Sometimes, picking the best credit card in India can be a daunting task. There are hundreds of credit card options available in the market. Each option offers various features and benefits, such as no-interest periods, no joining fees, reward programs, and the chance to improve credit score. Having multiple options makes it difficult to choose the best credit card in India.
There is no standard credit card that fits everyone’s needs. Your best credit card may differ from your friend’s. However, you can still learn how to choose one that fits your needs. Follow the underlying steps to learn how to narrow down your options when looking to get an online credit card.
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Choose the type of credit card
There are multiple types of credit cards in the market. Before choosing one for yourself, you will need to know which one is right for you. It is imperative to understand how credit cards work and the type of credit card that fits your needs. For instance, if you are a frequent traveller, an international travel credit card may suit you better than a newbie credit card.
Therefore, while choosing the best credit card in India, you will need to establish why you need it. Here are some of the reasons that can help you choose your credit card:
- Build credit score
Credit cards are a great way to build your credit score. So, if you have a low credit score, you can choose credit cards for bad credit to begin improving your score. These credit cards are secured cards, allowing you to open them by paying a deposit to the credit card company.
- Earn rewards on purchases
Another reason most borrowers opt for a credit card is because of the rewards programs. A reward credit card allows you to earn cash rewards for purchasing goods and services from the credit card.
- Pay credit bills over time without interest
If you have bills that will take time to pay back, 0% APR credit cards make more sense. Such credit cards offer a 0% introductory annual percentage rate (APR) on purchases. If you wish to know how to choose a credit card with 0% APR, consider the length of the interest-free introductory period.
- Save money on debt
If you wish to save money on your credit card debt, you may want to choose a balance transfer credit card that comes with 0% APR offers while transferring the balance. It enables you to transfer your balance from your credit card with higher interest charges to a balance transfer card with a 0% introductory APR.
Compare credit card options
After understanding the different types of online credit cards in the market, you will need to choose one based on your needs and preferences. After that, it is crucial to compare your credit cards in the category that you have chosen. For instance, you are purchasing through your credit card for cashback, you can choose credit card products that earn cash backs.
While comparing your options, it would be wise to consider the cashback rate, sign-up bonus, and annual fee. You can find a comparison tool online and enter details of each credit card to compare different options. The benefit of a comparison tool to choose the best credit card in India is that it has a list of credit cards. You can choose your credit rating and the type of credit card, and the tool will find the best online credit card for you.
This way, you can choose a credit card that comes with the lowest or no annual fees and earns most rewards on transactions through it.
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Applying for a credit card online
After comparing and choosing the best credit card in India, you will need to apply for it. Before applying, you will need to check with your issuing bank and find out the eligibility criteria. You must have a stable income and a good credit score to make your credit card application easy.
To apply for a credit card,
- Go to your credit card issuer’s website and find your credit card.
- Click on the Apply Now tab.
- Enter the required details, such as personal information, mailing address, and financial information.
- Submit your credit card application online.
The issuing bank will run verification checks and review your application first. If everything is in order, you can receive your credit card within 10 to 15 days of submission. You will get a notification regarding your credit card through email.