Credit cards have a lot of benefits, like reward points, a time when you don’t have to pay interest, financial help when you’re having trouble, and not having to carry cash.
Even though credit cards have a long list of benefits, the best way to get the most out of them is to use them wisely.
But because there are so many credit cards available from so many different companies, choosing the best one by going for hdfc credit card can take a lot of time for many people, especially those who have never used a credit card before.
There are a few things you need to do before you can use a credit card, especially for the first time. Some of these checkpoints are as follows:
Think about how you spend your money
Most credit cards are made to work best for certain types of purchases by giving more rewards, such as reward points, cashback, discounts, vouchers, and other perks, on those purchases than on other types. For example, some credit cards may give you cash back when you buy gas or other everyday items, while others may give you more reward points when you buy things like plane tickets, meals, or hotel stays. Because of this, it is important to choose a credit card that fits your lifestyle and spending habits and gives you the most perks.
For example, people who travel a lot might want to look into travel credit cards from hdfc credit card. These cards offer a wide range of travel benefits, such as air miles, access to lounges, and hotel vouchers. In the same way, people who drive their own cars to work and spend a lot of money on gas can benefit from gas cards that give higher points on fuel purchases.
Check the fees for the first year, the second year, and any other fees.
Credit card companies usually charge cardholders a variety of fees, such as an application fee, an annual fee, a late payment fee, a reward redemption fee, and a cash advance or withdrawal fee. Since all of these costs vary from lender to lender and card to card, it’s usually a good idea to compare them before deciding on a hdfc indianoil credit card. Some credit card companies don’t charge a fee to open an account or an annual fee, but others may reduce or get rid of these fees if a certain amount of money is spent on the card. So, make sure you get a hdfc credit card only after you’ve looked at the many fees and costs that lenders charge and picked a card whose benefits, like cashback, discounts, and reward points, are better than the fees and costs that the card issuer has to charge.
Check to see if there is a bonus for signing up.
Find out if a joining bonus is available before deciding on a credit card, like an hdfc credit card. Many credit card companies offer to join bonuses, which are also called “welcome benefits,” in the form of extra reward points, free coupons, gift cards, and other perks. So, before you sign up for a credit card, you should check to see if there are any joining bonuses and compare them to other credit cards to make sure you get this extra benefit on top of other benefits like cashbacks, discounts, and other incentives.
Don’t ignore finance charges.
Even though it’s never a good idea to not pay your credit card bill in full on time, it is still a good idea to compare the costs of financing before getting a credit card. If a credit card bill isn’t paid in full by the due date or before it, the card issuer may add finance charges to the account. When a hdfc indianoil credit card payment or cash withdrawal is made after the payment is due, financing charges are added to late payment fees and cash advance fees. Since credit card finance rates usually range from 18 percent to 49.36 percent per year, it would be smart to compare finance charges before choosing a card.
Additional perks are a plus.
The rewards programme that comes with credit cards is a big part of why people use them in the first place. These kinds of incentives could come in the form of cashback, reward points, air miles, discounts, vouchers, gift cards, and other similar ways to help with payments. Aside from these benefits, it’s important to think about how long the card’s rewards last and what you can do with them before deciding to get a hdfc indianoil credit card. Most credit card rewards expire after two to three years. There are many ways to redeem them, such as e-gift certificates, in-store redemption at partner shops and websites, and crediting reward points against outstanding balances on your credit card statement.
So, before you apply for a credit card through hdfc credit card, make sure you understand the rewards programme and pick the credit card with the rewards programme that fits best with the way you live now. Keep in mind that the rewards points, discounts, cashbacks, coupons, and other benefits that credit cards offer can help you save money on your overall transaction costs. But keep in mind the many fees and charges that come with credit cards, like the application fee, the fee to renew the card, etc., to make sure that the costs don’t outweigh the benefits. This is a very important step if you want to apply for a hdfc indianoil credit card and get the right one so you can start your financial journey with this useful payment tool.
Last but not least, note that there are lots of mistakes, myths and apprehensions surrounding credit cards and their usage; instead of believing random hearsay and demonizing credit cards, it is better to remain disciplined in their usage as well as repayment. After all, they turn into a boon if used properly and a bane only when misused.