Looking for Higher Savings? Go for Lower Interest Rate Credit Cards

Last Updated : July 31, 2021, 4:09 p.m.

The habits of buying products have changed a lot, similar is the case with spending habits of people. Earlier, people don’t mind to buy products from local shops and local markets. Presently, people love to shop from big malls and branded showrooms. In last one decade, the spending habits of people have changed drastically, now people love to shop from online stores and pay most of their bills and utility bill online. Presently, most of the people carry one or more than one credit cards. People use credit card more frequently to make payments.

But, before buying any credit card you should always consider few points in mind such as what is the annual renewal fee linked with the credit card. What kinds of benefits card will offer? What is your billing cycle and credit limit? What will be the rate of interest on your outstanding payments? Although those who always clear their outstanding each month or within the billing cycle, need not to bother too much about this factor. But, those who are using credit card for balance transfer or making big payments, should always consider this point. Getting a credit card with lower interest rate will be better for them, if it is offering less benefits as compared to a card with higher rate or interest and more benefits. Always, remember that your faulty credit card payments will affect your credit card score and increases the changes of denial or cancellation of loans or credit card application in the future.

First, know your spending habit and requirements before buying any credit card. Take some time to find out the points of your spending. If you travel frequently and book your tickets online then a travel credit card it better for you compared to a normal credit card. If you make big payments such as your shopping’s bills, utility bills, your car loan EMIs with your credit card , opt for a card with maximum shopping benefits and lower rate of interest. The best way to find out the most suitable card for yourself is the self-evaluation of your spending habits and comparing different cards from various banks. We are here sharing a list of low interest credit cards in India with interest rate between 1.5% to 2.99%.

Remember that if you are making you’re all payments on time without and default, you can get another complimentary card from the bank. Sometimes, bank may also offer you a card with lower interest rate and more benefits.

Always, make your payments on time and try to make maximum payment or full payment in one go to reduce your outstanding amount and interest payments.

• Always look for cards with lower interest rate
• Buy a card with no or lowest renewal fee
• Find of extra charges levied on your bill every month apart from interest
• Get information about late fee penalties and default payment fines.