Credit cards and debit cards are popular payment options that offer convenience and security to users. A debit card allows you to spend the money you have in your account whereas a credit card gives you a credit limit that you can use and pay later. If you’re veering towards getting a credit card over a debit card, there are some factors you should consider. This article will help you keep a few things in mind when making a choice.
Things to consider before choosing a credit card
Does this card complement your lifestyle?
If you are someone who prefers using one card free credit card for managing your finances, values real-time information about your spending habits and enjoys earning rewards on your purchases, then the OneCard credit card could potentially complement your lifestyle.
Your lifestyle is important when choosing a credit card online. For instance, do you frequently purchase items online or even run an e-commerce store? Do you travel within and outside the country frequently? Do you go for many holidays and book hotels or rent cars? The credit card you choose must help you earn cashback and rewards while you live your life to the fullest, without any financial disruptions.
Are there any hidden charges?
Some credit cards can have hidden charges in the form of annual fees, balance transfer fees or foreign transaction fees. This can increase your cost of having a credit card. Be careful that your ultimate choice does not have additional or hidden charges that mess up your balance. It is also important to know that the fees charged per transaction are minimal and affordable. Many credit cards come with no joining fees, or no annual fees and are preferred by many.
How soon is the card approved and activated?
Your ideal credit card should be approved and activated in minutes. Many financial institutions offer credit cards that get activated in 5 minutes, including your application submission and documentation process. You should note that your virtual card is activated as soon as your approval is done whereas your physical card takes 3-7 days to get delivered at your residence.
What are the perks of using the select card?
While debit cards do not attract any financial perks for usage – credit cards do. Some of the perks include cashback, discounts, lower transaction fees, reward points, and others. Many credit cards offer rewards on each transaction. Not only this, but they also offer 5x rewards on the top 2 prominent categories. Along with this, many issuers offer transactional rewards that do not expire and can be redeemed as and when you like. Consider all these factors before choosing the credit card you choose.
Is the credit card secured or unsecured?
Credit cards can either be secured or unsecured. An unsecured credit card is one that approves your application on the basis of your credit history and its eligibility criteria. On the other hand, a secured credit card is a type of credit card that requires you to open a fixed deposit typically equal to the credit limit on the card. If you already have a credit history, it is better to opt for an unsecured credit card. But if you are new to credit, a secure credit card will be more beneficial. Always look if the type of credit card your issuer offers will match your requirements or not.
You can apply for premium-credit cards like OneCard which is made of metal. It can be used both nationally and internationally and offers 5x rewards, advanced security features, and no hidden fees. Get your OneCard now: and start using it in under 5 minutes.
Pankaj Tripathi is a content marketer with over 6 years of experience. With experience in the industries of B2B SAAS, e-commerce, and the hospitality sector, Pankaj brings a wealth of knowledge to his writing. In his initial role, he supported over 100 writers in creating content for diverse fields such as finance, medicine, insurance, and media and publications.