Due to the rising demand among various individual spending profiles, financial institutions in India have introduced an extensive line of credit cards. So, picking up the right credit card may seem time-consuming and hectic. However, if individuals know what all elements they should consider, they can arrive at the best card and continue with their credit card application common procedure.

  • Track spending habits

As many cards are designed to serve specific spending habits, individuals should understand the reason behind opting for a card. Depending on their recurring expenditures, they can search for the cards. Borrowers who are likely to carry a balance should opt for cards with a relatively lower APR.

Nonetheless, it is always advisable to pay off the total monthly bill and avoid expensive APRs. Also, applicants can look for cards like Bajaj Finserv RBL Bank SuperCard and its variants that can mostly serve all purposes.

  • Income

An applicant’s income is one of the vital criteria for eligibility. Thus, one should look for a product that matches their monthly earnings. However, to increase the income bar, they can mention all possible ways of earnings like investment return, business earnings, etc. to avail a credit card of their choice.

  • Credit limit and its utilisation

Individuals should consider lenders that can offer the highest credit limit according to their eligibility. Excessive utilisation of the limit impacts credit history negatively. So, cardholders need to keep the utilised amount within 30% of the credit limit available.

  • Interest

Credit cards work in a way that if borrowers wish to carry a debt after the due date, it attracts interest accrual. Typically, the rates of interests on these cards are high. So, keeping all adverse scenarios in mind, individuals should opt for competitive APRs.

  • Other charges

Before sending the credit card application, individuals should be aware of all the applicable charges like fees, penalties, interest rates, etc. Fees like processing charges, balance withdrawal charges, late payment fees, annual fees, etc. differ across lenders. It is thus best to opt for a card issuer with minimal such charges.

Borrowers should go through all these considerations one by one and narrow down their search for the most suitable credit card. It may take some time, but the procedure is beneficial to make an informed decision.