Best credit card which suits you
Credit cards can be used to manage your spending and used to buy the dream things you want, without having to wait till you have that much savings. It is equally important to get the best credit card which suits you.
Following are the points to be noted to choose the best credit card for you :
What is your Financial Status
Your monthly income
Are you staying on a rented house or your own
How bad is your debt status
Are you self-employed or a student
Many credit card companies have special offers for those earning above certain levels. Even some credit card companies have deals for those having bad debt status. It is important to understand your financial status to suit the right card for you.
How much rupees can you repay every month?
Everyone always look for a credit card which can give you more money to borrow. Its always better to think the other way. Find how much you can repay in each month. As most of the credit card companies always ask for a minimum repayment. This will be usually fixed at few rupees or a certain percentage of the total money you have to repay. You have to pay the larger one of the above. This gives you an idea before you plan to make a big purchase. Roughly estimate the minimum amount you have to repay and if it is within your limits you can afford it to buy that dream item.
How much Rupees do you want to borrow?
One of the most important point before choosing a credit card is about the money you want to borrow on a credit card. Different credit card companies have set different limits to borrow. It is usually set automatically by the company as per their policies. This limits can be raised by calling them. Most of them will wait to see the performance of your repayment before considering to increase your credit limits. Its called a trial period.
How attractive is the Special Offer?
Every credit cards come with some special offers. The credit card market in India is very competitive, so always try to find the card which can benefit you the most. Do not just decide since it just appeals you. Find out whether this offer is really useful for you. For example some credit cards help you to earn points for making purchases on that credit card, you can later redeem these points on their participating outlets to buy things or get services. Most of them may not be of your interests. In this case you are just earning useless points and this type of card will not give the benefits you expect from a credit card
Where can you find the best credit cards?
Always look for the bank websites for updated credit card information. Ads on new papers and magazines also provide you with best deals about cards. Please check out for list of banking websites here.
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