transacting and end up spending more than your repayment capacity. Tackling all these uncertainties require serious planning and thoughtfulness. Overall, it can be concluded that credit cards have made the life of an individual really easy, all one needs is to use them wisely.
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Suresh KP
Common FAQs to help you choose the best credit card in India
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