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How to Pick the Right Credit Card According To Your Financial Goals?
Posted on Tuesday, August 1st, 2023 | By IndusInd Bank
Credit cards are the perfect financial tool to achieve your financial goals, such as saving money, earning rewards, building credit, and more. But with so many credit cards available in the market, how do you choose the right one for your needs? Here are some things you must keep in mind before applying for any credit card and choosing the right credit card.
Know your spending habits and preferences.
Before you apply for a credit card, you should have a clear idea of how you plan to use it. Do you pay your bills in full every month or do you carry a balance? Do you spend more on certain categories, such as dining, travel, or online shopping? Do you prefer cashback, rewards points, or miles? Knowing your spending habits and preferences will help you narrow down your options and find a credit card that matches your lifestyle.
Compare the features and benefits of different credit cards.
Once you have a shortlist of credit cards that suit your needs, you should compare their features and benefits to see which one offers the best value. The most important details that you must always check out before applying for a credit card are:
- Annual fee: This is the amount that you have to pay every year to use the credit card. Some credit cards have no annual fee, while others may charge a high fee but offer more benefits. You should weigh the cost and benefits of the annual fee and see if it is worth paying for.
- Interest rate: This is the percentage that you have to pay on the amount that you borrow from the credit card, if not paid by the due date. If you pay your balance in full every month, then the interest charges won’t be calculated.
- Rewards program: This allows you to earn points, cashback, or miles for every rupee that you spend on the credit card. You should look for a credit card that offers rewards on the categories that you spend the most on, such as dining, travel, or online shopping. You should also check how easy it is to redeem your rewards and what are the redemption options available.
- Other benefits: These are the additional perks that come with the credit card, such as insurance coverage, lounge access, concierge service, fuel surcharge waiver, etc. You should look for a credit card that offers benefits that are relevant and useful to you.
Apply for the credit card that meets your financial goals.
After comparing the features and benefits of different credit cards, you should apply for the one that meets your financial goals. You should also check your eligibility criteria and documents required before applying. Don’t forget to read the fine prints in the ‘Terms and conditions’ carefully and to have a clearer picture of the process and your responsibility.
If you are looking for a credit card that offers world-class lifestyle benefits along with flexible rewards points, then you should consider applying for an IndusInd Bank Credit Card. IndusInd Bank online credit cards are designed for a wide array of customers, based on their lifestyle and financial needs. And now you can get instant approval on your IndusInd Bank Credit Card in minutes.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
