A credit card can be very useful tool in your financial arsenal. It comes in very handy if you need to track spending and manage your money on a monthly basis. However, credit cards can also lead to financial ruin if used improperly.
Most people applying for a credit card tend to view it as free money and end up huge debts that can be difficult to pay off. This can be avoided with proper planning, fiscal discipline and educating yourself before applying.
If you’re considering applying for a credit card in Qatar, the first thing that you should determine is, what would you like to get from the card? Are you looking for a credit card that will help you minimise debt, manage money, earn reward points or offers travel benefits?
Once you’ve determined your need, you should then consider the following:
How will you use the card? If you’re using the card to manage debt and will carry a balance from month to month then you should consider a card with a low interest rate. If you intend to pay off the balance in full every month then the interest rate is of lesser importance and you should consider a card with a longer grace period to avoid hefty finance charges.
Will the card be your main card for all purchases? If you intend to use the card for everyday spending then you should go for a card with a high spending limit and rewards program that incentivises you for every purchase. If the card will be used for emergencies only, go for a card with low fees and a low interest rate.
Do you know the terms and conditions? Credit limit, interest rate and fees and penalties are all credit card terms that you should be familiar with before getting a credit card.
Commercial Bank of Qatar has a variety of cards to meet your demands and help you manage your finances. Our cards offer a gorgeous selection of unique benefits such as Buy Now Pay Later, Call for Cash, Interest Free Payments, Loss of Employment Coverage and more. We also offer a Manchester United branded credit card for all football fans. This co-branded card is the first and only football affiliated card in Qatar. Compare our selection of cards today and find the one that best fits you.
This article was cross-posted on Qatarliving.com. What you need to know before choosing a credit card in Qatar.