Do you want to get a credit card, so here I will tell you the whole process of getting a credit card, But before we discuss on the topic we must know some other information on credit card such as what is a credit card, what are the advantages and disadvantages of a credit card. At the end of this article we will tell you the process to apply for a credit card.
What is a Credit Card?
A credit card is a plastic or metal card issued by a financial institution, such as a bank, which acts as a cashless payment instrument. It works on borrowed money policy and gives you access to the money you didn’t actually earn, while you can use it now to buy items and pay for them later. You must pay within the due date.
If you are unable to do so, you will be charged interest on the monthly balance which is borne until the arrears are paid. It is important to know that there is a limit to the amount you can borrow using the card. This limit is approved by the bank post considering various factors and it is known as credit limit.
How a credit card is different from a debit card?
The principle of the transaction is to separate the credit card from the debit card. Basically, when a debit card is used for payment, the money is deducted directly from the bank account. This means that the debit card has been withdrawn from the funds already in your bank account.
On the other hand, in the case of credit cards, the money is debited from your pre-approved limit. As a result, it will have no effect on your bank balance. To better understand this you can learn the difference between a credit card and a debit card here.
Where can you use a credit card?
Credit cards are very convenient for paying in stores, where they can be easily swiped. These are also compatible with online transactions, because all you have to do is type in your card credentials. Even better, each time you make a transaction, you can earn credit card reward points, which can be re-applied to save more on future purchases.
You can set up auto-pay by linking your credit card to the service account, as they are compatible with all websites. Credit cards double as ATM cards and allow you to withdraw money when your cash is urgently needed.
What is Credit Score and Credit History?
When you talk about credit cards, two words come to mind. They have credit scores and credit history. This is because the maximum amount you can spend on your card, i.e. the maximum amount of your credit card is determined by these two factors. A credit score is basically a numerical representation of your ability to honor your debit. Simply put, it measures how easily you can repay a loan. From this it follows that a higher credit score provides a higher threshold.
A credit score of 300 to 900 and any score above 750 is considered good. Credit history, on the other hand, refers to the history of credit payments in the past. If you repay your loan consistently and on time, you can get yourself a higher credit limit. This is also a cycle: Respecting your credit card payments on time can help you improve your credit score, which increases your chances of getting approved for credit in the future.
How To us credit card responsibly?
To fully enjoy the benefits of your credit card, you need to make sure that you are using it well. Follow the tips below to protect yourself from debt traps and unnecessary stress.
- Make sure you repay the loan within a certain period of time to avoid interest and late payment charges and to maintain your credit score
- Don’t miss credit card payments because you have to pay a penalty
- Do not exceed your credit limit
- If you can’t afford big purchases, choose EMI so you don’t miss your bill payment
- Be aware of all the charges and charges associated with your credit card
- Make the most of your card benefits and reward points
- Keep about 40 percent of your available credit balance for emergencies
- Keep an eye on your credit card details created at the end of each billing cycle
- Follow security guidelines and do not share your credit card information with anyone
- If you lose your credit card or if you receive a warning about an unauthorized transaction, you should report it to your issuer immediately.
- Don’t leave your credit card unreasonable and make sure it’s swiped in your presence
- Don’t save your credit card online
How Many Types of Credit Cards?
There are all kinds of credit cards available, from shopping to paying electricity bills, so just know about them. Let us know how many types of credit cards are available in India and what are their features:
Types of credit cards in India and their features:
Travel Credit Card – With Travel Credit Card, you can get discounts on all airline ticket bookings, bus and train ticket bookings, cab bookings and more. Whenever you book a ticket, you get some points that you can redeem later.
Fuel Credit Card – By taking advantage of fuel surcharge waiver with Fuel Credit Card, you can take advantage of offers offered by petrol pumps, plus you can save extra money all year round by earning extra reward points.
Reward Credit Card – Each type of credit card transaction must receive some reward. Cashback is also available on some cards. You will get one or two percent cashback if you pay anywhere through the card.
