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Factors To Compare Credit Cards
There’s little doubt that today the credit card is one of the most popular and sought-after financial products in the market. Owing to its high demand, the market is filled with credit cards aimed at every spending category.
And this is precisely why it’s not surprising if you get confused while trying to figure out the best credit card for yourself.
To know more about comparing credit cards, visit: https://dailygram.com/index.php/blog/1129382/factors-to-compare-credit-cards/
Top Tips for Comparing Multiple Credit Cards
Choosing one among the numerous available options isn’t a cakewalk but you would get a clear picture if you follow the credit card comparing tips listed here.
Ascertain the category: This is perhaps the most crucial factor to be taken care of. The first step to compare various credit cards is to figure out the category of the card that you need. If you are a frequent traveller, you should go for a travel credit card.
Likewise, if you are a foodie and spend the most on restaurants and dining out, check out the best options on the dining category. Other popular categories include cashback, daily expenses (including groceries), online shopping, etc.Know the credit card type: Here, you have to choose from options like silver cards, gold cards, regular cards, platinum, titanium, etc. The type of the card you are eligible for would primarily depend on your income along with a few other factors.
The major difference between these card types lies in the features and benefits that they offer.Interest-free period: Also known as the grace period, this is the number of interest-free days that you enjoy on your credit card expenses. This can typically extend up to 50-55 days depending on the date of the expense with respect to the monthly credit card bill generation date.
So check out the best credit card in terms of the interest-free period. This would certainly help you in enhancing your experience of using a credit card.Reward points: One of the attractive features that almost every credit card offers is the reward points program. Most credit cards give you reward points when they are used for transactions across a wide range of categories. The accumulated points can then be redeemed for attractive gifts and benefits.
So check out the cards which would give you the highest reward points on the categories on which you spend the most.Interest rate: Another factor that is very important to consider is the rate of interest that you would be charged on your card transactions. Because the interests start accumulating right after the grace-period (from the date of transaction for certain spend categories), try to get a card that has a relatively low-interest rate.