Credit Card Tips: Are you planning to get a credit card for the first time? Keep these things in mind

Credit Card Tips: If you are also thinking of applying for a credit card, then we are telling you what things should be kept in mind while applying for it for the first time.

Credit Card Tips: A credit card is a financial instrument that allows you to shop first and pay later. According to a PwC report, the total number of credit cards in India is expected to reach 200 million by FY28-29, growing at a CAGR rate of 15 per cent. In the last 5 to 6 years, the credit card industry has doubled the number of cards it has issued and this trend is expected to continue.

If you have recently started a new job and are planning to get a credit card for the first time, then let us know what things should be kept in mind while applying for it.

Choose the right credit card

Before getting a credit card, understand the types of cards offered by different banks and card companies. Choose the best card according to your needs and income. There are different types of credit cards, such as travel, entertainment and business related cards.

Check eligibility

After selecting the right card, read the eligibility criteria and application process of your lender or bank carefully. You should be at least 18 years of age, have a regular source of income and have a good credit score and credit rating. Secured credit cards against fixed deposits (FDs) are also available from some banks for new credit customers. Keep your documents like PAN card, Aadhaar card, address, income certificate ready which need to be submitted.

Also keep in mind the charges,

many banks or credit card companies charge annual fees along with the joining fee. So choose a card in which you have to pay less joining fee and less annual fee. Many companies also offer life time free cards, in which you will not have to pay any joining or annual fee.

PC:News18