Easy Way To Choosing Your First Credit Card

In recent times, things have changed quite a lot. People are constantly striving to improve their quality of life. Whether it’s that latest phone that has been released or the newest gadget on the block; the temptation to buy is always there. Having a credit card makes it easy for you to make purchases when you are low on funds or when you run out of cash just when you need it. It is very important to choose the right card company, because if you end up choosing the wrong one, you might end up with a big hole in your pocket which you might not even see forming. 

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It is only natural that sometimes we cannot resist the urge to buy something luxurious; especially if we see it on an irresistible offer during a festive week or month. In such cases credit cards are the perfect solution. If you don’t have one yet, don’t worry; applying for and getting your first credit card is not very difficult.

There are different types of credit cards offered by banks; each one helps cater to ones tastes and expenses in one way or the other. Your lifestyle, the things you spend on most, the place you live in, the company you work for, payments which will mostly be done by your credit card, etc. determine the type of card you will need. Finding the best card for you is made easy by specially developed tools which take into account various aspects of your lifestyle.

If you have already used a credit card before and are reapplying for a different card, you probably already have an idea of what the downside of choosing the wrong credit card is. If you are applying for your first credit card, make sure you keep in mind the main reason you have to be careful while choosing is to avoid paying additional fees, taxes and fines.

Bank Bazaar has a special tool called ‘credit card selector’ which will help you choose the right credit card. Here are a few important steps which will help you in choosing your first credit card:

1. There are a few important details which you have to fill in; these are details which will help you find out which cards you are eligible for. The place you live in (the place where you are applying for the card), the company you work for, your pay scale and a few other such details will help you find what you are eligible for.
2. Once you know what cards you are eligible for, the bank bazaar team looks into the pros and cons of all the cards you are eligible for. This will help you to choose the best options available to you.
3. After you choose a credit card, you can apply for it online. The main part of getting a card is finding which one would best suit your lifestyle and needs. This part is made easy with the Credit Card Selector.

Useful links :
Best Travel Credit Card in India 2014
Best Credit Cards for Balance Transfers in India 2014

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Best Credit Cards for Balance Transfers in India 2014

If you have been using credit cards regularly, you may sometimes develop a tendency to over-spend. If over-spending has become your habit, you are certain to exceed your financial capabilities. This may strain your finances and so, you may look for ways to come out of this quagmire. One of the best options that can help you surmount this situation is balance transfer on your credit cards. Balance transfer is a convenient option also because you will get time for arranging funds. Further, the interest will also be much less than that on the original credit card.

 To explain the situation more elaborately, if you have a tendency to over-spend and if you are also in the habit of making only partial payments, you will be forced to pay a very high interest on the unpaid amounts of your credit card bills. Some of the banks may levy 30 per cent per annum or even more on the unpaid amounts. If there are delays in your payments, there will be penalties and interests on interests also. All these things may push your debts up and there are chances of you getting into an irretrievably awkward financial situation.

It is in this context you are advised to use the option of balance transfers so that the interest you pay may get reduced even to 0%. This will continue for a while, may be few months, before which you can arrange the required funds. Another benefit from the option of balance transfer is that almost all the banks that offer this facility levy only a nominal fee for processing your application.

You should opt for the balance transfer scheme only if you think that the cash crunch you are facing is temporary. In other words, you must be certain of arranging funds very soon so that you can rectify your financial situation. Another point is that if you have all along been reckless in your credit card spending, you should jettison that habit and try to be more organized and disciplined in your financial matters.

Financial experts are of the unanimous view that opting for a balance transfer scheme is a very wise decision if the tenure you choose is one year or less than that. This is because the savings you can make on the interests will be substantial. So, this makes this option much better than all other avenues.

To put it differently, balance transfers are nothing but refinancing loans that are extended for clearing credit card dues. In general, those who have two credit cards from two issuing banks are eligible to opt for the balance transfer scheme of either of the banks.

Balance transfer is certainly an excellent scheme but people should not opt for it just with an intention of delaying their credit card payments. The best way to avoid such awkward situations is to have a disciplined approach towards personal finances and avoid over-spending. 

Some of the Best Balance Transfer Schemes In India

SBI Balance Transfer Credit Cards

According to SBI, their scheme makes things easy for those who opt for it. They add that their schemes are the best among the schemes available in the market.

HSBC Balance Transfer Schemes

HSBC says that the interest rate on their balance transfer schemes is very low and so, those who opt for them will benefit immensely. 

Standard Chartered Bank Balance Transfers

Standard Chartered Bank, that is one of the oldest international banks operating in India offers attractive balance transfer schemes for those who want to save on their interest payments.

Kotak Mahindra Bank Schemes

Kotak Mahindra Bank, one of the renowned banks in the private sector, also offers these schemes for the benefit of credit card holders.

CitiBank Schemes

Card holders can opt for CitiBank schemes also for transferring their credit card loans so that they can save substantially on their interest payments.

HDFC Bank Credit Card Balance Transfers

HDFC Bank that has been a pioneer for several schemes is also offering balance transfer schemes to benefit card holders who want to save on their interest payments.

In addition to the above banks, there are several nationalized and private sector banks that offer these schemes. If you visit reputed sites like BankBazaar.com, you can have all the details. You can compare the features of various schemes and make the right choice. You can use the "Credit Card Apply online" feature of the bank you choose and submit your application. You can apply through sites like BankBazaar.com also.

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