How to choose the right credit card for you
We live in a time when access to finance has never been easier. But, a major driver of that convenience is credit. Today, credit products like credit cards and loans are accessed by a majority of the population and are vital in helping them manage their expenses and purchases. With India’s credit landscape evolving continuously, customers now have a multitude of credit options to choose from. So, how does one go about choosing a credit product that is right for them?
The credit options available today are meant to cater to a variety of needs – buying a gadget, funding a vacation, handling emergency medical expenses, and more. Begin by assessing your financial status – income, expenses, and current debt – to find out the additional credit you can avail and subsequently, the credit options you are eligible for. By borrowing within your means, you can avoid the pitfalls of unmanageable debt.
Credit cards are among the most popular forms of credit available today. If used wisely and responsibly, they can be beneficial. Credit cards essentially provide a revolving line of credit, allowing you to make purchases up to a specified limit. Reward points and loyalty programs are one of the perks that credit cards offer which can help you save on purchases. Additionally, the no-interest period applicable on timely repayments further adds to the flexibility that a credit card offers.
Choosing a credit card that aligns with your spending habits is crucial. Most credit cards offer cashback and discounts on a variety of spends such as groceries, dining, entertainment, travel, etc. There are also cards that are specially designed to cater to a specific expense category. For instance, if you are a frequent traveller, credit cards that
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