Shopping Credit Card – Shop online or offline at partner stores to get discounts on shopping or transactions with Shopping Credit Card. With this card, you can get year-round cashback, discount vouchers and more from Partner Store
Secured Credit Card – Those who have a very low credit score i.e. CIBIL score should apply for a secured credit card. This card proves to be very useful for those who have a bad credit score. If you open a new account or apply for a loan, you can revise your credit score with a secured credit card.
Balance Transfer Credit Card – When you can go for a balance transfer credit card to avoid huge interest or penalty. This will help you reduce your existing credit card arrears. With these national cards, you get 6 to 21 months to pay the arrears. Yes, to use it, you need to pay a one-time balance transfer fee, which can be up to 5% of the total amount.
How Does Credit Card Work?
On what basis does the bank give credit card? Banks will issue you a credit card if you are able to repay the loan amount after taking it from the bank. By spending money on a credit card, you actually borrow money from the card issuing bank, which you have to repay within a certain period of time.
60 days to pay – If you do not pay your credit card bill on time, you will have to pay a penalty. You will have a debt free time of 50-60 days between creating and purchasing credit card bills.
Terms of Credit Cards
There are many things to keep in mind when applying for a credit card, which can be beneficial for you.
Initial and annual fees – Many lifetime credit cards are offered for free, with the exception of some high-end credit cards. Therefore, only credit cards with no initial fee should be taken.
Balance Transfer Facility – Some customers accept credit card as a short term loan facility. When a customer is unable to handle the debt burden from one credit card, he transfers his debt to another card.
Interest Rate – If you are taking credit as a short-term loan, the interest rate must be kept in mind. This rate usually varies from 1.33 to 3.15 percent per month and depends on the different credit cards.
Loan Term – Banks usually offer a loan term of 21-52 days. It depends on the type of credit card and the date of issue. If the loan term remains without interest rate, then the same number of days will have to be repaid without interest.
Debt Limit – The credit limit is the maximum amount that can be spent on a credit card.
Customer Service – Getting a credit card from a bank with a good relationship will be more beneficial
Reward Points and Cash Back – All banks try to attract customers by giving them reward points or cash back. So those who use credit cards regularly will have to join this scheme.
Shopping facility – A good credit is acceptable to shoppers in the country as well as abroad. Like most outlets, a credit card with discounts and shopping facilities is extremely useful.
Benefits of a credit card
Now you must know about credit card, but now the question arises, why should we use credit card, or what are the benefits of this card. Friends, the biggest advantage of a credit card is that you can get anything at EMI when you shop online, for example if you want to buy a TV, but you don’t have that much money, then you can buy a TV with your credit. Card. You can pay in installments, credit card holders consider this to be the biggest advantage of the card.
The second advantage is that it is a credit card, meaning you don’t have to pay immediately to buy something up to a certain amount, you can use it within a month and pay the bill at the end of the month. People also like to take cards for this reason.
The ultimate benefit is that it boosts your credit score, such as if you have a credit card and you maintain the credit card properly, pay the bills on time, it will help you to create your image in the eyes of the bank. Well, so you can get more loans.
Some problems of a Credit card
I told you about the benefits of a credit card, but that does not mean that there is no problem, the biggest disadvantage is the unlimited cost, meaning that when you have money you can do a lot without worrying. We spend money. The thing, which later leads to regret, although this condition does not apply to all people, but some people definitely do. Before getting a credit card, you must think that it is a kind of loan, so use it very wisely.
Another disadvantage of credit cards is interest and fees. Interest means that many times when you shop online you have to pay some charges for installments, this is not on all products, but some products and companies pay interest for installments. Is charged in the name. Friends, some credit card companies also charge a service charge, which means you have to pay some money for that card year.
That’s why before getting a credit card, read all the documents once and contact your agent or bank if there is any problem.
What documents need to apply for a credit card?
Now we know what documents we need to get to get a credit card, friends, it is different for all banks, but you still need to have an identity card or Aadhaar card, a bank account and pay slip, if you do your business.
Then you may also need to show your passbook statement, after which your credit card can be created. For more information, you can contact your bank, below I have given the customer care numbers of some of the major banking companies, where you can find out about credit card by calling.
