Credit cards are among the most widely used financial tools because they offer a range of benefits, including shopping, travel, lifestyle, and entertainment privileges. Depending on your expense trend, you can choose a specific credit card to maximise your savings and benefits. However, with many options available in the market today it sometimes becomes confusing to choose the most suitable card that can match your requirements. To find the best deals, you must compare credit cards basing a few criteria. Let us discuss ways to compare various credit cards in the article below.
Tips for comparing various credit cards
There are multiple factors to consider when comparing credit cards online. Oversee various other filters such as offers, rewards and cashback, merchant discounts, and more to arrive at the most suitable card. The following are tips to consider when applying for a credit card online.
- Choose a specific category of credit card to suit your needs and/or aspirations
New credit card applicants often miss the step to consider choosing a specific type of credit card based on their financial requirements. Eventually, they miss utilising the maximum benefits and even end up paying more for things they require. It is crucial to decide on the credit card type they wish to apply based on their spending habits and trend. For instance, if you are a frequent traveller and need a credit card for flight and hotel bookings, you must choose a credit card with travel benefits. If you require a shopping benefit card, search online, and opt for a shopping offer credit card.
Among top banks, IDFC FIRST Bank offers a variety of credit cards for individuals from all financial segments and expense trends. Whether you are a frequent flyer, an evident shopper, or an individual with lifestyle spending, IDFC FIRST Bank offers a specific credit card for each type. It provides the most affordable credit cards with effective APR starting at 9% per annum and a completely online application process for your convenience.
- Look out for loyalty benefits
Every credit card comes with loyalty benefits for the cardholder. With every card expense, you receive reward points and cashback on each transaction. You can use these rewards and cashback to avail yourself of additional discounts and privileges. When comparing credit cards, look for the loyalty benefits and whether these benefits align with your expenses. IDFC FIRST Bank credit cards offer some of the best rewards programs with up to 10X rewards on your credit card expenses.
- Understand the fees and charges
It is imperative to consider various credit card charges since there are numerous services that you need to pay for. A credit card usually includes annual membership charges, finance charges, cash advance fees etc. Look for a credit card that offers the lowest charges and fees on their services.
- Credit card interest rates
Every credit card comes with interest charges on your outstanding bills. The more the interest rate, the more expensive your credit card is. Always choose a credit card with low-interest rates to get affordable deals. Also, note that advertised interest rates may not include other charges accompanying your credit card, so focus on annualised interest rates known as APR (Annual Percentage Rate) to get a good comparison.
With numerous options available in the market, it can be tedious to choose the best credit card suiting your requirements. Consider the above filters to get a suitable credit card and enjoy your shopping with maximum benefits.
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