There are several perks of using a Credit Card. It lets you build a good credit history, which makes Loan availability easier with favourable interest rates. Secondly, you get affordable Insurance and new cellular plans. Also, regular purchases with a Credit Card help you reward points or cashback. It also protects your purchases from theft or damage.

With so many benefits, Credit Card apply is recommended to improve your financial health. Before doing so, here are a few factors to consider.

Eligibility criteria

It is the most important factor that decides whether you can apply for a Credit Card. Though Credit Card eligibility may vary across banks, there are a few common requirements. The cardholder should be above 18 years old with resident Indian or non-resident Indian status. You should fall within the minimum income criteria specified by the bank. You should also produce all the necessary documentation for the identification process.

Choosing a card type

After you qualify for the eligibility criteria, knowing which Credit Card to choose is essential. Before you apply for the card online, it is important to understand its features:

EMI tenure

The primary reason to own a Credit Card is to borrow funds from the bank and repay them in easy instalments. It is important to check the interest rates and choose an affordable EMI tenure. Most Credit Cards offer an interest-free period to their users, during which no interest is charged, provided you pay within the due date.

Online accessibility

Your card should include the online registration feature where you can track your daily spending and your available balance with the ongoing EMIs. If you apply for a Fuel Credit Card, for example, you get a welcome benefit of 100% cashback up to Rs. 250 on your first fuel transaction within 30 days of issuance.

These transactions are reflected in your online statement, making them easier to track. After spending Rs. 100 and earning reward points, you get a 1% value back on online shopping.

Cash withdrawals

Look for a Credit Card that lets you withdraw cash from anywhere worldwide. Most Credit Cards provide cash withdrawal facilities, including a minimal withdrawal charge. Some cards provide a 4% value back on fuel transactions by earning 20 reward points per Rs. 100 spent at any IOCL fuel outlet in India.

Other features

While applying for a Credit Card online, you can access other features, such as SMS, email, and mobile alerts, 24*7 customer service helplines, and Insurance for comprehensive protection.

Conclusion

While researching the card features, benefits, and charges, you should also look at the waivers, reward point system, dining delights, and instant discount facilities on movie tickets booked. Compare and assess the features of each card before applying.