A few cards also give you to touch with premium and luxurious lifestyle. But such cards cost high for every individual.
So for anyone one who wants to apply his/her first credit card or want to re-apply for another new credit card (Maybe 2nd, 3rd or 4th), It's quite confusing to choose the best card.
What are the points you should keep in mind while applying for any credit card?
It's not necessary the same card used by your friends & family members will be good for you!
Because everyone has their own requirements while applying for credit cards.
How To Choose Your Best Credit Card?
Why You Need A Credit Card?
Credit cards or plastic money is an advance loan given by any bank to you.
You can use your card to make payments to any seller/merchant whenever you buy something.
But while you are going to apply for your next credit card always think about your card requirements (Why You Need It?).
Because if your requirement is for travel credit card than applying for any shopping or rewards credit card will not worth for you.
Instead of keeping too many credit cards you should go for limited options.
As this practice will also help you to keep your credit score healthy for future financial requirements.
You should do a short research about the best credit cards available in the market for different income people in the chosen category.
Many times people only get attracted by the Card Features/ Design/ Name/ Rewards/ Welcome Gift etc.
But applying for any credit card will not help you to fulfill your requirements.
So you should choose your best credit card which suit fit your requirements.
Have You Paid Your Existing Debts?
Always try to clear your existing debts or dues while applying for any new credit card.
Because every time whenever you apply and receive your Card or Loan your liability get increased.
As we discussed earlier you should keep limited credit cards for easy access to any financial product in future.
With any special category card, you can choose your another credit card from a multi-purpose cards category.
Income & Eligibility :
Every Bank has different income criteria for each card. So whenever you go to apply for a new card always look for the best option in the segment.
Because in every bank many cards fall under one income criteria.
Sometimes bank representative will suggest you a card which can give you so many luxurious benefits with a fixed high annual fee.
But do you really need such card! or you can manage with a medium range credit card which charges you a minimum fee.
And this fee can be waived off if you spend a suggested amount through the card.
Never apply for any card by just seeing someone else is using the same.