There is no denying the fact that online credit cards are one of the most convenient and feature-rich ways to manage your daily purchases. The only thing is that a credit card owner should use it responsibly so that he/she does not land in debt traps.
What’s more, handling a credit card efficiently also helps you build and improve your CIBIL or Credit Score to further availing future loans at a lower interest rate. The market is flooded with many choices when it comes to selecting an online credit card, opting for the best credit card is indeed a tough job!
Don’t worry; this write-up will help you choose the best credit card as you go through tried and tested six tips!
- Spending Behavior
Assess what kind of spender you are? Have a closer look at your financial profile and lifestyle to understand what kind of card will suit your spending pattern and lifestyle. If you are a shopper, you should go for a card that offers you good discounts and reward points. If you have a vehicle which you refuel at a pump, opt for a card with fuel related benefits. If you often fly, choosing a credit card that offers you miles will do well to you!
Once you are aware of your spending pattern and lifestyle, the next thing that you need to look is the attached costs of credit cards. There are various charges levied directly and indirectly on a credit card which you must be aware of.
- Reward Points
Every credit card offers rewards these days which is earned on your online and offline purchases. The value of these depends on the type of card that you own. You can redeem these points on third-party websites and save money for recharges, bills and more. Some credit cards companies also charge for redeeming the rewards, so watch out!
- Services offered by Credit Card Company
Not all online transactions are safe over the internet, and you should look for an online credit card service provider which provides the best security system to tackle these issues. Report a suspicious matter to your service provider instantly to stay safe! Also, good customer support is another thing that you should look while opting for a credit card. If your service provider solves your query instantly, they could be relied on for a long-term.
- Payment Options
Various payment options, offered by lenders, also matters a lot when you apply for the best credit card. Most credit card companies may offer you to make payments via NEFT, and it may not suit all. Thus, it’s always better to check with lenders about all the types of payments offered.
- Cash Withdrawal
Majority of credit card owners in India are unaware that they can use their credit cards to withdraw some money at an ATM. However, interest is charged from the withdrawal day of the money. You will also have to pay extra if you use it overseas for withdrawing money!
The Bottom Line
You are now aware of the tricks and tips that you can incorporate while selecting the best credit card these days. Nonetheless, always know that a credit card should be used only for emergency purposes. Do not use it for covering your wants but only needs, and you will face no issues, whatsoever, in managing a credit card without landing in soup!