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Credit cards are known to offer convenience, rewards and financial assistance, and these benefits make them a valuable product. To reap the most out of your credit card, choosing the right one is important.
Here’s a list of essentials to consider when opting for a credit card:
The primary reason to have a credit card is borrowing credit and repaying it later. The amount that you can borrow is known as your credit limit. It is therefore essential to understand the credit limit available to you.
The credit limit depends on various factors such as:
While applying for a credit card, you can check if it allows an additional cardholder. Here are the benefits of adding another individual to the card ownership:
If the credit card offers you this option, all you have to do is provide the details of the second cardholder, including their name, date of birth, and contact details, along with your own details.
Credit card charges:
When you avail a credit card, you may have to pay certain credit card charges and fees such as:
IDFC FIRST Bank provides lifetime free credit cards with zero joining, annual and renewal fees.
Credit card rewards points:
Another benefit to look forward to while availing a credit card is its reward points. Credit card reward points may come as:
You can collect these rewards and redeem the points for:
Lastly, check the interest rate while availing your credit card. This plays a vital role, especially when you delay the outstanding payment beyond the credit period. Generally, the interest rate is 0.75%-3% per month, depending on the card you choose.
Along with the features mentioned above, most credit cards also offer:
Credit cards come with ample benefits and spending flexibility and can also help you maintain a good credit score. Choose the right card by referring to the above checklist and enjoy maximum features and benefits.
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