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Benefits Of Credit Card


Convince

Save Time and travel no need to search of ATM or keeping cash in pocket

Track your Expenses

Credit card helps you to Track and maintain your Expenses History.

Low Cost loan

You can rotate your Credit to save today when your cash is available next week.

Quick Cash

When you are running out of cash, you can withdraw from ATM via Credit Card.

Cash Back Offer

Most of credit card offer you cash back offer on what you spend from credit card.

Reward Point

Credit Card gives you reward point you on the amount you spend but instead of cash you earn them in Point form,  When you collect a certain number of reward point, you can redeem these reward point for gift voucher, movie ticket, Digital or Electrical appliances, lifestyle product and so on.

Discount

Some shop or E-Commerce portal or Airline offer Discount

Cut Cost on Overseas Spending 

Most of Debit/Credit card charge you a foreign loading fees, but Some Credit Card waive off foreign loading fees.

CREDIT CARD

There are situations when you need money to buy something but you don’t have enough cash in your hand to pay for it. A credit card can be a boon at such times. All that matters is that you have a credit card with a limit enough to pay for what you are buying.

 

What is a credit card?

A credit can be described as an arrangement in which you can buy products or services (even when you don’t have enough money) with a commitment that you are going to pay for all of it later(within specific time).

A credit card is a plastic card which looks just like at ATM or a debit card. Though both debit cards and credit cards look similar, they work differently. In case of ATM card, you can only spend as much balance that you are maintaining in your bank account, whereas in credit cards, you borrow money from the bank on the basis of the promise that you will pay the debt within the given time.

 

Types of credit cards

  1. Secured credit cards: By secure credit cards, we mean that you need to have a fixed deposit(cash deposit) which can be used to collect the payment in case you fail to pay the bill of the credit card. The limit in such credit cards are calculated on the basis of the amount of the cash deposit.
  2. Unsecured credit cards: In unsecured cards, you do not need to have a cash deposit. You get the card on the basis of your salary and the credit score that you maintain.

 

How does a credit card work?

A credit card can be used to buy products, services or when you need cash(a credit card can be used to withdraw cash just like a debit/ ATM card). You buy the products without paying for those products or services at that time because at the time of shopping, the payment is made by the card issuer(usually a bank).

The card issuer sends you a bill statement every month and they also provide you time to pay the bill. If you pay the bill within that time, there will be no extra charges to be paid, but if you pay the bill after the due date of bill payment, you will have to pay extra charges(interest charged by the card issuer) along with the original bill amount.

Credit card comes with a spending limit every month. The spending limit depends on your credit score and having a good credit score means that you will have a larger limit and also you will pay less interest.

 

Eligibility for applying for a credit card

  1. Minimum age of the individual varies from 18 to 21 years in different banks.
  2. Maximum age of the individual varies from 65 to 70 years in different banks.
  3. Minimum annual salary should be 1,80,000 INR.
  4. Some banks like ICICI need you to have a valid fixed deposit of Rs. 20,000 with a minimum tenure of 180 days.

 

Documents required to get a credit card

  1. PAN card photocopy or Form 60
  2. Colour photograph
  3. Latest payslip/Form 16/IT return copy as proof of income
  4. Residence proof like Passport, Ration Card, Electricity bill, Landline telephone bill, Voter Id card etc.
  5. Identity proof like Passport, Driving License, PAN Card, Voter ID card, Aadhaar card etc.
  6. Proof of age
  7. Proof of income like latest salary slips, latest bank statements, latest Form 16.

A credit card can be very beneficial for those who are responsible enough to pay the complete bill amount without any delays. The payment period may vary from 45 to 55 days according to the bank from where you have taken the credit card. Credit cards can be a boon if you pay the bills within the grace period because there will be no extra charges like late payment charges or interest to be paid. Having a credit card does not mean that you have free cash and you can use the credit card as much as you want. If you have a credit card, you should be very responsible. Not using the credit card properly will be harmful for your credit score and also it will be difficult for you pay the bills along with other charges.

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