Top 3 Factors to Consider While Choosing a Credit Card
When it comes to choosing a credit card, the number of options abound. There are a host of financial institutions or banks out there offering credit cards. And it becomes more perplexing when majority of them claims to be the best.
So how do you choose one? How do you figure out you’re getting the best deal for your high limit credit card? Have no clue? Don’t worry, we’ve got you covered. There are quite a few things you must take into account before you choose one. It’s not something to do perfunctorily.
In this article, we will be shining a light one on a few of the factors that can help you single out a credit card that can best fit your needs. So, without any more talking, let’s have a look.
- Interest Rate
Every credit card comes with its own set of interest rates, minimum monthly payments and other associated fees. It’s important to understand your spending habits, how much you make on a monthly basis and the amount that each credit card will charge you in case you carry a balance or if you fail to make your minimum monthly payment by the set date.
- Annual Fees
In addition to the interest rate, credit cards also have annual fee. Some annual fees are higher than others, but if one is not looking to pay this kind of money, they should look for a credit card that doesn’t require an inordinately high fee.
Whether it’s a shopping credit card, business credit card, or any other type o credit card, some amount of fee gets deducted annually. But just because a company is charging higher fee does not necessarily mean it’s better. Some credit cards might have pretty extortionate annual fees, which is why it’s recommended that you do some research and look for the cards with lower annual fees.
- Budget
Once you have singled out a few credit cards, narrow down the list with the options that allows you to maximize the card’s benefits. But you need to make sure that you’re still within your monthly budget when it comes to the card spends.
For an example, if your monthly spending budget is 10,000, go for a credit card that offers, let’s say 10% cashback for the eligible spends up to 10,000. This way, you will be able to save Rs. 1000 each month.
So these were quite a few factors you need to consider while getting a credit card online. However, there’s a lot more to talk about as well, but that can take too long to be covered here. To make it easier for you, let us introduce you to the “WeFin”.
Why Should You Rely on WeFin.in?
Being one of the most renowned digital lending aggregator platforms in India, Bank Se is your one stop shop solutions whether you apply instant credit card online, need personal loan, or two wheeler loan. It’s one of the most trustworthy and credible platforms which has partnered with Axis bank, Muthoot finance, LoanTap, and the list goes on.
Head to the official website of WeFin to know more – https://wefin.in/