When applying for a credit card in India, it’s a good idea to do some research on the offers and features offered by your potential credit card provider as per your use. These can be very useful in helping you to manage your finances.
1) How You Plan to Use the Card
Before applying for a credit card in India, you should first consider how you plan to use it. A credit card is a great way to build your credit history and establish yourself as an income-earner. You can use a credit card for any purpose, but you should be aware of its limits before applying.
2) Annual Percentage Rates (APRs)
Another important factor is annual percentage rates (APRs). These are the interest rates charged by banks and other financial institutions on loans or credit cards.
The rate will vary depending on many factors including how much money you want to borrow, how long it will take for you to repay this amount, and how reliable your income is at any given time (for example, if there are other expenses such as rent or student loans that need paying every month).
3) Credit Limit
If you don’t plan on using the money on the card regularly, then there’s no need to worry about having a high credit limit.
But if you do plan on making regular purchases with it, then your credit limit must be large enough to accommodate these purchases without jeopardizing your ability to pay off the balance in full each month.
When considering rewards programs, make sure they’re worth the cost. Some cards offer cash back or other perks, but those can be difficult to redeem and may not be worth the trouble if you’re just looking for extra cash back on your purchases.
You should look into the penalties for missing a payment. While some credit cards have a grace period before paying a charge, others have a higher fee for any late payment. Before applying for a credit card, it’s important to know what your card will charge you in case of missed payments.