There are several perks of using a Credit Card over a Debit Card. It allows you to build a good credit history, which makes Loan availability easier with favourable interest rates. Secondly, you get cheaper Insurance and new cellular plans. Also, regular purchases with a Credit Card help you earn reward points or cashback. It also protects your purchases from theft or damage.
With a gamut of benefits offered, applying for a Credit Card online is recommended to improve your financial health. Before doing so, here are a few factors that are worth considering:
Eligibility criteria
It is the most important factor that decides whether or not you can apply for a Credit Card. Though the eligibility criteria may vary across banks, there are a few common requirements. The cardholder should be above 18 years old with resident Indian or NRI status. You should fall within the minimum income criteria specified by the bank. You also need to produce all the necessary documentation for the identification process.
Choosing a Credit Card
After you qualify for the eligibility criteria, knowing which one to choose is essential. Before you apply for a Credit Card online, it is important to understand its features. Let us discuss them:
EMI tenure of the Credit Card
The primary reason to own a Credit Card is to borrow funds from the bank and repay it in easy instalments. It is important to check the Credit Card interest rates and choose an affordable EMI tenure. Most Credit Cards offer an interest-free period to their users where no interest is charged, provided you pay within the due date.
Cash withdrawals
Look for a Credit Card that lets you withdraw cash from anywhere worldwide. Most Credit Cards provide cash withdrawal facilities, including a minimal withdrawal charge. With the Fuel Card, you enjoy a 4% value back on fuel transactions by earning 20 reward points per Rs. 100 spent at any IOCL fuel outlet in India.
Online accessibility
Your card should include the online registration feature where you can track your daily spending and your available balance with the ongoing EMIs. If you apply for a Fuel Credit Card, for example, you get a welcome benefit of 100% cashback up to Rs. 250 on your first fuel transaction within 30 days of issuance. These transactions are reflected in your online statement, making it easier to track. You get a 1% value back on online shopping after spending Rs. 100 and earning five reward points.
Other features
While applying for a Card online, you get access to other features, like SMS, email, and mobile alerts, 24×7 customer service helplines, and Insurance for comprehensive protection.
Conclusion
While researching the card features, benefits, and charges, you should also look at the waivers, reward point system, dining delights, and instant discount facilities on movie tickets booked through BookMyShow. Compare and assess the features of each card before applying.
