Choosing the right credit card does not have to be a daunting task. With a little bit of research and evaluating your lifestyle and needs you will be able to choose the right card for you.
Asking yourself the following questions could help you make an informed decision on which credit card you should get.
What are your spending habits?
On what do you spend most of your money? Do you spend them on grocery shopping or on fuel? Or do you use your credit card to spend on frequent travel?
Understanding your spending habits will help you decide what kind of credit card you should get. It will help you understand if you need a premium credit card that offers great deals on travelling or a cashback credit card that offers cashback on all your local spends.
Identify where most of your money goes every month and that will help you decide what card will reward you the most.
What are the benefits offered by each Credit Card?
Offers and discounts are the unique selling points of credit cards. Understanding each of these benefits and how you can save through them can help you choose the right credit card. For example, if you pay for most of your purchases through a credit card, getting a Citi Cashback credit card could be a good choice as you can earn cashback on your spends. Similarly, if you are a frequent traveler, an Emirates Citibank Ultima or Ultimate credit cards will help you save money, as you can convert your everyday spends into reward upgrades and flights with Emirates from the Skywards Miles you earn.
Scan and compare your credit card options and get the one that aligns with your usage and provides you with the offers and features that match your lifestyle.
Are there Installment plans?
Do you plan on making any high monetary purchases on your credit card? If yes, credit card installment offers can come in handy. Whether you need to pay for an upgrade on your favorite gadget or pay your child’s school fees, credit cards come with a wide range of easy installment plans for all your needs. Some cards also allow you to break down your purchase into multiple small installments and get quick cash loans.
When comparing credit cards, look at what installment plan each card offers and which one would be the best fit for you.
Which credit card can you qualify for?
Credit cards cater to a wide range of income groups. Based on your eligibility and repaying capacity, you can select the credit cards that are most relevant to you. To determine your credibility, lenders look at your income and professional details while approving your credit card application. It is recommended that you go through the eligibility criteria for various credit cards while you choose and apply for a credit card so that you have a better chance of getting approved for the card of your choice.
What is your credit score?
A credit score is an essential constituent of your credit worthiness. A high credit score will increase your chances of approval on the card of your choice. If you are unsure, build a good credit score first.
What defines your lifestyle best?
Consider your lifestyle to choose the card that best fits your requirements. Ask yourself, do you usually stay within the country or do you spend your time travelling? If going on international trips is a key part of your lifestyle, it would be sensibleto explore the world of travel credit cards or other cards with benefits on international expenses. Likewise, if you spend your weekends shopping or going to the movies, getting a reward credit card or cashback credit card could be a better choice to earn rewards, cashback and benefits such as free movie tickets with them. Knowing your lifestyle and choosing a credit card which fits your lifestyle can mean a huge difference in terms of savings.