If you are wondering which is the best credit card in India and why it is so hard to decide, welcome to the club. Being spoilt for choice can sometimes be daunting, more so when it comes to credit cards, which can play a big role in your financial wellness.
While you may hear that identifying the best credit card in India is subjective, there are certain strategies that can help you do this confidently. Read on for a quick snapshot of the factors to consider before you apply for a credit card.
Assess Your Needs
Want to get your hands on the best credit card in India? Start by analysing your spending behaviour and evaluate your monthly expenses. Credit cards are convenient tools that help manage your payments and access quick, short-term financing. However, there’s no one-size-fits-all approach to selecting an ideal card.
The right card for you solely depends on your needs, and those are exactly what you should be looking at when zeroing in on a card. If you are a shopping enthusiast, opting for a card with travel perks will do no good. Instead, apply for a credit card offering exciting cashback and rewards on online and offline shopping.
If you spend more on necessities like rent, fuel and utilities, choose a credit card that offers benefits on these payments. This way, you can match your unique requirements with a credit card that helps you save the most.
Read the Fine Print
Want to skip the terms and conditions? When it comes to credit cards, don’t do that! Reviewing them will help you understand not only the various card features but also the associated costs.
After all, credit cards have numerous fees and charges. Some of the most common ones include:
Joining fee
Annual fee
Charges on forex transactions
Late payment fees
Cash advance or ATM withdrawal fees
The rate of interest levied on any outstanding amount
Rewards redemption fee
EMI conversion fee
Add-on card fee
This list can go on, and all these charges add to your bills. Also remember that certain charges may only be waived off when you meet specific terms. As a rule of thumb, remember that the best credit card for you will be the one that has minimal charges and offers a variety of facilities at zero cost.
Compare Various Card Options
A little homework never hurts anybody, and this is especially true of research when it comes to credit cards. Some of the factors you can keep in mind to select the best credit card in India for yourself are:
Rewards program and redemption process
Complimentary insurance covers
Cashback and discount offers
Fuel surcharge waivers and complimentary airport/train lounge access
Ease of blocking, reporting fraud and setting spending limits
Access to a virtual credit card for online shopping
Convenience of management via an app
Concierge services and other perks
Welcome and milestone rewards
All these features can make your experience exciting, allowing you to enjoy big savings every time you spend. So, compare some of the best credit cards in India based on this list, and you can choose one that works for you.
Know the Credit Score Requirements
Issuers set certain eligibility criteria for credit cards, and you can get a card when you match specific requirements. While your age and income play critical roles, your credit score is the big number that most issuers pay close attention to. Some of the best credit cards in India require you to have a score of 750 or more.
So, review your score and report. If your score is not yet up to the mark, work on it before you apply. If you are new to credit, you can get started with a secured credit card instead, which is usually linked to a fixed deposit. Such cards offer a credit limit based on your FD’s value while giving you good rewards and allowing you to build your credit score. You can then build your score and switch to a regular credit card.
With these four tips, you can choose not just the best credit card in India but the best credit card for yourself! In your hunt for the ideal card, consider the One Credit Card, a premium metal credit card that allows you to monitor all your transactions, create a budget, plan international trips, earn 5X rewards points and much more.
From converting bills to EMIs, managing your OTT subscriptions or ordering an add-on card, you can do all this and more on the powerful One Credit Card App. What’s more, there are no joining or annual fees, your rewards don’t expire, and you can redeem points with just a swipe! Get it now and explore its myriad benefits today.
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