If used correctly, a credit card can function as a powerful tool to keep your finances in order. It can help you borrow money when you need it, avail cashless transactions, enjoy EMI facility, and so on. However, with the exhaustive range of credit cards available today, from popular financial institutions, selecting the ideal first credit card can be a herculean task. This is because to ensure which credit card is the right one for you, you need to evaluate the details of the different card choices for which you are eligible and determine which the best fit is. To do this, you need to keep in mind certain aspects to look out for in your first credit card.

Things to consider before getting your Credit Card

Here is a list of things you should consider before getting a credit card for yourself-

Features and Benefits-

Study the features and benefits that you can avail against each card before making a choice. This will allow you to get the best deal out of your credit card. If you travel often, you might want to get a credit card that lets you avail benefits on air and rail travel. You might also want to check for credit cards that offer perks such as complimentary lounge and hotel memberships. Similarly, if you own a car, you can opt for a fuel credit card that lets you save on fuel purchases by offering surcharge waivers. As you are likely to make all types of transactions on the card, make sure that the credit card has a low minimum bill amount so that you can convert all your big and small purchases into easy EMI’s and pay them over a convenient period of time. It is also useful to keep the option of cash withdrawal and instant loan on the credit card, handy, if you do not have adequate funds to cover expenses during emergencies. Look out for cards that offer the add-on card advantage, so that you can extend your credit card perks to your immediate family members or dependents.

Offers and Rewards-

Apart from offering funds, credit cards also provide the opportunity to earn loyalty points, cashback, discounts and offers, when used for transactions. These offers and rewards are provided in association with different businesses and service providers, such as with airlines, petrol outlets, supermarkets, online stores, and so on. However, not every card offers the same type of offers. As a result, it is wise to look out for rewards and offers that match your lifestyle so that you can get the best deal out of your credit card.

Fees and Charges-

Owning a credit card comes with certain fees and charges. These are levied depending on the usage of your card. Finance charge is one such important charge which gets added to your credit card bill if you fail to pay your credit card dues on time. It is, therefore, wise to go for a credit card that has a lower interest rate. Similarly, you would also want to go for a card that comes with a lower annual fee or no annual fee. This will allow you to save more. Take a look at the other charges too, such as cash advance fee, late payment fee, over limit charges, etc., and ensure that they are on the lower side.

Credit Limit

The credit limit is the maximum amount that you can borrow on your credit card to make transactions. Depending on the usual monthly spends you can choose a credit card with a suitable credit limit. As a first-time credit card holder, your credit card spends might not be very high, so you can choose a credit limit with a lower credit limit. You can always place a request for increasing the credit limit later, should you need it.

To decide on a credit card and apply for the same, you can refer to a credit card app, such as Finserv MARKETS app, which allows you to compare different credit cards by popular banks and apply for an online credit card.

How to apply for an Online Credit Card using Finserv MARKETS App?

Viewing, comparing and applying for an online credit card on the Finserv MARKETS credit card app is simple and easy to follow-

•       Download the Finserv MARKETS App on App Store or Play Store
•       Login using your credentials
•       Enter your personal details and contact information
•       Browse and compare the best credit cards, from popular financial institutions, that you can apply for
•       From the list of options, choose the credit card that matches your spending habits the best
•       Submit the application for your credit card with the documents requested and you can enjoy instant, easy online credit approval

A credit card is a convenient way of making cashless transactions online and offline. Equipped with the right credit card, you can make the most of the benefits that a credit card can offer, without worrying about the card becoming a financial burden. Take a look at the popular credit card options, their features, benefits, charges, offers, rewards, etc. and select the best first credit card for your everyday use.

In Association with Finserv MARKETS