Why Should You Opt for Need Based Credit Cards?

For long plastic, money has been the preferred form of credit availed by individuals. The reasons for its popularity are many, but the ease of access and widespread acceptance are the two major factors which made credit cards extremely popular the world over. Mastercard, Visa, Maestro, American Express, Rupay are the various credit card companies providing services to Indian customers either via banks or directly.

Credit cards allow you to pay for purchases with the option to settle the payment with your credit card provider in the next billing statement or extend it over a longer period. Earlier, credit cards were used by only the elite and accepted only at premium stores only. But now, credit cards are a necessity, more so after demonetization. Credit cards allow users to pay their bills, refuel, eat out in restaurants, shop online, book tickets and hotels and much more.

Currently, the Indian market is flooded with 100s of credit cards of all types and it’s not easy to figure out the right credit card. It’s important to opt for a credit card which suits your lifestyle and credit requirements than fall prey to fancy offers from banks. When you go to a bank’s website in search of cards, you will multiple credit cards from the bank based on your requirements. On the other hand, when you search for credit cards on a Fintech portal like Rubique, not only you see offers from multiple banks, but all the best options based on your requirement. What’s more, you also get to apply online and get an instant approval with zero paperwork.

Here’s how you should zero on the right credit card for yourself:

Interest Rates

Most people tend to overlook this important factor while deciding on a credit card for themselves. Credit cards have interest rates anywhere north of 30% per annum. There may be moments when you over splurge and pay with your credit card, only to realize you can’t pay the bill in full next month. That’s when the interest rates matter. Believe me, it pays in the long run, to stick to a credit card with a reasonable interest rate.

Membership Fees

While there are free membership cards, they need not be the best option. If you pay a substantial amount via credit cards then go for a card which offers you the most benefits and also waives of the annual membership fees beyond an annual spend limit. Most premium credit cards have a high annual membership but offer benefits like lounge access, fee waivers, concierge services etc. Choose a card which suits your lifestyle.

Reward Points

Most of the credit cards offer rewards points for spends above a minimum threshold limit. Opt for a card which offers rewards you wish to use. Many credit cards do not offer rewards for generic spends like fuel, groceries etc, check the fine line before you sign the dotted line.

Co-branded Cards

Co-branded cards are offered by credit card companies and banks in partnership with a consumer brand. Various co-branded cards are available in the market like the MakeMyTrip HSBC credit card, Indian Oil Citibank card, IRCTC SBI card etc. Opt for co-branded cards only if you spend a lot with the brand and can make use of the additional reward points and benefits offered by the co-branded card. Stay away from co-branded cards, if you cannot fully utilize the benefits as the reward points are mostly restricted to purchases made with the co-brand.

Membership Rewards

Many credit cards offer exclusive rewards to their customers. Some cards allow complimentary airport lounge access, others offer member special discounts in hotels, stores, and travel portals. Compare and see for yourself the rewards you’d like to be offered.

Types of Credit Cards

Once you have identified the benefits you seek, it’s time to choose the type of card you want to avail. The various options on offer are cashback cards, travel rewards cards, secured cards etc. The best part, you need not apply for a credit card from your bank. You can apply for any credit card from any bank or financial institution. The basic requirements for processing the credit card are a steady income and a good credit history.

When you apply for a credit card on Rubique, the credit card application is approved instantaneously and you don’t need to submit a pile of paperwork. Just upload basic KYC and income documents online and voila the credit card application is approved and the credit dispatched to you in no time.

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