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When you get a job, the first sort of calls that you get on your mobile phone would be from the bank asking whether you want a credit card. Even if you already own a credit card, there are dime a dozen banks which want to give out credit cards to people with stable high income jobs. So how do you decide which card to go for based on the features that they offer? We shall discuss just that and more in the following passages.
There are a lot of features based on which one might zero in on one particular credit card or bank. But nowadays, a large number of people buy credit cards solely based on the rewards that they would get from the card. But before discarding this as an uninformed decision, we need to first analyze why this is so.
There are a number of reward schemes being offered by credit card companies. The first type is the cash back scheme. The cash back scheme is something where if you buy a particular commodity with your credit card, you would get full or partial cash back on the price of that commodity. So based on how valuable or essential that commodity is and also based on what percentage cash back is being offered, a lot of people make their decision to buy a credit card based on cash back schemes.
Another even more popular scheme is the reward points on purchase offer. Here, you would accrue points for every swipe that you make with your card. Or in other cases, you would get a point for every few dollars that you spend. All in all, the more you spend the more points you will end up hoarding. And then you can reimburse these points for cash or commodities or travel packages etc. so it all depends on what you are looking for. There is something for everybody in terms of rewards; you just need to shop around in order to find the perfect credit card reward scheme that would suit your needs.
There are several specialty cards which cater to particular communities in society. Like student cards, or business cards. Student cards would offer rewards that would be more suitable for a student like fashion clothing and accessories or coupons for a famous teen hangout restaurant. Business class cards would offer special rewards such as high fashion accessories or meal coupons to classy restaurants.
But do be aware that there are a lot more factors based on which you need to decide rather than just rewards. The features that are offered by the credit card are something that must not be overlooked. This is the most important thing in a credit card and cannot be discarded as unimportant. The credit card must have a high credit limit and also an interest rate that is as low as possible. And also look for offers where you are allowed to make interest free repayments for a certain period of time like a year or sometimes even two during the initial period.