Credit card is now being used increasingly for both offline and online shopping. If you are new to credit cards you might be a bit confused about how to choose the right credit card amongst the best credit cards in India. A few points given below might help you in deciding the right credit card for you.

Which Credit Card is Right for You?

Before choosing any credit card for you, you must ask yourself a few questions like what are things that you like to spend most on. If you travel more within the city then you might be spending more on fuel. In case you love travelling to new places then your expenditure on train and flight tickets will be more. If you are a foodie and love to explore new cuisines then you’ll be spending more on dining. Being a shopaholic person you’ll end up spending on shopping more. Different Standard Charted credit card offer you different reward points and benefits on shopping, dining, flight tickets, and fuel. Hence, you should always select a credit card based on your spending pattern as only then you’ll be able to reap the maximum benefits of the card.

Joining Fee of Card

Some credit cards carry a joining fee while other credit cards have nil joining fee. The fee on different Standard Charted bank credit cards vary. So you must select a card that offers you the maximum benefits in the form of rewards points on spending, dining discounts, fuel surcharge waiver. In some cards, your joining fee or annual charges might get waived off after spending a particular amount from the card.

Credit Limit

Credit limit refers to the maximum amount that you can spend from your card. The credit limit is set by your back based on your creditworthiness. The credit limit varies from person to person. It might be different for two persons having same age, salary, etc.  If you pay all your dues on time then over the period of time bank might consider raising your credit limit. Hence, it is advised that you always pay all your credit card bills on time.

Cash Advance Limit

At the time of emergency, you can always use your credit card to withdraw cash from ATM. Banks decide your cash advance limit which is usually less than your credit limit. It is advised not to withdraw cash using your credit card as it carries a very high rate of interest charges.

Credit Score

The credit score is used as an instrument to measure the creditworthiness of a person. A higher credit score improves your chances of getting a credit card with a higher credit limit. On the other hand, a poor score works negatively and your application for a credit card might get rejected. So. it’s always better to check your credit score before applying for a credit card with Standard Chartered bank.

Grace Period

Grace period refers to an interest-free period during which no interest is charged by the bank. Different credit cards have a different grace period. Usually interest-free period can be anywhere between 20 days to 50 days. SO, you should always select a credit card that offers you the maximum grace period.

Interest Charges

Different credit cards carry different interest charges. Generally, it ranges between 2.5 percent to 3.5 percent per month. In case, you are unable to pay your credit card bill before the due date then you are charged interest on the whole amount spent from your card. So, compare interest charges on different cards before choosing a credit card.

Based on the above-mentioned points you can choose the right credit card for you amongst the best credit cards in India. You can do an online comparison online on the bank’s website or on any online aggregator’s website. After doing a thorough analysis you can select the right credit card for you.

 

Read Also: How Is The Personal Loan EMI To Be Paid?

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