He is confused about which credit card to choose and if he needs to switch from the current card to a new one. No doubt, Rohit has to make an informed decision here. He needs to understand the multiple features of a credit card and then select the best one.
So, let's find out what they have to offer:
Multiple Solutions
From temporary borrowing, transfer of existing debt, facilitating regular purchase, social status and bill payments etc, credit cards seem to be a one-stop solution.
You have to classify your needs and then pick the right card. So, let's get started.
Joining and Annual Fees
Many credit cards are being offered free for life except a few high-end credit cards. Hence you should ideally go for a card, which has no annual or joining fees.
| Find out Why Credit Cards Have Many Fees |
Balance Transfer Facility
Many consumers look at credit cards as a short-term debt facility. When a consumer is not able to manage the debt with one credit card, he wishes to transfer the debt on the other card. Balance transfer feature could be very useful in such a case.
Interest Rates
When credit card dues are not paid within the given period, banks charge interest on the amount due. If you are taking a credit card to avail a short-term loan, interest rate has to be taken very seriously. Generally these rates vary from 1.33% to 3.15% per month depending on the card type and other features.
Credit Period
Usually, all banks that provide credit cards extend a free credit period of 21-52 days. This depends upon the type of card and the date of transaction.
More the interest free credit period, the more time you have to pay off the due without having to pay the interest.
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