To ensure that you choose the best credit card in India, it is important to look at your usage. Also, you must apply for a credit card only if you are certain you can manage your finances well in order to avoid falling into a debt trap and to build your credit score. To stay on track, keep these pointers in mind when choosing a credit card.
Minimum repayment amount
At the end of each month, you should clear your bills in full to avoid paying interest on the balance amount. But in the event that you can’t, you will have to pay a minimum amount. This is around 3–4% of the total limit. Check this to ensure that paying the minimum amount in a worst-case scenario won’t be a hassle for you.
Interest rate
The interest rate plays a major role in choosing a credit card as it determines how much money you will pay your issuer if you do not clear your bill in full at the end of each billing cycle. Typically the interest rate on a credit card is very high, so scout for the best credit card interest rates available so as to ensure affordability and also remember not to spend any more than you can repay!
Fees and penalties
Thoroughly examine the fees involved before selecting a card especially if you think you may not be able to pay your balance each month. This is because there are a number of fees such as advance fees, transaction fees, annual fees and late payment fees. Incurring a backlog on your credit card will hurt your credit score and can even result in a reduction of your credit limit. To avoid paying exorbitant amounts in the form of penalties stay vigilant of the charges involved.
Points or rewards
Most credit cards offer reward points on transactions basis how much you spend. Some offer accelerated rewards for certain types of expenditure. For example, you may get 1 point for every Rs.100 that you spend offline, and 2 for every Rs.100 that you spend online. You can accumulate these points and use them as money to cut down the cost of other products and services. Check which brands offer these reward points and opt for a card only if you shop from the affiliated brands regularly.
The Bajaj Finserv RBL Bank SuperCard is one of the best credit cards in India as it checks all these boxes and offers many more benefits. It has low charges, offers up to Rs.55,000 in annual savings, a welcome gift of 20,000 reward points and much more. You can shop on No Cost EMIs from the Bajaj Finserv EMI Network or convert your credit limit into a personal loan that is interest-free up to 90 days. What’s more, the SuperCard also offers you the ability to make interest-free withdrawals for up to 50 days by paying a flat processing fee of only 2.5% and offers superior security features too.
To apply for one of the best credit cards in India, get started by checking your pre-approved SuperCard offer from Bajaj Finserv now!
