6 important things to know before applying for a credit card
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6 important things to know before applying for a credit card

  • Highlights

  • Compare the annual percentage rates and fees to gauge the card’s affordability

  • Check the minimum repayment amount and added charges

  • Pick a card offering rewards and benefits that suits your lifestyle

  • Get a host of perks with the Bajaj Finserv RBL Bank SuperCard

Credit cards do make life easier, but choosing the one that fits your lifestyle best needs some homework. The first thing you must consider is what you would like to use the card for. Is it for daily expenses, for travel, or big purchases only? Find out what benefits the credit card offers and only then choose the one that maximises the benefits for you.

For example, with any of the Bajaj Finserv RBL Bank SuperCards, you can enjoy perks such as interest-free cash withdrawal in case you are using your credit card for household expenses or business needs, and movie ticket discounts, if you are looking to use the card recreationally. You also get an interest-free loan and free airport lounge access that will benefit you if you are a self-employed professional or a frequent traveller. Keeping these rewards and advantages in mind, you can choose the best credit card for yourself.

Here are a few tips that you must consider before you zero in on a credit card.

1. Check the credit card’s minimum repayment amount

Every credit card comes with a minimum repayment amount that you have to pay every month in case you cannot pay the total amount and want to still continue using the card. Compare the repayment amount between all the credit cards you are considering and choose the one with the least amount. But, remember that paying only the minimum and not your total credit card bill will increase the overall amount that you owe.

2. Compare annual percentage rates

If you don’t pay your credit card bills in full before the due date, you are charged an interest rate on your purchases thereafter. Issuers usually state this number for credit cards as a yearly rate and call it the annual percentage rate (APR). If you think you will be unable to pay the entire bill every month, choose a card with the lowest APR. For example, if you get an APR of 47.88%, your interest works out to up to 3.99% per month.

3. Check for added charges levied by credit card issuers

Apart from the interest charged for not paying your credit card bill in a timely manner, there are other charges that you need to be aware of before making your decision. Credit card companies usually charge you in case you exceed your credit limit, make purchases abroad, and need your lost card to be replaced, amongst others. You have to be aware of these hidden charges so that you don’t end up paying much more than the amount you borrowed as credit.

Shopping online made easy with the SuperCard

4. Learn more about earning and redeeming reward points

You earn reward points every time you swipe your credit card. You can use these to make purchases in select shops or shop online via your issuer’s website. Find out how many reward points you earn with each credit card under consideration. The more the merrier! With the Bajaj Finance RBL Bank World Plus SuperCard, you can earn up to 20,000 reward points as a welcome gift and with 20,000 points when you spend Rs.3,00,000 and additional 20,000 reward points on spending Rs.5,00,000 in a year. Apart from this you also get 2 reward points for every Rs. 100 spent on regular spends and 20 reward points per Rs. 100 spent on all dining and international spends. All these points stack up and you can redeem them to buy flight tickets, hotel stays, electronics, fragrances and more. So, consider how you can earn points and redeem them for things you actually want and use.

5. View the other benefits your chosen credit card offers

Apart from reward points, you can also check the unique advantages of credit cards to select one that best suits your lifestyle. These include airport lounge access, discounts on movie tickets, fuel surcharge waivers, etc. All the Bajaj Finserv RBL Bank SuperCards offer you an interest-free loan for up to 90 days with a nominal processing fee to meet your urgent needs for cash along with all the other above-mentioned benefits. Plus, these SuperCards also give you the option of EMI finance. This makes it ideal for you no matter whether you’re a business owner, jet-setting professional, homemaker, or fashionista.

6. Compare the annual fees of credit cards before making the final decision

Every credit card company charges an annual fee to the customer for use of the card. This is added to your bill. With the Bajaj Finance RBL Bank SuperCard, the fee varies between zero to Rs.4,999, depending on the card you choose.

The price is high if you use a credit card that does not suit your lifestyle. So, remember the factors mentioned above and choose wisely. Check now to see your pre-approved credit card offer from Bajaj Finserv and get started on your journey of building and using credit smartly today!

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