Credit cards no doubt, have helped us a lot in dealing with various transactions on the internet, as well as at regular stores. They offer a lot of benefits which include:
1) Cashless transactions. One does not have to move around with cash. This also makes it safer for the customer, since he need not worry about money being lost.
2) Credit card makes travelling easy. Credit card users can travel around the globe and pay for their purchases through these cards.
3) The cards, if stolen do not pose the problem, since all the personal information remains strictly confidential.
Features of a best credit card
When choosing a credit card, the features that one must look for, are as follows:
The credit card will be of no use unless accepted all over the world. It would pose a difficult situation for the credit card user, if he cannot use it when needed. The cards offered by MasterCard and Visa are accepted worldwide cards.
The credit card should have very low charges attached to it. A no annual fee credit card will be a very beneficial one. When choosing such cards, one must ensure that other charges on the card are not very high.
The APR, interest rates, and other charges should not be so high that they negate the benefits of the no annual fee feature.
In case of a problem, the customer service for the credit card company should be efficient and accessible at all times.
The lender should offer reward points against the purchases made by the card holder. Customer care of the company should be able to clearly mention the terms and conditions that are attached in enhancing the reward point.
The grace period for repayment should not be very less. A minimum of thirty days should be present before the next bill cycle. Some credit card companies offer various discounts like no annual fees etc but have a lower grace period than normal. Any payment done after the grace period ends attracts higher charges.
It should be easy to redeem the reward points. While the credit companies promote their cards with the promise of attractive rewards, the conditions that have to be faced for availing the reward points can be very unprecedented.