3 Steps to Choose the Credit Card That Best Suits Your Needs

Updated on: 03 Jan 2024 // 3 min read // Credit Cards
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The financial market is full of Credit Cards. All banks have their versions of the Credit Card with each one trying to outdo the other. There is tremendous completion in this market. Credit Cards have to be innovative and offer something extra for it to be popular. It can make it challenging for you to choose the right Credit Card. We shall see 3 ways that can help you identify the right Credit Card for your needs:

1. Identify Your Daily Spending Habits

Where do you tend to spend more on your Credit Card? People usually forget their daily spending on their Credit Cards and instead focus on the more massive spends that they do once in a while. Your daily expenditure includes paying for your grocery bills, local conveyance expenses, utility payments, and so on. People tend to ignore these charges while they apply for a Credit Card.

Look for a general Credit Card that gives you cashback offers and discounts on such transactions. Alternatively, search for the cards that come free of cost. You will be using these cards the most. Hence, it makes sense to apply for these cards. You can also look out for the store cards. They have an annual renewal fee, but give you attractive discounts.

If you spend a lot on fuel, having a card that enables you to avoid paying fuel surcharge or gets you free fuel is a smart thing to do. You have various Credit Card products that cater to such expenses. Keep these points in mind when you submit your Credit Card application.

2. Look at Your Other Spending Habits

Look where you spend on your Credit Cards. You might be frequenting online retail sites like Amazon or Flipkart and so on. You have specific Credit Cards that help you get discounts on these websites. You also get the advantage of converting any purchase into a 0% interest plan.

If yourfamily likes to dine out a lot,there are cards that offer 15% to 20% discounts on dining at selected restaurants. People have ahabit of using payments like Paytm and so on to do various financial transactions online. It is an encouraging trend with the Government of India being in favour of such online spending by Indians. You need specific lifestyle cards to encourage such spending. There are cards offering 10X rewards points on such lifestyle spending habits.

One can summarise that you should choose the right kind of Credit Card based on your online spending habits. You can compare all Credit Card products offering such advantages when you check out the ‘All Bank Credit Cards Apply Online’ option at loan service providers like MyMoneyMantra.

3. Identify the Specific More Significant Spends That You Do on Occasions

Do you like to travel a lot? Would you not like to have a Credit Card that gives you reward points every time you buy your travel tickets using such specific travel cards? You can accumulate air miles rewards points and get free flight tickets on collecting sufficient points. These cards enable you to book hotels at various tourist locations and give you attractive discounts on doing so.

You can also avail complimentary overnight stays at specific resorts. All these travel Credit Cards offer free access to airport lounges all over the world. You need such access because there can be long international layovers. You can pass your time fruitfully exploring the international airports and shop to your heart’s content at the duty-free shops inside these airports. You will save thousands of rupees in the bargain every year.

Other Points to Keep in Mind

  • Choose the card that offers the lowest APR (Annual Percentage Rate) and balance transfer charges.
  • There are cards that offer exciting rewards points on all spending.
  • There are specific Credit Cards that offer privileges on buying fuel, air tickets, dining at select restaurants and so on.

The tips discussed above can help you choose the right Credit Card depending on your spending habits. Access the website of Credit Card service providers like MyMoneyMantra and choose from the excellent range of options available. Compare the features of various cards on a single screen. Choose the one that suits your requirements the best. Your objective should be to avail the maximum benefits while saving a lot of money in the bargain.

Also Read: Why Should You Never Max Out Your Credit Card?

To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 60+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.

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