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In today’s time, credit cards have become an integral part of our lives. They not only save us from the hassles of carrying cash but also help us borrow as per our needs.
What’s more, you can also optimize your finances by enjoying the interest-free grace period of up to 50 days to repay the purchases made. Also, opting for the EMI facility helps you spread out your spends over a tenor. As a result, you can manage your monthly budget by not paying all amounts of a transaction at once.
However, people face issues when they apply for credit cards. It’s because they are unaware of what kind of credit card will suit their needs and expenses.
Here are some factors to be discussed in this post that you can consider when you apply for credit cards.
1. Your spending habits
The first thing when it comes to credit card requirements is analyzing your spending habits. Do you have more fuel transactions in a month or do you fly frequently? Then you need to apply for credit cards that can give you fuel surcharge or air miles. Thus, based on frequent habits, you should figure out your credit card requirements. This way, you would be able to apply for credit cards that could give you maximized rewards and benefits.
2. Fees and charges
Credit card companies levy multiple types of charges. Those could be joining fees, annual charges, rewards redemption fees, cash advances fees and late payment charges. Thus, before you apply for credit cards, you should ensure that you are aware of all such charges. Being aware of all will help you use your credit card without issues.
3. Credit limit
The credit limit is another thing to consider while zeroing on a credit card. To opt for the best credit limit, you should figure out who much more let you live comfortably. Would you need another Rs.10,000 or Rs.30,000 that will cover your basic and urgent needs or more? Based on your observation, you should go for a credit card limit. On an average, a credit card with Rs.30,000 limit works fine for average users.
4. Your CIBIL Score
The approval of your credit card application depends on your Credit Score, monthly income and employment details. All banks give enough value to these parameters. Hence, an applicant with a CIBIL Score of 750+ or more has higher chances of getting a credit card application approval. You can build your Credit Score by paying off your current loan EMIs and credit card outstanding amounts on time.
Being aware of these points will help you select your credit card as per your needs and goals in life.
If you wish to apply for credit card with many exciting features, you can opt for the Bajaj Finserv RBL Bank SuperCard. Bajaj Finserv also offers some pre-approved deals on credit cards, personal loans and multiple other financial products.
You can go ahead and check out your customized pre-approved offers by sharing some basic details such as name, age and mobile number.