How To Get A Credit Card
The purpose of a credit card is to make cashless transactions an easy, hassle-free experience. If you are excited about the opportunities it offers to make your dreams come true, you must check out the range of credit cards available on the various Markets platform. You can understand in detail the features of each card, compare your preferences. You can choose the best one and apply for a credit card for yourself in a fully informed manner.
Here are four popular ways to get a credit card, which you may find easy, you can use it to applying for a credit card, the first way to get a credit card is to visit the bank’s website and apply online to any bank. If you have an account, you can go to the bank’s website and apply online.
Another way to get a credit card is to go to a bank branch and apply offline. Friends, you can go directly to your bank and apply for a credit card.
The third way to apply for a credit card is to contact the bank’s customer care and find out if you are eligible for a credit card and the last step is to contact an agent. Let us know in detail about these four methods.
1. Apply through bank’s website
Nowadays all banks apply online for credit card on their website, you can apply online by visiting the website of the bank where you have your account, the bank will call you after applying, and after some information your application will be accepted. By the bank, then a few days later the bank will inform you, if your credit card is not generated, the bank will also tell you the reason. If you use online banking, you can easily apply for a credit card online.
If my account is with SBI, I will search Google by typing SBI Credit Card website and go to the official website and apply online from there. You should follow the same procedure, if you encounter any problem here, please contact the bank customer care given below. Or you can ask questions in the comments.
2. Trough customer service number
If you can’t apply for a credit card online, you can also get credit card information by calling the bank, all you have to do is call the bank’s credit card number, I found some famous banks here. The company number is given, whatever your bank is, you can get the card information by calling, if your bank’s customer care number is not given here, send me the name of the bank in the comments, then I will tell you about your bank. The rest of the numbers you can Google.
- SBI Credit Card Number 1860 180 1290
- HDFC Credit Card 61606161/6160616
- ICICI Credit Card Number 1860 120 7777
- RBL Bank No. 022 6232 7777
- Axis Bank Helpline Number 1-860-500-5555
- Kotak Mahindra Bank 1860 266 2666
3. Through Communication agent
Did you know that you can also get a bank credit card by contacting the agent, contact the bank’s credit card making agent in your area, remember that there is a possibility of fraud, so caution is very important, you can also check your credit score online by visiting some websites. And apply for a credit card. The websites listed below are also useful for applying for a credit card online.
4. By visiting the bank branch
If you do not get help from anywhere, you can contact your bank directly, you can go directly to the bank and talk about credit card, an officer of the bank only to make credit card, you can go and contact the officer at the bank, If you have an account, you can contact the nearest branch of that bank.
Ans. Credit cards are issued by banks and financial institutions (banks and NBFCs). Credit cardholders can borrow or pay credit (money) from this entity to shop or pay for various services. In addition, the credit card offers rewards, cashback, interest-free loans, and more.
Ans. With a credit card, you can shop, that is, shop online, and you can also deposit your home, phone and electricity bills with a credit card.
Ans. This is usually a small amount of the total arrears. By making a minimum payment, cardholders can avoid late payment penalties, which will be levied on credit cards.
Ans. Credit card users will have to pay interest charges if they do not pay their bills on time, whereas for debit card users, no interest rate is charged as the bank does not lend any amount.
Ans. The interest rate on Kisan credit cards is 7 per cent, but the central government subsidizes 3 per cent farmers who pay on time.
Ans. A credit card is a plastic or metal card issued by financial institutions that allows you to borrow funds from a pre-authorized limit to pay for your purchases.
Ans. Using multiple credit cards can also increase your chances of falling into debt trap. Multiple cards mean multiple dates. If you forget to pay a card bill again, you will have to pay huge interest. In addition, your credit score will be worse.
Ans.
1) Axis Bank Ace Credit Card
2) Amazon Pay ICICI Bank Credit Card
3) HDFC Regalia Credit Card
4) SBI BPCL Octane Credit Card
5) Just click on SBI card
6) City Premier Miles Credit Card
7) SBI Card Elite
8) Yes first credit card of choice
Ans. You must be at least 18 years old. Whether you are salaried or self-employed, you should have a regular source of income to pay your credit card bills (minimum income limits vary for different cards). You should not have a bad credit history.
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