7 Factors to Consider Before Availing a Credit Card for Your Needs

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7 Factors to Consider Before Availing a Credit Card for Your Needs

Credit cards have become an integral financial tool for most individuals. Such increased demand for immediate finance has increased the number of credit card holders in India by around 9.13 million in February 2019 since the last quarter.

Features of a credit card offered by the card issuer differ. An individual should compare credit cards extended to avail the best suited to their financial requirements. Other than availing the money instantly for an emergency, there are few other benefits of credit cards that an individual should know about.

They are –

  • Interest rate.

  • Credit limit.

  • Emergency loan.

  • EMI.

  • Security.

  • Fees and charges.

  • Rewards.

To avail the above mentioned benefits an individual should compare credit cards and then apply for the one which would suffice their needs. You should compare on the basis of the following points to choose the right credit card for yourself –

  1. Interest rate – An individual is subjected to pay interest if they fail to repay their credit card dues within the due date. One of the important facts an individual should consider before applying for a credit card is the interest rate offered to them through a different financial institution.

  2. Credit limit – It is one of the factors to get a credit card. The credit limit is the amount fixed by a financial institution and an individual can utilise the amount for their personal expenses.

  3. Emergency loan – An individual may face unforeseen situations where they may require instant financial assistance. For such, instances, a borrower can avail an emergency interest-free loan against the credit card. Such advances like a loan against credit cards are interest-free for up to 90 days, as offered on top feature-rich credit cards.

  4. Comfortable EMI option – An individual should choose a financial institution which offers a comfortable EMI payment option. A Bajaj Finserv RBL Bank SuperCard comes with several benefits like converting purchases above Rs.3,000 into EMI.

  5. Security – An individual should compare credit cards according to the security measures a lender offers to provide. Attributes such as the ‘zero-fraud liability cover’ and ‘in-hand security’ are extended by the SuperCard, making this card one of the most secured such cards available in the market. With the help of these features, the user can better control unauthorised transactions on the credit card. Mobile applications like the ‘RBL MyCard App’ are also available for borrowers who wish to monitor the usage of their card.

  6. Fees and charges – An individual can compare credit cards in the aspect of easy and fast approval of credit card applications with a modicum of annual and joining charges. An individual can avail such benefits by applying for the card with Bajaj Finserv. They also provide pre-approved offers to help save more time on the application process. Such offers are available on numerous other financial policies including business loans, loans against property, home loans, etc.

  7. Rewards – An individual should compare credit card issuers by checking out the reward point programs offered on their cards to make a suitable choice. One of the beneficial features provided on credit cards is the option to avail reward points. An individual can earn these points on transactions or purchases made with the card as pre-specified in the usage terms and later redeem them. The user can avail various benefits like vouchers, discounts, cashbacks, with such reward points.

A credit card is available for its various beneficial features. Other than that it is considered to be an efficient medium of availing money in the time of emergency. Consider these factors to avail the most suitable credit card for your financial needs. Avail leading credit cards such as the Bajaj Card to avail such features and more to increase your purchasing power.

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