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Note that interest rate charged is mentioned on per month basis, but a small difference of 1% can be very big, considering it on yearly basis. means your Rs 1 lac of credit card debt can actually increase to 7.9 lacs in just 5 yrs if you don’t do something about it and obviously you will run around to improve your cibil score later !
a 1.99% monthly interest rate actually means 27% Yearly and 3.5% monthly means 51% yearly CAGR. A lot of credit cards charge a yearly fees and renewal fees (at the time of renewal).
Most of the people who apply for a credit card in India, do not pay much attention at the time of taking the card, but later get frustrated by the card itself for various reasons high bad customer service , hidden charges and several other factors.
The obvious question then is, which is the best credit card in India?
Well, that’s my experience only and others can have bad or worse experience with credit card company.
Before you apply for a credit card, you need to look at this very critical aspect of customer service and how transparent are they overall.
There are many other kind of benefits which many credit cards in India offer and those can be different from one credit card to another.
This is one very important factor before you choose a credit card because a big number of people just take credit card for these benefits and even if you are not looking for these, you might want it in future at some point of time.
If you see the chart above you will know that the 6 top credit cards in India are – Lets see those 6 parameters which you should look at before you apply for a credit card in India.
Once I called my credit card company (which is ICICI Credit card) because I wanted to know, if there will be any annual charges on my credit card as the expiry date is over and I wanted to renew the credit card.
They gave me a very clear and satisfactory step by step answer which made me feel – “Great” .
If this happens a lot of with you , then there is a great chance that you also live with the myth of minimum payments on credit cards.
So apart from annual charges, there can be charges like There are a lot of advantages of using a credit card in form of benefits and reward points.