What are the Features of Credit Cards?

-
Credit cards can be thought of as plastic money. Issued by financial institutions (mostly banks), they offer money (credit) that needs to be repaid within a stipulated time.

Credit cards are a handy way to make payments and keep a record of your purchases. All you need to do is swipe your credit card online or at retail stores and you are done. Many also use these cards to pay monthly bills, insurance premiums etc.

Besides being convenient, there are other benefits of using credit cards too.

1) Cash back: Many banks offer cash back opportunities if you use your card to pay monthly bills (electricity) or for grocery purchases. Besides, online shopping portals too have cash back offers on various products.

2) Reward points: Credit card companies offer reward points for any purchases you make with your card. For example, HDFC Bank gives 2-5 reward points for every Rs 150 spent using your card. You can then use these points to purchase gifts (available on the company’s rewards page).

3) EMIs: If you are making a big-ticket purchase (TV, refrigerator, laptop), you can easily convert it to affordable monthly installments. Banks usually charge interest for conversion to EMIs.

4) Grace period: One of the main advantages of using a credit card is you can defer your payments till your bill your due. Banks offer a maximum 50-day grace period for paying back your dues.

5) Safety: Credit cards are safer than debit cards as in case of fraud you are not out of money immediately. Payment gateways like Visa, MasterCard also offer additional password protection while using the cards online.
Click Below to Apply for Credit Cards Online
Related image

Comments

Post a Comment

Popular posts from this blog

10 Best Banks for Personal Loan in India – 2018 Review

-
Image
I know it’s difficult to manage your finances smoothly because of higher costs of living. People go for a personal loan when there is a cash crunch. It’s easy to get a personal loan for expenses like foreign vacation, renovation of your dream house, traditional Indian marriage, or any other obligation. Disclaimer: I won’t recommend anyone to take personal loan unless it’s absolutely necessary. Reconsider your decision if you can manage your finances without a personal loan. But if you have already made your decision but just looking for the best bank that gives best offers on personal loan then keep on reading till the end. Unlike in other kinds of loans, in a personal loan there is no restriction on how the borrowed amount is utilized as the borrower has full freedom to use the money for any purpose except for gambling. In general, banks do not ask for any collaterals as security while approving these personal loans. Hence these loans are quick and can be easily availed.
Read more

Types of credit cards in India

-
Image
Credit cards, also known as plastic money, have become a rage in recent times as lots of people are experiencing its benefits. In recent times, the credit card companies are not only providing security for cash but also give many additional features too. 24-hour instant cash access is the major advantage of credit card and major banks in India provide varieties of credit cards. Here we discuss the major types of credit cards available in India. The features and benefits of credit card may differ from company to company. This article highlights the common features of different types of credit cards. Gold Credit Card: Gold credit cards are made for higher income groups who also have higher credit rating. It is a status symbol and is considered prestigious. The features of gold credit cards are: Cash withdrawal limit is higher Credit limit is higher Provides one Add-on card which can be given to either, spouse, children or parents of the credit card holder Provides
Read more

How to Improve your Credit Score?

-
Image
Making timely payments in full is key in establishing, or improving, a good score. And since details about your payment history, including late or missed payments, are considered public record and can stay on your credit report for years, you should aim to pay as much of their monthly balance as you can, on time, every time. The snowball method, in which you pay off the smallest of your debts first, then move on to the next largest, is a popular way to do that. Redd Horrorcks, a self-employed voice actress, using this method, paid $39,000 in credit card debt in five years. Click Below to Improve Your Credit Score Aside from paying in full and on time, look to reduce your credit utilization rate, too, which is the ratio of how much you've spent on your credit card versus the card's limit. "The smaller that percentage is," according to Bankrate, "the better it is for your credit rating." "Even if you pay balances in full every month, you s
Read more