The total Credit Card transactions in India, as of March 2018, amounted to Rs.44,308 crore. This was a meteoric 35% increase from 2017. Given how more and more Indians are becoming comfortable with using to add ease to their life, financial institutions are introducing several credit card options to choose from.

Whether you want to build your credit score, avail offers on shopping, enjoy lucrative cashbacks, earn travel rewards or other perks, you can get a credit card for just about every need.

But with so many options, choosing one can be difficult. So, be cautious and follow 4 simple steps to select the best credit card deal.

1. Check the card’s credit limit

You can check whether you are approved for a credit limit first. If yes, then check the amount. Issuers are likely to offer you this pre-approved credit limit based on your credit score. The higher your credit score, the better are your chances of getting a credit card with a high limit. However, if your credit score is lower than 750, your credit limit might be low. If it isn’t, make sure you’re not signing up to pay higher hidden charges post sanction.

2. Evaluate if the deal fits your needs

Everyone is different and so you must look into whether it suits you. Your usage patterns and credit requirements should drive your choices. So, if you do not have a vehicle then signing up for a card that gives you access to fuel surcharge waivers or cashback when you pay for fuel will not be helpful.

On the other hand, if you are a frequent traveler then choosing a deal that gives you accelerated points on airfare and hotel stay will be much more apt for you. Using such cards you will also get free airport lounge access and discounts on travel bookings. So, rather than making a deal at face value, look at whether it suits your lifestyle.

3. Know everything about the credit card issuer’s policies

Once you have shortlisted the top credit card offers, look into the fine print for each. To do this you must read the terms and conditions of use, circumstances under which the issuer can withdraw, suspend or cancel your credit card, administration policies, and a list of charges that will be applicable.

Going through this information will help you analyze and understand different merchant offers and select the one that benefits you the most. While checking the deals do see the charges carefully, check for a grace period for payments and apart from annual fees understand if there are hidden charges.

4. Evaluate the add-on benefits

Broadly, there are 4 types of credit cards: rewards cards, low-interest credit cards, secured credit cards, and balance transfer cards. Once you pick one, look into what are the extra benefits you seek. For example, the Bajaj Finserv RBL Bank SuperCard offers you several credit card benefits like huge rewards points, discounts, offers and an excellent security system, and also serves as a loan card, EMI card, and an ATM card.

You can make zero-interest cash withdrawals, shop on No Cost EMI and also get a zero-interest personal loan for up to 90 days. You can apply for this credit card, once you have checked your pre-approved offer from Bajaj Finserv and conformed to the credit card eligibility parameters. Now that you know the steps to follow, pick a credit card that offers maximum benefits at a low cost!


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