Best Credit Card?

#1
Hey Guys Its time for me to get my first credit card so I can build credit. Any suggestions on which one to go after which will will charge me the lease % and has the best perks for the customers???
 

Alchemist

Administrator
Staff member
#2
Most banks have similar interest rates; so there is not much to choose between.

Some banks like ICICI offer "free for lifetime" cards and this can save the card holder a lot of money in the long run.

If you are worried about the interest rate, go for a secured credit card.

Secured credit cards are usually offered against a fixed deposit and carry much lower interest charges.

For example I have an "Easy Deposit" card of ICICI Bank. I made a FD of Rs 20000 with ICICI and in return I got a credit card with 18000 limit. The interest rate on a secured card is much lower than the usual. In my case I have an interest rate of 0.99% compared to normal 2.99%.

I am not sure about perks offerer by different cards, but having a cash back card is an advantage if one is a frequent card user.
 
#3
In my opinion what is more important than the credit card banker is how you use your credit cards.

I follow these simple rules and I haven't paid interest on any purchase in more than 4 years.

1. Always go with the credit card in whose bank you also have a savings account.

2. Ensure they allow transfers between bank account and credit card for easier payment.

3. Dont have more than 1-2 cards.

4. Most importantly, always use your credit card as if you are using a debit card or cash. Keep in mind that a credit card is only supposed to make it easier for you by not having to carry cash. Dont ever think that you dont have to pay NOW.

5. Finally make it a point to transfer funds to your credit card as soon as you make any purchases. I personally clear all my credit card bills every friday. Its very rare that I have anything other than 0.00 as payment due in my monthly statement and I spend more than 20,000 on my card every month.


Twice, I actually arm-twisted the ICICI bank to refund the charges when I accidentally used my credit card to draw cash instead of the debit card.
 
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#4
My suggestion

Pls dont use Credit cards as tour life will get screwed once so that you can hardly get out of it's after effects.

It is like a drug addiction. Seriously guys pls dont use it as I am a big victim of the same.
 
#5
Hey,

I have been using cards for 3 years+ now and have never paid an extra buck to the company. There are many advantages like discounts in stores, emergency cash etc. But the most important thing is to build your credit history. Eventually in India, there should be a more open and systematic system of credit regulation. This should see differential interest rates according to individual credit ratings. This obviously helps you later in the future for securing cheaper loans. And obviously a credit card is more secure than a debit card as it is the bank's money at stake in case of misuse so they will pay more attention. Of course the golden rule for credit card usage is don't spend above what you have in cash.
 
#6
In my opinion what is more important than the credit card banker is how you use your credit cards.

I follow these simple rules and I haven't paid interest on any purchase in more than 4 years.

1. Always go with the credit card in whose bank you also have a savings account.

2. Ensure they allow transfers between bank account and credit card for easier payment.

3. Dont have more than 1-2 cards.

4. Most importantly, always use your credit card as if you are using a debit card or cash. Keep in mind that a credit card is only supposed to make it easier for you by not having to carry cash. Dont ever think that you dont have to pay NOW.

5. Finally make it a point to transfer funds to your credit card as soon as you make any purchases. I personally clear all my credit card bills every friday. Its very rare that I have anything other than 0.00 as payment due in my monthly statement and I spend more than 20,000 on my card every month.


Twice, I actually arm-twisted the ICICI bank to refund the charges when I accidentally used my credit card to draw cash instead of the debit card.
Hello Spacenoxx,

You mentioned in your post that you got ICICI to refund the charges for accidentally using the credit card instead of the debit card.
Could you please tell me how to approach the bank as I also accidentally used the credit card yesterday instead of the debit card to withdraw cash, which I found out today when i was checking the credit card statement online...
 
#8
Best credit card

Which company is offering the best credit card facility to its customers, now days? What points should one remember while purchasing the credit card?
 
#10
Pointers:

1) Always go for credit cards from PSU banks like Corporation Bank. Their interest rate is 2-2.3% (40% lower than Private banks).

2) Do not use more than 40-50% of your credit limit.

3) Time you purchases in such a way that you enjoy highest free credit period. Eg: If the statement date is 1st of every month, then make relevant/ necessary purchases on the next day. This way interest will not be charged for 50 days.

4) Always make full payment before the due date.

5) Use direct debit option, to avoid late payment charges.

6) Subscribe for e-statement and mobile alerts.

7) Never withdraw money from credit card. It's very expensive.

8) Use Credit card as mode of payment only if the merchant (on-site shop or online merchant) does not charge any fee, which typically ranges from 1-2%.
 
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