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Factors to consider before applying for a credit card

When you’re applying for a credit cards, it is crucial that you thoroughly research the several benefits that the various issuers have to offer. 

Before you begin your research on “how to get a credit card”, you need to weigh the advantages and disadvantages. Ultimately, credit card bills are a sort of debt that you must repay on time. Too much debt is not good for your financial health. 

If you choose the right credit card, not only can you enjoy a lot of credit card benefits, but it can also contribute to your financial freedom and stability. Credit cards can also grant you access to emergency funds whenever you need them. Moreover, credit cardholders can avail of multiple preferential services at malls and airports. And who doesn’t like that? 

What are the factors to get the best credit card benefits? 

If you are wondering how to get a credit card, and you are not sure where to start your credit card journey from, you are not alone. Even though credit cards have been around for quite some time now, they’re probably one of the most misunderstood financial tools. 

In order to get the best credit card benefits, here are some important factors that you must look into: 

  • Credit limit

The first thing you need to check is the credit limit being offered by the bank. The credit limit refers to the maximum amount that the card issuer or bank will provide you with. Bajaj Finserv RBL Bank SuperCard offers you a pretty good credit card limit depending on your credit score. 

However, the credit limit is highly variable and varies from bank to bank. This is the reason why you will have to carefully consider it before making a decision. The credit card that you ultimately choose must offer a credit limit that is in line with your financial requirements. 

  • Interest rate

Interest rate is another important factor that you must take into consideration while choosing a credit card. For every credit card purchase made, the credit cardholder will be liable to pay a certain interest. 

Depending on the issuer, this credit card interest can either be variable or fixed. However, if the card has a variable interest rate, it can fluctuate a lot. Moreover, several factors will affect your credit card’s interest, such as exceeding credit card limit and late payment. 

  • Rewards

The major reason why credit cards are so sought after has to be the multitude of rewards offered by the issuers. Your rewards and credit card benefits depend upon your spending habits as well as the card type. For instance, Bajaj Finserv RBL Bank SuperCard offers great rewards in the form of discounts, cashback, reward points, etc, that you surely wouldn’t want to miss. 

Rewards received as reward points can be redeemed in many ways. You can avail of irresistible discounts, purchase movie tickets, enjoy fuel surcharge waivers, gift vouchers, etc. 

  • Security

With the increasing popularity of credit cards, there has also been a significant rise in the number of credit card frauds. Therefore, it is crucial that you check with the issuer the level of security that they offer. 

One of the best credit card benefits is that they can protect you against fraudulent payments and prevent you from falling into the trap of cyber-crimes. The Bajaj Finserv RBL Bank SuperCard offers in-hand security and zeroes fraud liability cover, which can help to avoid cyber threats. 

  • Annual fee

The annual fee is also an important factor that you must consider before applying for a credit card. Now, all the credit card benefits and offers are essentially a service that the card issuer extends to you as a cardholder for which they can charge an annual fee. While the annual fee is generally only small and insignificant, if, depending on your credit card usage, not worth the annual fee charged by the card, you must keep looking and keep your options open. 

  • Penalties

Before choosing a credit card, it is always advisable to check the penalties they offer. Conducting online research will play an important role in making the right choice. While many companies charge late fees for late payment, some of these companies also charge additional fees which interrupt your financial stability. 

  • Ease of application

If the application of a credit card involves several complex procedures, you should take a step back and reevaluate the option that you’ve chosen. Yes, a credit card application usually asks for some paperwork, but the overall process must be simple and easy to follow. And if you submit accurate details and have a good credit score, you can get instant approvals. 

Conclusion:

The only way in which you can enjoy all the credit card benefits is by performing thorough research. It is necessary to start from the basics and then choose a card that fits both your needs and your pocket.

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