Nowadays almost every day we can get various messages or mail from different banks to have credit card in Bangladesh. Many people respond to those messages or mail to have a credit card but many of them go through the trouble to get a credit card. For that reason, this blog is important because in this blog you will get to know 6 things to consider before applying for a credit card. 

Why do you need a credit card?

First, you need to figure out for what reason you want to get a credit card. If the answer is to get credit from the bank, then you need to fix your mind to act properly as credit cards are interest sensitive. You need to keep in mind that, every month you have to pay off the balance with the interest of the credited money. If you don’t have the affordability to pay off regularly then don’t go for a credit card. 

Stick monthly budget and calculated spending can ensure the benefits of a credit card. So stick to your monthly budget, do not spend on unnecessary stuff, and avail benefits of credit cards. Your shiny credit card might insist you spend more but remember you have to pay off the money back in every month. Hence, it is a wise decision to limit credit cards. 

Compare interest rate

The interest rate is the main burden and tension point for a credit cardholder. So before applying for a credit card carefully check the interest rate. You will see many banks will lure you with interest-free credit cards or many other lucrative offers but at the end of the day many hidden terms and conditions will fall upon you and the credit card will turn into a burden for you. So before applying for a credit card, discuss every terms and condition so that in future you don’t need to fall on any trouble. 

You can also compare interest rates from other credit card providers so that you can get an idea about the whole market and their offerings. Don’t jump into any card provider who is offering a low-interest rate because it can be a trap for you. Analyze all terms and conditions point by point therefore you can enjoy the benefits of your credit card. 

Search for a card without the annual fee

Nowadays many banks are offering annual fees and fewer credit cards for their customers. As the market is very competitive, maximum providers do not charge an annual fee for the card. On the other hand, some still charge an annual fee. So search for one that does not charge an annual fee and look for other terms and conditions that also match your needs. 

Compare and analyze offered reward by the credit card provider

We all know that credit card providers offer many attractive offers and benefits for their cardholders. Thought all providers offer some common benefits but some offer amazing offers and benefits. So, you must carefully analyze those offers so that you can compare easily among a variety of credit cards. 

One provider may offer a very attractive travel discount but you do not have any plan to visit any country. So this offer may be lucrative but it is not matching your needs. So try to get a credit card where your demand and providers’ offerings match together. 

Take a look at the penalties

If you can’t make your payment on time then you have to face penalties. Every provider has its own penalties terms and conditions. Irregular payment can cause penalties. So try to make your payment due time so that you can avoid penalties. Sometimes it can be difficult to make a payment on time so for that reason you need to look closely at the parties so that you can choose a card provider who imposes lower penalties. 

Use a limited credit card

Generally, people need one or two credit cards. More than two means that you pay more every month. The terms and conditions also are not the same for the providers. So it is difficult to remember every term for every card. Therefore better to limit cards. Fewer cards mean less hassle and payment. 

Wise people keep only one credit card. We recommend keeping one card for the people who just started to use credit cards. After passing some times you can take another one if you feel you need another one. So always try to limit your credit card numbers. 


Leave a comment