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THINGS TO CHOOSE BEFORE APPLYING FOR A CREDIT CARD


The world of magical plastic card may seem confusing for a new card holder. There are several banks offering various credit cards each with exclusive features and benefits. There is not a single card in the market that fits the definition of ‘best credit card’ as every individual have different financial needs. The right credit card is the one that best suits your spending requirements. ShubhBank is here to guide you to choose and "Apply For a Credit Card".

Choose the Right Credit Card:

From earning cashback, rewards and getting travel benefits, you will find all types of credit cards. The choice for the right card depends on the features that you would like to avail. So, firstly you should decide your spending goals related to a credit card. If you are just a beginner in this journey, you might have only limited options. New customers can only get approved for basic credit cards with best available options. We have discussed few simple tips below with which you can start your search for the right credit card for yourself.

• Analyze your expenses to list out where you spend the most and the least.
• Look after your financial habits and be honest to yourself.
• Read carefully about the top benefits of credit cards you would like to avail.
• Plan your budget and see how much extra you would be able to pay in EMIs.
• Do not get trapped for the advertised offers; choose it according to your expenditure.

On the basis of the given points, you can shortlist a few credit cards and check your eligibility for them. If you are eligible for any of them that suits your requirements, you can proceed with the application.

Pros and Cons of Credit Card:

PROS
• They are easy to carry and use rather than carrying a wad of cash in your pocket.
• They are secure and protect you in case of credit card fraud.
• They give you financial security in times of cash crunch.
• You can also earn rewards and cashback while spending with your credit card.
• There are lots of benefits associated with credit cards such as airport lounge access, gift vouchers, reward points and free movie tickets.

CONS
• They have higher interest rate between 25-45% annually.
• Additional charges like renewal fee, late payment penalty are also associated.
• You will be in debt trap if you start missing payments on credit card.
• They are quite expensive for international use.
• Missed payments can directly impact your credit score.

Using your credit card wisely can go a long way in building a strong credit score. You can do this by maintaining a fair utilization and paying your bills in full and on time. Start with great financial habits, take charge of your expenses then you will go a long way. Getting a new credit card also gives you the advantage of joining bonus and other benefits. So make the most of it and apply for a credit card at ShubhBank.

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