Credit Card is a payment card issues. SYOU GET The BILL and You Have to Repay the Bill with Within A Limited Period. After a Limited Period, you must give the balance an additional interestion amount.
Credit Card Displays Important Details Like Cardholder Name, Credit Card Number, Expiry Date, CVV, OR RUPAY CARD, OR VISA CARD. FFERS MULTIPLE BeENEFITS LIKE CASHBACK REWARDS, Discounts, and No Interest Charges on CreditBalances. Remember, it’s cracial to pay your credit card bill on time to avoid interters.
Table of content
How do Credit Card Work?
Types of Credit Card
Credit Card Eligibility
Documents required to apply for credit card
ReaSons to Apply for a Credit Card
List of Banks that offer beast credit card in india
Advantages of Credit Card
Disadvantages of credit card
Credit Card vs Debit Card
Credit Card Frequently Asked Questions -Faqs
Credit Card is a Loan Provided by the Credit Card Isuer to Individuals that they used for everyday Purchas Like Pay Bills. ES.
When you use your Credit Card to pay for your Purchases in Any Store or Online, The Details Are Sent to the Shopkeeper’s Bank. It card network for approval. Finally, your bank that issue the credit checks your information andAuthorizes or DeClines the Transaction. If the transaction is approvled, then the store receptives the money and the amount speed on purchase is all R Credit Limit. At Month-End, You’ll Receive a Card Statement Showing Your Transactions, Previous Barance,New Balance (Curren Amount Owed), Minimum Amount Due, and the Payment Due date.
Credit Card Offers An Interest-Free Period that is up to 50 Days to Repay your Due amount without. This includes:
Billing Cycle: 30 Days to receive your bill.
Grace Period: Arior 20 Days after the Billing Cycle to make the payment withtrest.
Interest-free period not applicable in case of cash withdrawals or if you have any previous unpaid.
Always Remember to pay back the credit card amount by the due date. If you are unable to pay the credit amount on time you can also converted in To Monthly Installments (EMIS) to Spread the Repaayment. If you fail to report byThe Payment Due Date or Minimum Amount Will Result in Interest CHARGES and PENALTIES.
Example of Credit Card, Suppose you have public, 10,000 on your Credit Card. s. 10,000Ahmedabad Investment. As long as you pack the entire ₹ 10,000 within the Internet-free period(usually Artly 50 Days), you want incur any expectra charger, if you only pay the minimum amount day ₹ 1000 and carry the remaint outst Anding amount ₹ 9000, then interest will be charged on the outstanding amount from theNext Billing Cycle.
The Best PART of the Credit Card is that Money is not deducted from the bank of the bank is deductal. PES of Credit Cards Offerd by Different Institutions, You Must Wisely Chich Credit Card Suits Yourspending habits.
There are severt types of Credit Cards Issued by Financial Institute. Here is the list of the function types of credit cards.
Types of Credit Card
Description
REWARDS CREDIT CARDS
The use of the Credit Cards on Every you spend your credit life you get rewards that you can use to avail various voucher and discount Coupons O. FFERED by Credit Card issues.
Cashback Credit Cards
Every time you spend your Credit Limit You get Certain Amount or Percentage of that spend amount in the form of cashback rather than reward points.
Shopping Credit Cards
These Credit Card Offer More Discounts, Cashback, And RWARD POINTS that Are Aims Toward Shopping Online or Offline.
Travel Credit Cards
These Credit Card Aims to Provides its User with Discounts, Cashback, and reward points toward Air, Railways, and Sea Travel with Additional BeneFits Like T ravel insurance and Lounge Access.
Co-Branded Credit Cards
These Credit Card offer with the partnership between a Credit is important company like IRCTC SBI Platinum Card and Air India Sbi Platinum. Loyal Customers Who Frequently Shop with the Partner Brand.
Fuel Credit Cards
These Credit Card Aims to Provides more discount and reward point on fuel spending.
Lifetime Free Credit Cards
These Credit Card offer a great benefit of not having any annual fees or joining charge.
