A.N.J.A.L.I

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Factors to be consider while choosing your credit card

1-Fees and penalties

Look out for fees and penalties in the fine print. For example, some cards come free only for the first year, with an annual fee kicking in subsequently

 2-Benefits offered

 Apply for a credit card only if you actually need it. It is also necessary to analyse your spending pattern before shopping for one.Co-branded cards suit some, while others benefit from a cash-back card.

3-Rate of interest

Research the interest rates as there may be a wide disparity among those offered by various banks. Credit cards are available at a fixed or floating rate of interest. Pick one with the lowest rate.

4-Credit limit

The credit limit is determined by various factors, such as your credit history and usage pattern. Don’t shy away from asking for a higher credit limit as long as you don’t over-leverage yourself by swiping too much.

 

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