To get the best credit card in India, the primary course of action is to understand your needs. A plethora of credit card options are available, with attractive features that stand out from each other. Ideally, the best card is the one that meets all your lifestyle needs.
Nevertheless, the easy availability and accessibility of credit cards can make it quite challenging to select a suitable option. Thankfully, there are some tips and tricks that can help you navigate the maze of options and choose the right card. Here’s all that you need to know.
Understand Your Financial Requirements
With multiple types of cards catering to the dynamic requirements of customers, you’re often spoiled for choice. Some of these types include:
- Rewards credit cards
- Cashback credit cards
- Travel credit cards
- Business credit cards
- Student credit cards
- Credit card against fixed deposits
- Shopping credit cards
- Student credit cards
Before you finalise a card, assess your needs and preferences to avoid excessive strain on your monthly finances. So, if you want the best credit card in India with cashback benefits that help you save more money on your expenses, a cashback credit card is ideal.
On the contrary, if you travel frequently, simply opt for a travel credit card and enjoy discounts on flight ticket bookings. It also allows you to save on foreign transaction charges, which may not be available on other types of cards. Therefore, it is important to assess your needs before shortlisting your credit card options.
Fix Your Credit Score
Having a good credit score is one of the crucial requirements for getting your preferred credit card and maximum limit. Why? Simply because an optimal score assures the issuer of your creditworthiness and your repayment ability.
Since most issuers expect a credit score above 750, make sure that you meet the parameters before you apply for a credit card. Some financial institutions approve applications if the score is above 700.
Wondering what to do if your score is low? The answer is simple. You can opt for a credit card against a fixed deposit and build a spotless credit history. This type of credit card is ideal for students and first-time applicants.
You can also improve your credit score by paying your debts on time, lowering your credit utilisation ratio, and correcting any discrepancies in your credit report.
Assess the Card’s Reward Structure
Another important criterion to check before applying for a credit card is the reward program and cashback it provides. Knowing this helps you compare the best options that align with your preferences.
Moreover, you can use these rewards and cashback benefits to manage your credit card payments and lifestyle expenses. For example, if you have opted for a fuel credit card, using it at a petrol station will be a smarter approach than making a cash payment. This gives you cashback, rewards on purchases and fuel surcharge benefits.
Opt for the Lowest Interest Rates and Other Costs
Almost all credit cards have an interest rate, which applies to any outstanding balance. Remember, paying the card bill in full and on time can help you avoid unnecessary interest charges.
Nevertheless, it is ideal to choose a card issuer offering affordable interest rates and associated card maintenance charges. Some of the additional expenses include annual and joining fees, reward redemption fees, late payment fees, etc.
Check the Additional Benefits and Perks
Simply checking the rewards, discounts, or even associated charges is not enough. You need to keep a close watch on other exclusive perks that you can enjoy, some of which include:
- Extended warranties
- Complimentary airport lounge access
- Luxurious hotel stays
- Complimentary flight tickets
- Concierge service
- Priority onboarding on flights
- Zero liability coverage
- Travel insurance
- Annual luxury dining
With these tips, you can choose a credit card that helps you save more money while managing your everyday expenses. In addition, you must check the issuer’s eligibility criteria on their website before proceeding with the application process. This will save you time when negotiating for a better offer and help you avoid rejection.
To make your onboarding process easy, the One Credit Card has simplified eligibility criteria with a 100% digital application process. You can track expenses without hassle using its robust One Credit Card app, which allows you to spend confidently while helping you track your monthly expenses.
That’s not all. You can earn 5X rewards with no expiration on your top two spending categories. In addition, convert your big-ticket expenses into affordable EMIs, enjoy zero annual and joining fees, and more. So, apply online to enjoy one-of-a-kind credit card experience.