Secured Credit Cards
These Credit Card are back by Certain Security Amount Paid by Individuals to get a Credit Card.
Lifestyle Credit Cards
TheSe Credit for Those Individual That are constantly spending their on booking movie tests, dinning, hotel booking and shopping or in-store.
Premium Credit Cards
These Credit Card Focused Toward Hni and With EXClusive Benefits. These Cards Offers Access to Certain Clubs and Places that are not easy
Business Credit Cards
These Credit Card Aims to Business Owners or Professional That Use Spend Large Amount of Money.
Eligibility Criteria Set by the Financial Instification to Apply for Credit Card in India.Varanasi Investment
Eligibility
Requirement
Minimum 18 years, maximum 60 year
Nationality
Indian
Employment Status
Salaried or Self Employed
INCOME
Depending on Isuer Credit Card Policy
Credit score
700 and about
Here are the key documents requirement beface applying for credit card.
Documents
Age Proof
BIRTH CERTIFICATE, Aadhaar Card, Passport
Passport size Photography
Offline:
You are required to have latest passport size Photographs and
Online:
Financial Instification are now doing e-kyc that take photos.
Identity Proof
Aadhaar Card, Pan Card, Passport, Voter ID Card, and Driving License
Address process
Aadhaar Card, Voter ID Card, Electricity Bill, Telephone Bill, Ration Card, and Bank Statement
Income Proof
Salaaried:
Last 3 MONTHS SALARY SLIP With 6 Month Salary Account Banking Statement.
FORM 16 ISSUED by Employer that Act as your infome project.
Self Employed:
Business Proof Like Registry, Licenses or GST.
Recent itr filing with computation of income.
There are reasons for you to apply for credit card.
It offer a key benefit of buy now and patern up to cleaning period of time D SAVING Account Balance that Will Help Them in Case of Any Emergencies where they needEXTRA CASH.
Credit Card Emi Feature Helps in Purchase of Expensive Product or Services Like TV, Smartphone, Trip to Dubai that you can pay in Monthly Emis Installments Hout the need to save large amount of money to build later.
You can use Credit Card Can Make Purchas in Both DOTH DOMESTIC and International Transaction. This Gives User a Good Advantage Against DeBit Card, where many E and International Transaction Do n’t accept debit card.
Credit Cards Offers Various Cashback, Rewards, Discounts, and More that you can avail being your Credit Limit. Common Examples of the OFFER You See On Mazon, Flipkart, AJIO that Specific Products Have Cashback Offers that can be availed by the user ofMention credit card.
Credit Card Helps in Build a Good Credit Score that Will Be Beneficial to You in Future When Applying for New Credit Card or Loans with Better Interest and Higher Credi T Limit. Remember to pay your dues on time to avoid any effect on credit score.
Credit Card Helps in Keep Track of your spending that you can check to see where you are spending More More More MONYEN YON Manage You Finance and Avoice ANY. Necessary Purchaser in Future.
Credit Cards Are Equipped with Many Security Feature Like Fraud Protection to Help ITS User to Avoid Any Theft or Fraudurent Activity.
Learn More About How to Manage Multiple Credit Cards?
Sbi credit card
ICICI CREDIT CARD
RBL Bank Credit Card
KOTAK CREDIT CARD
HDFC Credit Card
Axis credit card
American Express Credit Card
IDFC FIRST CREDIT CARD
Learn More About Top 10 Best Credit Cards in India 2024
Immediate use: as stated above, if you want to purchase now and want to pay later, you can easily do with the help of a credit card.
Cashless Transaction: No WORRY About Carrying Cash, you can just go to the state with card payments, and enjoy. With the Advancement of Digitalization, The USE of C C ards increase.
More secure: in the case of a defic money is depucted from your savings account in the case of credit cards, The Bank Pays on your behalf You, and YO Ur money is saved.
