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What You Need to Know Before Getting a Credit Card?
Posted on Thursday, August 18th, 2022 | By IndusInd Bank
Mansi is an avid shopper and loves exploring new cafes. And now that she has started earning, she wants nothing more than to spend on the things she loves. But when all her friends were using credit cards, the hassle of carrying around cash always bugged her. Since she already had a savings account with IndusInd Bank, she decided to explore the various credit card options and get one herself.
If you’re also looking for unmatched spending freedom like Mansi, IndusInd Bank brings you a wide range of unique credit cards. However, before you get a credit card, there are a few things you must keep in mind to make the most of it.
Read on to know more.
1. There are Different Types of Credit Cards
Depending on your needs and eligibility for a credit card, you can choose from a diverse range of credit cards. For instance, if you’re getting your first credit card, you can apply for one that helps you build your credit and comes with a low joining fee. Or perhaps you take several international trips in a year. In which case, a travel credit card will help you make the most of your expenses.
2. Understand the Interest Rates and Charges
Before applying for a credit card, it is prudent to check the interest rates and additional charges applicable. Credit cards often carry different fees, including annual fees, transfer fees, late payment penalties, transaction fees, and more.
However, with IndusInd Bank, you don’t have to worry about hidden charges on your credit card. We offer affordable interest rates with minimal charges so that you can enjoy financial freedom like no other!
3. Minimum Payment
Based on your credit card transactions, you have to make a minimum payment each month against your credit card bill. Even though you can always pay the full amount to avoid paying interest on the balance, it is best to enquire about the minimum balance payment with the bank.
4. Most Banks Allow a Grace Period
An amazing part of applying for a new credit card is that most banks offer you an interest-free period. Within this grace period, you don’t need to pay any interest, provided you pay the balance in full and before the due date. This helps you get the most of your credit card and build a good credit score with timely repayment.
5. Credit Cards Can Affect Your Credit Score
A credit card is an excellent way to build a strong credit report. Timely repayment of dues and maintaining a low credit utilization ratio can help you achieve a higher credit score. On the other hand, late payments can lower your credit score, affecting your chances of taking a loan in the future.
That is why you must opt for a credit card, depending on your income and affordability, so that you can repay the bills on time without straining your finances.
6. Credit Cards Offer Excellent Rewards
Credit cards are best known for the host of exclusive rewards and privileges they offer. With IndusInd Bank credit cards, you can shop, dine, and travel to your heart’s content and earn reward points and discount offers on every spend. Moreover, you can also enjoy exciting benefits like comprehensive insurance and more.
The Bottom Line
Credit cards are hands down the most convenient financial tools that open you up to a world of exciting benefits and spending choices. So, before you get a credit card, consider these above mentioned points to get the best deal.
And when you’re ready, apply for a new credit card online with IndusInd Bank in just 3 simple steps.
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.
