As per research, the economic slowdown has compelled many individuals to lean towards credit options to manage regular expenses. With credit cards being one of the popular funding tools, its prevalence during one of the challenging times is evident. 2019 data depicted that India witnessed an increase in demand for premium credit cards by around 43%, which demonstrates their growth due to several technological developments.
Since more people are opting for credit cards, financial institutions are also introducing different types of credit cards to help them fulfill their varied funding needs. Most of these cards possess a different set of features and benefits along with attractive offers to suit users’ financial requirements. Nevertheless, to choose the right one among all available options, a credit card comparison becomes essential.
Necessary aspects to look for during credit card comparison
While availing a credit card, it is not only required to know how to use the card wisely but also its features to make the most of it. You thus need to compare several of these options to find the best one that suits your monetary requirements while maximizing your benefits from it.
Following are some parameters you should check before opting for a credit card:
- Fees and charges payable
After availing of a credit card, it is expected to come across different types of fees one should keep an eye on. Thus, while you are still looking for the best option, go through the terms of use and check which one asks for renewal fees every year, or the service charges that are involved, etc. to make an affordable card choice.
- Interest rate applicable
While going for credit card comparison, you must also compare the interest rate applicable. Although interest on a credit card is applicable only when a user misses or delays bill payment, once applied, such rates can result in sizeable liabilities depending on the outstanding payable. It is thus wise to compare cards based on interest rate applicability and go for the one with the lowest rates so that you can repay your card debt conveniently.
- Reward programs
Designed specially to fulfill the regular spending needs of users, credit cards typically offer huge incentives on everyday transactions through customized reward programs. One must thus look for such reward programs and compare cards that offer the best incentives for dedicated purchases like shopping, travel booking, fuel purchases, etc. Such incentives can include reward points, discounts, cashback, and the likes.
For instance, the Bajaj Finserv RBL Bank SuperCard brings not only attractive reward programs but also extends other convenient features like EMI conversion, an interest-free period of up to 50 days, etc.
The process to apply for a new credit card
After completing the credit card comparison, individuals can proceed to apply for a suitable credit card in a few simple steps.
Step 1: Visit the online portal of the selected card provider.
Step 2: Proceed to compare the cards available and choose the one that suits your financial needs. You can also compare the features and benefits, and choose accordingly.
Step 3: Once you have made the decision, select ‘Apply’ to proceed.
Step 4: Next, some necessary details and documents will be required, which you need to submit and proceed.
After submitting the form, you can also keep track of your credit card application status to check whether it has been approved or not.
Financial institutions like Bajaj Finserv further make availing a credit card simple and less time-consuming with their pre-approved offers. These offers are available on several other financial products such as business loans, personal loans, etc. You can check your pre-approved offer by submitting your name and contact number.
If you are looking to apply for a new credit card online, make sure to keep all the required documents handy before proceeding. Nevertheless, while making a credit card comparison, you must ensure to prioritize your spending requirements as one of the criteria for the selection of the right type of card.