Today everyone is going digital with technology and using credit cards and UPI id to make payments. We use credit cards because they are more secure than cash. You can make payments anywhere and easily keep track of your transactions using a credit card.
There are various other reasons why people use credit cards today instead of cash, such as it can help you establish and improve your credit history and score. Also, you can get an emergency fund in your UPI wallet and make payments for big purchases using a credit card.
It will be the best decision if you want to get your credit card. But be careful while getting your credit card. First, you need to know about few essential things before applying for your first credit card, which are as follows;
First, know your purpose for getting a credit card –
Before you apply for a credit card, first identify why you need a credit card and where you will use it more. For example, you may need UPI for business transactions. So first, identify your purpose for getting a credit card to select a card on the required basis.
Apply for the best credit card for beginners –
All the best credit cards are not for beginners. And you also have not experienced using credit cards before, so make sure you are applying for the credit cards for beginners using which you cannot have to face any difficulty. There are various credit cards for beginners, and such are as follows;
- Student credit cards
- Secured credit cards
- Capital one credit cards
- Rewards credit cards, etc.
So, you can apply for one from the credit mentioned above as a beginner and use the UPI pay later option to make payments.
You have your own earning –
Make sure you are salaried or self-employed; otherwise, you are not eligible and cannot apply for a credit card. When applying for a UPI credit card, you must provide your income details and related information. It is because a credit card issuer asks for your income details to check your repayment capacity.
Check interest rates and annual fees –
Always check interest rates, annual fees, and other related details before applying for a credit card. If you are a fresher, ensure that you are not applying for a credit card with high interest and an annual fee. There are various credit cards available for beginners which charge no yearly fees. Interest rates and annual charges also check late fees and foreign transaction fees. And if you are satisfied with all the charges, apply for your first credit card.
Do not delay your fee payment –
Always be careful that you have to pay your fee on time. Delaying your fee payments can be very costly. You have to pay late fees and penalties. And it also impacts your transactions as it shows that you have paid a late fee which left a wrong impression on you. So please do not delay your payment for more than thirty days; it will cost you very high.
You can be for a credit card –
It might be possible that you can be for a credit card. However, there can be various reasons you have rejected applying for a credit card. And one of the significant reasons you are is you are not fulfilling the eligibility criteria; for example, your income is meagre.
So know these things and you are good to go!
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