Factors For Comparing Credit Cards

 If you are the new entrant in the credit card market then you should know one thing that not all credit cards are same. You may find varied card options in the market like Axis Bank credit card, SBI credit card, Union Bank of India credit card, HDFC credit card, etc. If you are planning to apply for a new card then below are some characteristics which you should compare-

• Interest rate- It can be called one of the crucial factors to compare. Many times, in order to lure more and more people, card companies also offer introductory interest rates, which last for only few months. Once the time period is over, interest rate is again reset to normal. You should find out what the card issuer is charging and whether it has the right to change the interest rates afterwards.

• Grace period- It is a vital factors as it helps in determining when you will start paying interest on your purchasing. If there is a longer grace period then it will prove useful to you as it means that you are getting a free loan for a certain tenure.

• Fees- Most of the credit card options charge annual fees. For example, there are some cards which offer lot of travel miles and charge high annual fees but it can actually help in savings a lot if you are travelling a lot. Make a comparison among cards and see what you are getting in connection for that fee.