Unlocking Free Credit Cards: Key Considerations

Have you recently received a Free Credit Card offer? If so, you should be feeling excited about the free credit card apply. But, before you apply for a credit card, you must consider the key aspects related to the offer that will help you to evaluate if it will benefit you. It would be best if you compare the closest alternatives before availing of one. It makes it easier to pick the credit card that extends meaningful support for accomplishing your purchase plans. You can manage the repayments without facing any troubles. Here are the vital points you need to consider before applying for a free credit card. 

What is The Annual Percentage Rate Applicable on The Card? 

Before you proceed with the Free Credit Card Apply, you should check the interest rate applicable to the card. It is the actual cost of borrowing money as you will use your credit to make a purchase using the credit limit. Please check the Annual percentage rate if you cannot pay the monthly balance. It would help to compare the APR between different cards to pick the cheapest one. It will extend significant help in managing the repayment. 

The Minimum Repayment Amount ThaComparing Free Credit Card Offers: What to Look fort You Must Pay Every Month 

One of the best features of a credit card is that you can manage the repayment by paying a minimum amount every month. The minimum payment will help you to keep the payment history regular, thus, keeping your credit score intact. Though ideally, it gets advised that cardholders should pay the entire balance every month, it is practical to assume that in some months, it might turn impossible to do so. The minimum payment percentage turns the most significant in such situations. Usually, the minimum repayment for a month varies between 3 to 5% of the outstanding monthly balance. It would be best if you only avail of a credit card after comparing its minimum payment amount. 

The Renewal Fees Payable on The Credit Card 

One of the key points for credit card comparison is the renewal fees payable at the end of each year. Usually, for free credit cards, you need not pay any fees for the first year. However, you need to pay a certain amount at the beginning of the second year to renew the card and keep using the credit card as usual. It will help if you are looking for a credit card that requires you to pay reasonable renewal fees from the second and the subsequent years. One good thing about paying the renewal fees is that it fetches various rewards for the cardholder, eventually producing significant value for your money. You should check the rewards and facilities available on the card for paying the yearly renewal fees. 

What are The Charges Applicable to The Credit Card? 

Before you apply for credit card, it’s important to be aware of the potential fees and charges associated with its use. If you are overdrawing the credit card, you may be required to pay specific fees. Similarly, you may need to pay a penalty for late payment of monthly bills, in addition to other charges applicable to the credit card. Therefore, it’s essential to explore all these charges before you apply for a credit card, to avoid any ambiguity in the future. Doing so can help you escape paying a hefty cost for failing to make monthly repayments or overdrawing over the credit limit.

Introductory Interest Rates on The Credit Card 

Usually, the credit card issuer offers lesser interest to the cardholder during the initial phase of availing of the credit card. It can be for a few months or extended over a specific date, after which the interest rate will increase. It is one of the key aspects to consider before availing of a credit card. It will help if you refrain from taking a credit card if the introductory interest rate period spans a limited time. It will compel you to shoulder high interest within a short while. Especially if you are transferring your existing balance on your credit card to a new provider, the introductory interest rate period becomes all the more important. It will keep the interest accumulation low for a significant time, making it easier to complete the repayment. Therefore, please pay significant attention before applying for a credit card. 

Loyalty Programs and Rewards on The Credit Card 

Last but not least, you should consider the loyalty programs and reward schemes available on the credit card. A loyalty program refers to incentives, including cash-back offers for using your credit card. As you keep using the credit card, you will receive various rewards for exciting gifts. All these schemes will enable you to accumulate significant savings that will help you to reduce daily expenses, consequently securing significant savings. Likewise, you will also enjoy the best deals on all purchases, and there are specific rewards for every card. 

Before you opt for the free credit card apply, please check and compare the points stated above to pick the one that best fits your needs and fetches the most significant benefits. After all, it is a wise and considerate consumer who deserves to get the best value. 

The Bajaj Finserv RBL Bank Credit Card is one of the worthiest credit cards to consider.