What is a good Credit Card?

A good credit card can make your life easy, enable cashless payments, help you buy things out of your budget with simplified financial solutions, and contribute to building a better credit score as long as you make your payments on time. There are numerous types of credit cards in the market, making it hard to make sense of all their features and pick one that really blends into your lifestyle seamlessly. Let's discuss some tips to help you pick the best credit card.

The best Credit Card: How and where to find it?

It is crucial to select a card that fits your situation and needs. Credit cards can offer unique features and services that may or may not be useful to you. Moreover, they also levy some fees and can have varying interest rate charges. So, make sure you pick a card that offers you value based on the answers to these questions.

Q1. Do you travel a lot?

Some credit cards offer frequent flyer miles that help you bring down your travel costs. If you are a regular traveler you can consider travel credit cards. An example is IDFC FIRST Bank's FIRST Wealth Credit Card , which offers several travel benefits like access to airport lounges and spas, just 1.5% forex markup on international spends, travel insurance, air accident cover and some highly valuable travel offers that can come handy if you are out and about a lot.

Q2. Do you want a card with a low annual fee?

Credit cards usually charge an annual fee that can differ based on the type of card you choose. If your sole purpose is to save money, you can look for cards that do not charge a fee. You can get a lifetime free credit card with interest-free cash withdrawals. This way, all you pay are only your dues at the end of the billing cycle. For instance, IDFC FIRST Bank Credit Cards offer a lifetime-free subscription with no joining or annual fees whatsoever. This saves money, and at the same time lets you enjoy all the uber-cool benefits these cards have to offer.

Q3. Do you want rewards?

When you cross a certain spending threshold, rewards are added to your credit card. If you wish to earn these incremental rewards, pay attention to the list of spending categories and merchants the credit card covers. Also, check if you can earn rewards on online and offline purchases, as the face of shopping is rapidly changing. It can also help pick a credit card that offers lifetime reward points without any expiry date, so you can keep collecting these Reward Points and utilize them to the fullest when required. Imagine being able to pay for your favorite Apple Product say an iPhone by just using your Reward points. The key is to keep spending, keep earning & accumulating and then redeeming against any large purchase.

Good credit cards can offer a host of benefits like a high credit limit, cashback options, and above all, convenience. However, you must get a card that serves your purpose and caters to your distinct requirements. Make sure to ask yourself these questions and accordingly settle on a card that aligns best with your needs. 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.