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Credit cards have become the most convenient and common means through which you can make all your payments. These cards top the list of modern short-term credit facilities and have proved to be the cheapest form of credit and are easily available at any POS point. Considering all the benefits provided by the card, a majority of the population who require short-term loans would prefer to go for credit cards over other methods. However, not everyone can choose a card that can optimize the returns they get as very little information is available and known about it.
These cards are generally issued by banks, financial institutions and some stores. The card has a fixed credit limit and this limit is decided by the issuing companies after taking into consideration your income, past credit and payment track record. Once you apply for a credit card considering all these factors, your credit limit will be decided and the amount will be added to your credit card every time you make a purchase using this card. You will be given an interest-free period during which you need not pay any interest on the credit amount utilized on the card. Generally, the interest free period is between 20-55 days and it varies depending on the issuing company.
The information we specify here will give you an idea of the basics which will enable you to choose a card with a higher interest free period, so that you can get a higher interest free credit limit and longer repayment time. However, along with the basic information on these cards, let us look at some more tips or tricks to choose the best one.
– GET YOUR CREDIT SCORE: Assess your credit score based on which you will be issued a card with higher benefits. If the score is good then the credit score will make your card options brighter and vice versa if they are not.
– Identify your type – There are many types of cards available in the market. Select or identify your type of card. While choosing your type, make sure that you choose a card that can maximize your credit card limit and save money as well. There are cards on which you will earn reward points on every purchase which you can redeem at a later date.
– Choose your credit options – Make a list of the purposes for which you want to choose a credit card. It is not advisable to swipe a credit card every time just because you have a credit card. So, be sure of the primary objectives behind taking the card and limit yourself to using the card for that purchase only.
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