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3-min read

5 Things to Look Out For Before Buying Your First Credit Card

Know your needs, double check everything and make sure you pay your bills on time to make the most of your credit card.

Anshika Bajpai |

Updated:May 3, 2019, 12:02 PM IST
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5 Things to Look Out For Before Buying Your First Credit Card
Know your needs, double check everything and make sure you pay your bills on time to make the most of your credit card.
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Getting your first credit card could be overwhelming since there are a plethora of options that don’t make the decision any easier. So what do you do? Get your basics right first and then move on to the bigger decisions. For starters, know why you need a credit card. Do you want to build credit or make a big purchase or earn rewards? Your reason could be anything, but you need to know that clearly in order to get a card that suits your needs perfectly. Here’s what you need to look out before getting your first ever credit card.

1) Annual Fee

Some credit cards charge an annual fee that ranges from bank to bank. Since there are a lot of options available, it’s better to go for the one that charges no annual fee. Make sure you read the terms carefully though because some credit cards start charging an annual fee from the second year.

If you are someone who is getting a credit card to earn rewards then you can opt for the one with an annual fee but only when the amount of the rewards exceeds the fee. So choose wisely!

2) Interest Rate

As a first-time credit card holder, you might have to deal with an interest rate that is on the higher side. Although if you pay your credit card bill in full every month you don’t have to worry about it. But let’s be real here, there are “times” punctuality takes a backseat. So if you plan to carry a balance, keep it to the minimum and find the lowest rate available. There are also a few credit cards that offer 0% interest for the first 6 months or 0% interest for balance transfers within a specified time. So make use of these introductory offers to your benefit.

3) Credit Limit

Generally, first-time credit card holders get a relatively smaller limit. If you are someone who wants a card to build credit it won’t matter, but it might be an issue if you want to make a big purchase so do check your credit limit.
Normally, after a year of using your credit card and paying on time, you can request an increase in credit limit.

4) Rewards

Credit cards offer rewards that are unlimited and are spread across various sectors. So find one that aligns with your needs and has offers on things that you are interested in. They can on flights, shopping, cash back, hotel bookings or gift cards. Do check how to redeem them though, some of them might have an expiration date.

5) Other Fees

Make sure you check all the extra fees that the credit card is going to levy on you. For instance, you are charged a certain amount if you make a late payment. Similarly, there could balance transfer fees, cash advance fees, foreign transaction fees and over the limit fees. So know what you are getting into before making the final choice.

Basically, know your needs, double check everything and make sure you pay your bills on time to make the most of your credit card.

To know more, click here.

This content has been created in association with YONO SBI.

(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
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