Which credit card to opt for? Compare them along these 8 key parameters. Check list here

In case you are planning to get a credit card someday quickly, it is important to first perform the preliminary analysis and do an goal comparability between the playing cards provided by totally different banks. Whilst you accomplish that, you would possibly really feel that every card presents a spread of advantages and options, a few of that are essential whereas others are usually not. 

So, what deserves comparability and what not? Feels like a troublesome alternative however truly it isn’t.

It’s endorsed to check totally different bank cards alongside some pre-defined parameters. Notably, virtually all bank cards cost an identical rate of interest which, invariably, is excessive. So, evaluating the rates of interest which the banks cost on their bank cards shouldn’t be going that can assist you select a bank card.

Moreover, virtually each bank card presents round 45-day interest free credit period. From this angle too, there may be barely any distinction to talk of. So, what else are you able to think about earlier than taking a name as to which bank card is healthier for you.

Right here, we share eight totally different parameters alongside which you’ll decide a bank card’s potential.

Key parameters to guage earlier than selecting bank cards:

1. Reward factors: Most bank cards supply reward points at each buy. These factors can be utilized to do lodge or flight bookings. Some playing cards additionally allow the cardholders to get cashback with these reward factors.

As an example, ICICI Financial institution’s Coral Credit score Card presents 2 reward factors on each ₹100 spent on card (barring gasoline). It additionally presents 1 reward level on each ₹100 spent on utilities and insurance coverage classes.

2. Airport lounge entry: Most bank cards give access to lounges in home and worldwide airports. The extra elite the cardboard is, the broader the entry is given to those lounges. This implies some playing cards give entry to home airport whereas some additionally give entry to worldwide airports. Moreover, superior playing cards give extra frequent entry to those lounges. 

As an example, ‘Paytm SBI Card Choose Card’ entitles cardholders to entry 4 home airport lounge in a single yr, and capped to at least one in every quarter. In the meantime, Axis Financial institution Magnus Credit score Card presents limitless lounge entry for cardholders.

3. Low cost on eating: Some playing cards supply low cost on a variety of eating places. So, if you’re a foodie and like consuming out lots, this may occasionally work in your favour. As an example, Axis Financial institution’s Rewards bank card presents 30 % immediate low cost on Swiggy.

4. On-line buying low cost: Bank cards additionally supply buying low cost at on-line market locations or on grocery, journey bookings, amongst others.

5. Film tickets: Some particular bank cards supply complimentary film tickets. In some instances, one further ticket is given with buy of 1.

As an example, ICICI Financial institution’s Coral Credit score Card presents 25 % low cost on film tickets, on E-book My Present and Inox, twice per 30 days.

6. Free passes to occasions: In some case, bank cards supply free passes to particular occasions equivalent to live shows and musical nights, and so forth.

7. Annual charges: One issue that issues is that the bank cards cost an annual payment. And decrease the payment is, the higher it’s. Nonetheless, when the advantages and reductions far outstrip the annual payment then it’s price paying a excessive payment in some instances.

8. Air miles: As you utilize a bank card, you stand to earn some reward factors. After accumulating these factors over a time period, you possibly can convert them to purchase air miles. And these air miles can be utilized to purchase air tickets.

There are some bank cards which supply complimentary financial system class tickets. As an example, Axis Financial institution presents Vistara Credit score Card which presents one complimentary financial system class ticket as welcome profit. One also can earn upto 3 financial system class tickets yearly.