Customers choose online credit cards for several reasons – they are easily accessible, help users access a significant amount in debt, and can be availed through a mobile app. However, the new-age features of credit cards have made it easy for customers to save more and bank more efficiently. Here are five steps you must follow while applying for an online credit card in India.

1. Analyse bank interest rates and decide on a credit limit

In the first step, you must analyze the interest rates of different banks. The card-issuing bank charges a fixed interest rate from the cardholder monthly in case the cardholder has an outstanding balance due to incomplete payment by the due date. Therefore, the bank calculates a daily interest rate based on the daily unpaid amount. The bank adds this charge to your next day’s balance while calculating it the following day. Since the interest rate affects your repayment schedule, you should choose a credit card with a low-interest rate.

2. Shortlist your preferred banks and use an EMI calculator

A credit card EMI calculator helps customers estimate their credit card EMIs (Equated Monthly Instalments) during the repayment cycle. IDFC FIRST Bank’s calculator requires customers to input a Principal Amount and Tenure to calculate their monthly EMIs. Knowing your EMIs in advance can help you plan for your upcoming expenses by accounting for your credit card repayment.

3. Assess the accessibility of your shortlisted credit cards

Your credit card must be accessible 24/7 through a mobile banking app. IDFC FIRST Bank’s mobile banking app, for instance, offers all-time access to IDFC FIRST Bank credit cards and their details. Customers can check the details of their repayment cycles and their outstanding balances and access customer support seamlessly through the app.

4. Analyze the features of various mobile apps

Besides accessibility, your bank’s mobile app must facilitate an instant payment of credit card dues. IDFC FIRST Bank offers Auto Pay and One-Swipe Pay features to help customers pay their credit card bills. Besides these options, the bank also facilitates UPI (Unified Payments Interface) and NEFT (National Electronic Funds Transfer) transfers.

5. Choose a credit card that helps you save in the long run

A new category of credit cards, called lifetime-free credit cards, is gaining in popularity in India. These credit cards charge no annual fee, offer several lifestyle benefits, and offer a Fuel Surcharge Waiver. The IDFC FIRST Select Credit Card is an example of a lifetime-free credit card. The No Annual Fee feature of lifetime-free credit cards combined with various cashback offers allows customers to increase their overall savings over time. Additionally, customers can quickly access lifetime-free credit cards since banks approve them instantly.

DFC FIRST Bank’s mobile banking app helps customers access their current and savings accounts, download credit card statements, and open Fixed Deposit (FD) accounts. While researching credit cards in India, you must also consider the efficiency of your bank’s mobile app and whether it facilitates secure banking.

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