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Factors to consider when selecting a credit card that suits your needs and lifestyle
Posted on Monday, May 27th, 2024 | By IndusInd Bank
For most individuals, a credit card is an essential financial tool for making purchases. The ideal credit card, however, goes beyond simply offering convenience. It also complements your spending habits, financial goals, and lifestyle preferences. While some cards offer standard features for everyday transactions, others may be crafted exclusively for frequent travellers. In the end, the ideal card will elevate your lifestyle and support your financial needs.
With a plethora of options available on the market, it’s crucial to pick the right card for your needs, to ensure you’re getting the most value. Here are some key factors to consider when choosing the right card.
1. Identify your spending habits
The first step in choosing the ideal credit card is to identify your spending habits. Take stock of your monthly expenses, and identify the categories that see the most expenditure – whether it be food, shopping, or entertainment, etc. With this information, you can choose the right rewards program for your lifestyle.
For instance, if you fly frequently, you can pick a card that provides travel-related perks such as air miles, frequent flyer points and membership and airport lounge access. If, on the other hand, you spend more on groceries and petrol, a rewards program with cashback on such categories would be a good fit.
2. Identify Your Primary Need for the Card
Credit cards come with various features tailored to different needs. Some individuals may be interested in building credit while others may be seeking deals on shopping and dining out. Accordingly, pick a card with the appropriate rewards and cashback programs.
3. Consider the Fees
Some commonly levied charges on your credit card are – interest rates, annual maintenance fees, and late payment fees – that affect the overall cost of the card. In most cards, the annual fees are offset by the rewards and cashback programs offered. Some banks also offer lifetime free credit cards. It is important to assess whether your chosen card’s benefits outweigh the fees for your specific spending patterns and card usage.
4. Reward Programs
Credit cards offer a range of cashback and rewards programs. To pick the right card, understand the types of rewards offered. Some cards offer points or miles for travel, while others provide cash back on dining out. Look into how rewards are earned and redeemed, any potential caps or expiration dates on rewards, and whether the rewards align with your spending habits.
5. Additional Perks and Benefits
Many credit cards offer a suite of additional benefits, such as travel insurance, discounts on dining out, airport lounge access, and concierge services. These perks can add significant value to your lifestyle and are beneficial if they align with your spending pattern. Do consider the additional perks offered on a card and how they align with your needs before selecting a card.
6. Easy Online Application
Finally, pick a credit card issuer with a paperless application process in place. Leading banks today allow you to apply for a credit card online with just a few details such as a PAN number, mobile number, email ID, and a quick e-KYC.
Choose a Credit Card Online to Elevate Your Lifestyle
Most banks today offer a wide range of credit cards designed to suit a variety of financial and lifestyle needs. Additionally, they offer a 100% paperless online application process with instant approvals. After carefully considering your spending patterns and lifestyle needs, apply for a credit card online to start enjoying attractive discounts and rewards on your spending.
