How To Compare Credit Card Offers

Welcome to FundooMoney, your 24X7 buddy for all your money matters! If you are one of those looking for actionable advice on how to get a credit card, you have reached the right place. In a moment, we will tell you the four things you need to do to compare various credit cards and spot the one that’s just right for you.

Here are four steps you must take when you are scouting around for a credit card:

Go for a multipurpose card
Having one credit card each for a different purpose could mean too many cards for you. This might make it difficult for you to manage them. Instead, have fewer credit cards with comprehensive features that meet most of your needs.

Check annual fee and charges
This includes interest rate if you revolved credit, EMI conversion besides charges like processing fee for balance transfer. Remember, there are many credit cards which offer great cashback but have high annual fee. They are suitable only for those with high spending patterns. So, check if the card matches your spending behaviour.

Examine the reward rate and value
When comparing different credit cards, you need to find out the reward rate offered by the credit card company i.e. reward points for various amounts of purchases. If you are likely to accumulate more reward points for your typical expenses, the credit card will be more useful to you.

Ensure that each reward has good value in actual rupee terms. You need to go through catalogue of the credit cards to verify the value of each reward. Opt for a credit card that offers maximum rupee value of rewards for your typical expenses.

Adequate credit limit
Go for a credit card that offers you a comfortable credit limit. Otherwise, you may not be able to benefit from it even if it has some great features.

We hope you found this useful. If you have other smart tips for selecting a credit card, do share them us and others in the comments section. For more such actionable personal finance information and regular uploads, subscribe to our channel. Also, visit our website, download our mobile app and stay connected with us on Instagram, Pinterest and Slideshare.