Despite the contrary beliefs that a debit card is the better choice for people, a credit card is the way to go if you have management skills.

Not to mention, many monetary benefits come with credit cards. And these benefits from one provider to another. The most promising benefit of a credit card is that it is the perfect tool to build a good credit score, which is very important for any future loans that you consider.

However, before you go ahead and start shortlisting a few lenders and go on with the ‘apply credit card‘ process, there are a few things you need to know.

Kinds of credit card

It is very vital for you to understand that there are different kinds of credit cards in India. You need to be very mindful of different credit card offers. Whether it is your first time getting a credit card or you have gone through this before, it is ideal that you get the credit card that is just right for your needs.

For instance, if it is your first time handling a credit card, it is wise to go with a beginner-level credit card that comes with a lower annual fee. Additionally, you may go ahead and choose a credit card that meets your requirements and needs, such as a fuel credit card or a shopping credit card. If you wish to eliminate all the hassle and choose the best credit card, the IDFC FIRST Bank credit card is the way to go.

Income

The credit card provider you have chosen would want to look at your income status to decide whether you are capable of repaying the loan you are applying for. Therefore, before selecting a lender, ensure you have checked your income and that it matches their criteria. You need to ensure that, in a lender’s eyes, you can repay the loan.

Low credit limit

If it is your first time getting a credit card, you need to understand that initially, the lenders you have chosen will give you a lower credit limit. It is done so from the lender’s side to minimise any sort of risk. As soon as you are accustomed to managing the credit card, the issuers will give you the option to increase the limit of your credit card. You may choose if you wish to do the same based on your needs.

Grace period

It is a term many people ignore, yet it is one of the most important elements for an individual applying for an online credit card for the first time. The grace period is basically a time during which the issuer will not charge for any purchase that you have made. However, paying the new balance in full and before the payment due date is only possible. This period generally starts from the end of a billing cycle to the next payment due date.

Wrapping Up

So this is all you need to know before you go on with your ‘credit card apply online‘ journey. One thing that you must know about the grace period is that if, in any case, you lose the grace period by not paying your balance before the due date, you might be charged interest on an unpaid balance.