There are many factors which must be considered when choosing an IDFC Credit Card. There are many banks in UK with various offers for credit cards. You must read all the details carefully before choosing the best card for you. IDFC is one of the most popular and leading companies in UK and the credit cards offered by them have very good rewards and features.
First of all you must decide whether you want a secured or an unsecured loan. Secured loan means you will have to provide some security against the amount. If you fail to return the money, your property will be seized. The benefits include low rate and long period. On the other hand unsecured credit card allows you to use the card without putting any security but you may lose some advantages if you fail to return the amount within the specified time.
Before choosing an IDFC Credit card, it is necessary to know how much your salary is. You can get this information from your payroll clerk. You should also check if your monthly income includes other expenses like car repair, groceries and so on. If you have a big monthly budget, choosing a secured credit card is the best option as you will get low interest and low monthly payments. On the other hand unsecured loan allows you to borrow a large amount, which increases your monthly outgo. You can also choose a card that comes with an introductory period, this helps you to save some money.
Next thing you should do is to calculate your expenditure. All your current bills and expenses like home loan, electricity, car repair, internet, grocery, fuel, entertainment, telephone, internet, television, health insurance, babysitter etc are to be calculated every month. If you are a working individual, include your home expenses in your calculations. If you are not working but you have spent money every month towards meeting expenses, deduct the amount from your present cash flow. If you are not sure about how much you have spent, ask for an online credit card calculator that can help you in calculating your entire loan liability.
Once you are done with your calculations, check your monthly outgoings and make a list of every loan facility along with its interest rate. It is better to compare all these items to get an idea about how much amount is required to repay your principal amount. For this, you can use an online tool or a IDFC Credit Card calculator. These calculators are available free of cost on internet. They help you calculate your loan balance, principal balance, monthly repayment amount, minimum repayment term, interest payable, repayment date and other details.
The calculators provide information on all aspects related to your IDFC credit cards including balance, interest payable, monthly repayment amount, minimum repayment term, interest payable, repayment date and other details. You can also compare all these elements of your IDFC loan amount. The tool enables you to choose any option that suits you the best. This way, you can calculate your total interest payable on the various plans provided by different banks and financial institutions.
The calculator helps you compare the cost of all schemes including the introductory offers, renewal rates and all terms and conditions. You can select any option that suits you the best. The calculator enables you to know that how much would you have to pay every month in case of extending your loan duration or switching from a low rate to a higher one. In addition to this, the tool helps you know that how much you would have to avail monthly in case you decide to go for a certain level of annual percentage rate (APR). This helps you gauge the amount of additional expenditure that you may have to incur if you avail any additional benefits.
Some banks provide a separate facility to their customers where they can check their credit score. This is called as the Emis calculator in some of the banks. This enables you to know your current credit score. You can use this knowledge in future when you plan to make an IDFC loan application.