Selecting the best credit card in India is not a big deal once you figure out your expectations from the card. Credit cards can be used for multiple purposes and you should weigh their advantages before deciding on your choice. While there are credit cards that specialize in earning you discounts, others like the Bajaj Finserv RBL Bank SuperCard are more versatile. Apart from the savings, these cards make sure that you pay comfortably, and the financial burden does not weigh you down.
You should not refrain from choosing a card if it charges a fee. Credit cards charge a fee when they provide specialized services rather than generic ones. Once you zero in on a credit card, apply for it if you think that the benefits outweigh the fee. Do not get carried away with offers and promises; rather, sift through your options rationally under the careful lens of your requirement.
Where Can You Select the Best Credit Cards in India?
Selecting a credit card is not an easy job. Your research should entail two levels. First, find out which credit card ticks most of your requirements. You can scour the internet for this, or consult different financial institutions. Second, shortlist a few cards and visit the issuers' websites. Make a spreadsheet and enlist the benefits and drawbacks of the selected cards. Finally, take the leap and apply for a credit card.
There are a few don'ts that you must remember while you research on the internet. Do not go for websites that simply make a list of 5 or 10 credit cards. This knowledge does more harm than good. Rather than acquainting you with the different categories of cards, they cherry-pick the best from them. Worse, they are sometimes biased towards a particular category. Find a website that has a separate list for each credit card type such as entry-level cards, shopping cards, premium cards, travel cards or fuel cards. Such articles are actually helpful because you can easily sort the best credit cards in India.
Credit Cards - Sort by Income
One of the best ways to look for suitable credit cards is sorting them by income. For instance, an entry-level card is best if your annual income exceeds Rs. 4 lakh. For premium cards, your income should be above Rs. 12 lakh per annum. You can include income limits within your search keyword to sort the cards readily. The search engine will automatically identify pages that mention a similar income bracket. If the results show bank websites, make sure to include the most relevant ones in your spreadsheet. Thereafter, pay attention to the websites that list cards in your preferred category.
Taking the Leap - Increasing Your Credit Limit
There is one drawback of sorting credit cards by income. It is true that when you sort cards this way, you end up selecting the most financially viable card. However, this method also limits the possibility of extending your credit card limit. Banks decide the limit on your credit card depending on your income. It might well be the case that you want a card with an enhanced limit for a specific investment you want to make. While you can increase your credit limit with meticulous planning, you should not start with too modest a card. These cards bind you with basic spending, and if you are lax about investing, you will never get the job done. The first credit card you choose, therefore, is just a first step toward successful financial management. The website you are relying on must not try to restrain your spirit. Its job is to inform and not influence.
Search for Relevant Requirements
If you have decided on your first credit card, that's half the job done. There is no greater satisfaction than doing your finances by yourself. However, your search for the best credit cards in India does not end here. You must always look for ways to enhance your card, especially if you have started out at the beginner level. Follow websites that regularly update users on how to improve their credit score in a dynamic economic ambience. Make sure that your source provides you with ample information on features like balance transfer. Be careful about interest rates mentioned in third-party websites and always cross-check with the official website.
Although you can do a fair deal of research online, you must always be on the watch. Contact the financial institutions and learn about the interest rates, policies, and other aspects that are important to you. Credit cards are there to bail you out in times of financial stress. Thus, you should opt for cards like the Bajaj Finserv RBL Bank SuperCard that come with the cash advancement facility. To get your hands on the credit card, apply online, which can be done in a few clicks after you have filled in some basic details on the issuer's website. Start with a free credit card if possible, and find out how things work out for you before you consider an upgrade.