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Rewarding Credit Card

A Credit Card is a facility offered by banks and financial institutions allowing you to make online as well as physical purchases without needing to exchange hard currency. A credit card is a thin rectangular piece of plastic or metal issued by a bank or financial services company, that allows cardholders to borrow funds with which to pay for goods and services with merchants that accept cards for payment. Credit cards impose the condition that cardholders pay back the borrowed money, plus any applicable interest, as well as any additional agreed-upon charges, either in full by the billing date or over time.

Credit Cards work on the ‘Buy now and Pay later’ principle. It is a straightforward process. Every Credit Card comes with a prescribed limit. If the threshold is available at the time of your purchase, the bank approves the payment. The bank raises the bill on the fixed date. You have to make the payment on or before the due date mentioned in the statement.

No, as a customer you don't have to pay any kind of charges to any financial advisor. You only have to pay your processing fees , foreclosure charges , insurance amount , etc which is applicable in your loan amount by the bank itselfs.

Using a credit card offers several benefits, such as convenient and secure cashless payments, cashback and reward points on eligible purchases, discounts and special offers, easy EMI options, and access to funds during emergencies. Regular and timely repayment of credit-card bills can also help build a strong credit history and improve your credit score. Some credit cards additionally provide travel benefits, purchase protection, and other lifestyle benefits. However, it is important to pay bills on time and understand the applicable interest rates and fees.

Age of the applicant – The minimum age for applying for a credit card is 21 years Monthly Income – Banks have different criteria as far as monthly income is concerned. However, the minimum monthly income should be around 20,000. Credit History – A score of 700 and above is considered acceptable for issuance of a Credit Card. Your credit report will show the details of your credit history.

Credit cards are a convenient way to make purchases and manage short-term expenses without using cash. They offer benefits such as reward points, cashback, discounts, EMI options, and other lifestyle benefits, depending on the card. Paying your credit-card bills on time can help build a good credit history, while paying only the minimum amount due can lead to interest and additional charges. Credit cards may also have annual fees, late-payment charges, and other applicable fees. Therefore, it is important to understand the card’s terms and use it responsibly to avoid unnecessary debt.

Joining fee – Usually, banks do not charge any joining fee. They provide the card free for the first year. Subsequently, they charge renewal fees annually. Certain banks charge joining fees.
Renewal fees – There is an annual renewal fee on the card after the first year.
Interest – Every card has an interest-free period depending on the billing cycle and the due date for repayment. Usually, it is around 20 days to a maximum of 52 or 55 days. If you make the full payment on or before the due date, there is no interest. However, if you make a part-payment, the balance amount will attract interest. These rates vary from bank to bank. Usually, it is in the range of 3% to 3.5% per month.
Cash withdrawal fee – You have a cash withdrawal limit on your Credit Card. This facility allows you to withdraw cash in an emergency from any compatible ATM. Banks charge a cash withdrawal fee on every withdrawal. This cash advance facility attracts interest from day 1.