More Discounts: With the Popularity of Credit Card. Some Online Shopping WebSites Offer More Discounts on Credits than Others. Cards that offer more diss
Wide Acceptance: With the Expansion of the Internet, Everywhere Credit Card is Accepted Even in Local Grocery Shop Also. Countries Giving More Credit Points to the User
Emergencies: One of the most importing benefits of Credit Cards. In an emerge 13cy, if money is not available in a savings account. E requirement.
PurChase Protection: Some Additional Protection is Offered by Credit Cards in Case of Loss or DAMAGE. You have to give a design design to the Redit Card Company, and Generally, They Cover Expense Under RS 50000.
MAKING TRAVEL EASY: There is a wide range of benefits for credit card holders such as, it gives a beautiful excercerity through the the airports or rail rail Way Stations.
Overspending: Credit Card Limits Can Exceed to a Huge Expend. debt of the person and can have a meental headache.
Fraudulence: Thiefs can take your card information and can make improper use of it. It Becomes the Responsibility. ING The MORE The CHANCE That You Will Lose Money.
High-Interest CHARGE: If Someone Fails to Repay A Credit Card Amount Within the Period High-Interest Rate IS CHARGED to them. % who is a good source of income for the banks.
Cash withdrawal: Credit Card Charge A High Fee on withdrawal of the Money From the Card. M Fees, ETC. USE A Debit Card for Cash withdrawal.
Minimum due: a Lot of Credit Card Holders, Instead of Paying The Full Bill, Pay The Minimum Due. Due to this, then Pay more intends. Amount of the bit and you will fall under the debt trap.
Hidden Cost: Credit Card Has Several Taxes and Fees. Penalty for Late Payment, and if you want duplicate statement you will be charged fee, One Must Also Check Credit Bills As Emi Paying The Bill, Which Degrades the Credit Score.
Basis of comparison
Credit card
Debit card
Different Types of Fees Are Applicable
Generally, only an annual fee charged
Interest
up to 50 Days of Interest-Free
No Interest Charge
Withdrawals
Chargeable
Not Every Chargeable
Has a particular credit limit
Has A PARTICular Credit Limit (Mostly on 24 Hours Basis)
Privileges
Comes with more discounts, cashback
Comes with LESS DISCount, Cashbacks
MONEY SOURCE
Money Borrowed from the Credit-Issuing Company
More deducted from your savings account.
Lastly, The Best Option Will be to be in a saving by avoid unnecessary Expenses, where you are unable to refay your credit card. Ensure that you ly spend on what you can only afford. If you know how to manage your expenses onA Credit Card, then You Must Go for It Making your debit card usage lifed.
BEFORE Applying for New or Replacement Credit Card, Contract Your Bank’s Customer Care or Use Banking App to Block Your Credit Card. OR NBFC to Apply for New Credit Card or You Can Also Apply for a Replacement Credit Card Directly ThroughTheir Mobile Banking App. Read this article for more demy on how to apply for lot Credit card?
You Need to Choose the Right Credit Card for You Based on Your Perference and Choose Which Type of Credit Carding Like Shooping Carding Card Card Card ARD, and Cashback Credit Card. Choose the Credit that give maximium benefits spiecific to you like some mayGIVE You More Discount But in Other than Shopping Like Travel or Dinning Their Discount is Not very good than their competitor. Read this article for more detail on how to use credit card for shopping?
TheRE FEWOPTION AVAILABLE for Individual that needing Credit Without a job, the second creds or Add Co-Signer to Make Credit Card. This article for more detail on how to get a credit card with it a job?
There are two method to track Credit Card Application Status:
1. Online Tracking: VISIT CREDIT CARD ISSUER Website to Check The Status of Your Application
2. Offline Tracking: Customer Care or Bank Visit
Read this article for more detail on how to track Credit Card Application Status?
Credit Card Pin Can Be Change or Generate USINGINKINGING, Atm or Visting Bank Branch. Read this article for more depational how or Change Your Credit Card Pin?
There is Not a Certain Number on How many Credit Cards Should You have But It Depending on Your Financial and Spending Habits. Credit Cards Should I have?
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