The advent of the 2019 Coronavirus pandemic has brought with it a heavy and steadily growing dependence on the internet. Now, from the safety of our homes, we can carry out our daily activities. From working to shopping, the internet has it all.
Observing this, there has been a growing trend this past year in the investment in online shopping credit cards. The benefits that arise out of a credit card for online shopping are multifold.
By lowering your bill tremendously with the reward structures associated with these cards, they are worth the investment. However, picking your ideal credit card for online shopping can be quite difficult because of the various online shopping credit cards that get released each year. In this article, we elucidate some tips and tricks for you to follow to find your ideal online shopping credit card.
1. Lifestyle Check
The first ‘trick’ to finding your ideal online shopping credit card is to evaluate your lifestyle and your needs. In simple words, asking yourself what exactly you would be shopping for on a regular basis is imperative.
If you are shopping for garments and appliances, looking for reward structures that have cashback offers, point systems or elusive discounts with the credit card issuer’s partnered stores is recommended. If, on the other hand, you wish to spend on travelling and its related expenditures such as hotel stays and so on, finding a credit card to satisfy your travelling requirements are suggested.
2. Reward Structures
There are different reward structures that are associated with different types of online shopping credit cards that need to be researched into, before applying for such a credit card. Rewards in the form of cash backs, bonus points and elusive discounts are the standard reward structures. However, some online shopping credit cards also come with the conversion of large purchases into EMIs, and accelerated reward points which are complete game-changers, and are very convenient if you are a shopaholic. Usually, with a branded credit card, you may be offered a good welcome reward. Research into your welcome reward is suggested.
3. Interest Rates and Other Charges
Looking into the annual fee you would have to pay to retain this card, and any interest charges that you would have to pay in case of delayed payment is imperative as well.
Some online shopping credit cards come with zero annual fees, but usually, the higher the annual fee, the higher the reward structure. An additional point to bear in mind is the grace period of your pertinent credit card.
Grace periods are an extension of time after your payment deadline within which your monthly credit card bill payment has to be made, to avoid interest charges. Ensuring that your credit card comes with a good grace period is important. Joining fees need to be looked into as well.
4. Minimum Amount Consequences
Your monthly credit card statement comes with two amounts that you can opt to pay — the total amount due and the minimum amount due. The minimum amount refers to the least amount of money you would have to pay so that your credit card issuer can deem your payment as being paid on time.
Different credit card issuers have different calculations for these minimum amounts, and it is crucial that you look into this computation before applying for an online shopping credit card.
5. Application Process
Knowing how to get a credit card is as important as looking into the features of a credit card. Some online shopping credit cards come with additional procedures and documentation requirements, while some come with relatively simple documentation requirements but take a long time to reach your mailbox.
Clearing up any of your quandaries on the process to procure this credit card is endorsed. It must be borne in mind that the standard procedure involves you having to submit documentation that supports your identification, monthly income and address.