Credit cards have emerged as the new and convenient mode of funding yourshopping and other expenses. While there are different types of credit cards available in the market, choosing the best credit cards for yourself is important to reap the benefits offered by them. Again, the need for having a credit card may differ from person to person and so does the type of credit card that is suitable for fulfilling that need.
A frequent traveller may prefer to choose a card which offers good deals on air ticket and hotel bookings while a movie lover may prefer a credit card that comes with attractive offers on movie tickets. Here we talk about how to choose the right credit card for yourself.
Identify Your Need and Choose a Card Accordingly
A shopaholic will certainly prefer a card which offers him or her attractive discounts or deals on purchase of varied items. Similarly, a movie buff will compare different credit cards and choose the one that offers free movie tickets every month or quarter.
A person looking for rewards on his spending in terms of cash will opt for cashback credit cards and a person flying out too often will go for an airline credit card or a card which offers good deals on air bookings. Then there are credit cards that offer complimentary lounge access to the cardholders at various airports in the country. So, before you apply for a credit card, do check the benefits that come along with it and then make a decision.
Go for Co-Branded Cards Only If They AreUseful to You
Recent years have seen the launch of several co-branded cards wherein a bank partners with an e-commerce unit and offers reward points on purchases at that unit. Choose these cards only when you shop at the concerned e-commerce unit regularly. Otherwise, they are of no use to you
Check for Visa or Master Card Systems
Visa and Master card systems are the two most widely used payments systems used across the world. They process the payments between the bank which issued the credit card and the merchant bank involved in a transaction. Since these two systems are widely accepted internationally, choosing a credit card with their logo is a wise decision.
Value of the Credit Card Reward Points
While all credit card issuers reward their customers via reward points, it is the value of each point that is important. These reward points can be redeemed and used to make certain purchases and their value can easily be determined. So, opt for a credit card that offers you a good value on the redemption of your reward points.
Ease of Payment
Credit card payments must be made by a specific day of a month. So do check the payment options offered by the credit card issuing bank. You may prefer an option to pay via NEFT or a check drop or online transfer as per your convenience. So, choose a credit card where you have the preferred option to pay the monthly dues.
The key to choosing the right card for yourself is identifying your requirements and then comparing different credit cards to choose the one that suits you the most.