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  6 facts to know before you apply for credit card in India So you want to apply for credit card? That’s great, but are you well versed with the world of credit card? Do you know how does bank evaluate its potential credit card customers? Are you clear about your requirements and why are you so eager to get a credit card? Most of the people do not spend much time to check which credit card is best for their requirement, but just grab the one that is offered to them for the first time. So today, I want to make sure I give you a sneak 360 view of the world of credit card and what all things one should be looking at before they apply for a credit card in India. 1. Your Income is important parameter for Credit Card Eligibility When you fill in the application form while applying for a credit card, the lender asks you for various information like your age, city, take home income per month and type of your employment, which all is required to decide if you qualify for getting...

How to transfer money from a credit card to debit card If you want to clear an overdraft or borrow a small sum of cash, you can use a money transfer credit card to move credit into your current account. In order to transfer money over from a credit card to a debit card, you will need what is called a money transfer credit card. Money transfer cards are similar to balance transfer credit cards, which allow you to pay off debts from other credit cards at 0% interest – but a money transfer credit card allows you to transfer money to a bank account, whereas a balance transfer card does not. Money transfer cards give you a length of time to repay the money at 0% interest in exchange for paying the balance transfer or money transfer fee. It can often work out cheaper than repaying a debt at its current interest rate, especially overdrafts which tend to have quite high interest rates. Similarly, it can be cheaper than taking out a loan to buy something you wouldn’t normally...

Should you take a loan on your credit card? Loans against credit cards are similar to ¬¬personal loans, only they don’t need any documentation. While a personal loan is among the quickest options for getting a loan, it still requires some documentation and may take a few weeks to process. So if you are looking for money immediately, a loan against your credit card could help you out. These loans work out to be cheaper than withdrawing cash on your credit card. You are also likely to be eligible for more money in case of a loan than in case of cash withdrawal. But the interest rates on such loans are generally higher than personal loans. Otherwise, it works just like a personal loan, with a processing fee, repayment in monthly instalments and prepayment facility, though there may be extra pre-payment charges. Click Below to Apply for Credit Cards Online The big downside of taking such a loan though is that banks may limit cash withdrawal facilities on your ...

Types of credit cards Credit cards come with different fees, interest rates and reward programs. You need to check for the ones best suited to your needs while applying for one. Here are the different types of cards offered by banks, other financial institutions: 1) Standard Credit Cards: These are general purpose cards that are most commonly issued to users. They need no deposits and credit limit is decided by the credit card. 2) Premium Credit Cards: These are the gold and platinum cards. They come with more offers and come with higher credit limits. Some perks might include concierge services, exclusive airline lounges etc. 3) Secured Credit Cards: To use secured credit cards, you need to deposit money with the company. Your credit limit is decided based on the deposit. These cards usually have higher rates of interest and an annual fee. They are mostly used by people with a tarnished credit history. 4) Prepaid Credit Cards: Here, the user loads the card with mon...

How many credit cards should you have? If you are already using a credit card, you might be tempted to go for more lured by the offers being given by credit card companies. But how many cards do you actually need? Credit limit: If you feel that the credit limit on your existing credit card is not sufficient, then you may apply for one more card. But if you have a good payment history, credit card companies usually reward you by enhancing your credit limit periodically. Convenience: Sometimes merchants don’t accept all cards, like some may accept only Visa and others only MasterCard. So if you have only one kind of card, you may not be able to make that payment using your credit card. Also, sometimes your card may get rejected for technical reasons. In such cases, a backup may be useful. Benefits: Some cards offer privileges/good deals for specific purposes like petrol purchases, dining, air miles etc. If you want to take advantage of these offers, you make opt for a s...

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...

Advantages of using Credit Cards Purchase Power and Ease of Purchase - Credit cards can make it easier to buy things. If you don't like to carry large amounts of cash with you or if a company doesn't accept cash purchases (for example most airlines, hotels, and car rental agencies), putting purchases on a credit card can make buying things easier. Protection of Purchases - Credit cards may also offer you additional protection if something you have bought is lost, damaged, or stolen. Both your credit card statement (and the credit card company) can vouch for the fact that you have made a purchase if the original receipt is lost or stolen. In addition, some credit card companies offer insurance on large purchases. Building a Credit Line - Having a good credit history is often important, not only when applying for credit cards, but also when applying for things such as loans, rental applications, or even some jobs. Having a credit card and using it wisely (making ...