Is it Time for a New Credit Card? Here’s How to Choose the Best one for You

Though you may already own a credit card, it may be time to get a new one that not only offers you funds when you need, but also a range of benefits such as an emergency loan, exciting reward points, etc. Read on to know how to choose the best credit card for you.

1. A high credit limit

A credit card is your most trusted friend in an emergency. Before choosing a card, take a note of the credit limit offered by the card. A high credit limit ensures you have access to a substantial amount of funds when required and don’t have to fall back on other modes of finance.
Financial institutions offering credit cards look at various factors such as your credit score and history while deciding on the credit limit. A good credit score and a clean repayment history of serving past loans ensure you get a credit card with a high limit.

2. Interest-free cash withdrawals from ATMs

Though you should ideally swipe a credit card at the merchant’s end for making a purchase, some people tend to swipe it at ATMs for cash withdrawals. It is important to note that using credit cards at ATMs attracts high interest on the amount withdrawn along with a transaction fee. Hence, financial prudence calls for avoiding swiping your credit card at ATMs.
However, new-age credit cards such as the Bajaj Finserv RBL Bank SuperCard allow you interest-free withdrawals from ATMs for up to 50 days. Only a 2.5% processing fee is charged. Now you don’t have to worry about high-interest rates being levied on your withdrawal from an ATM.

3. Ability to convert the limit into an emergency personal loan

There are instances when you need an emergency personal loan for addressing unexpected needs such as a medical contingency. Apply for a credit card that offers you the option to convert the credit limit into a personal emergency loan that you can repay in easy EMIs. In this manner, your credit card will double up as a loan when required.
For instance, Bajaj Finserv RBL Bank SuperCard allows you to convert the limit into an emergency interest-free personal loan for up to 90 days. Additionally, you can repay this loan in 3 easy EMIs as per your convenience. Easy repayment ensures you don’t have to squeeze on your finances and essential financial goals.
 

4. Exciting reward points

Before choosing your credit card, find out about the reward points. Note that when you make a purchase through your card, you get points that can be redeemed later. Now, these reward points help you avail attractive discounts in the form of cashbacks on future purchase/usage of a product or service.

Of late, several financial institutions offering credit cards have started partnering with travel booking portals whereby card holders can use their reward points converted into air miles. If you are a frequent flyer, you can redeem these miles to avail discounts on purchase of flight tickets. As a welcome gift, Bajaj Finserv RBL Bank SuperCard allows you to earn up to 20,000 reward points.

5. Robust security features

Along with all the convenience offered by credit cards, you need to look at your card’s security features. The financial industry has been a target for cyber criminals and data protection is of utmost importance. Hence, it’s essential for you to look at your card’s security features to rule out its unauthentic and fraudulent usage.

Bajaj Finserv RBL Bank SuperCard is loaded with features such as ‘In-hand security’ and ‘Zero-fraud liability cover’ to prevent your card from falling prey to cyber criminals.

Thus, a credit card in your pocket makes you financially smarter and gives you funds to address a range of your short and long-term needs.

Author Bio:

Nishant is a passionate blogger. He has a very diversified skill of amazing artwork like card making, painting and crafting. He loves keeping himself up to date with news and happenings around. He is always open to learning and share his experiences on greetingsofthedays.