All About Credit Cards
Join the crowd! Swipe your credit card and you don’t need to worry about a thing. Needless to say, it is very easy to hop on the Credit Card Merry-Go-Round. Therefore, in this article, we explain you all about a credit card.
Meaning of Credit Card
Credit card is a tool that provides you instantaneous credit when you need. Although there is a credit limit up to which you can make a purchase by using your card, which depends upon the type of card you possess. Though, the flexibility of the card comes at a cost, you needs to pay interest on the credit amount based upon the number of days you take to pay the whole outstanding amount.
All banks offer you an interest free tenure for credit cards and zero interest (means no interest) is charged if you pay your stupendous credit during this tenure. In case, if you fail to clear your dues during this time-period or give only part of the payable amount, you need to pay an interest on the outstanding amount on your credit card.
Things To Look While Choosing A Credit Card
- 0% Interest Rates
- Look for Hidden Fees
- Rewards Programs
- Cash Advance Option
- Online Payment Options
Kind of Purchases To Make With Your Credit Cards
Although having that powerful plastic card with you as you go for shopping at your favorites stores in town would be one of the most suitable ways for you to buy stuff, you should also remember that convenience may not always be the issue.
When you go for shopping with your credit card, you may end up buying more things and paying even more than their actual value, since you’re buying them without cash. Things get even worse when you are already spending beyond your budget. It happens because you don’t feel it at all because you’re not paying in cash. Aside from the threat of fraud, you will also have to deal with interest rates, which can soar higher than you’d expect them to. That’s on top of monthly dues you have to pay your bank.
When you run short of money, you may delay your payments and then, the amount you have to pay even increases. At some point, you may find yourself buried heavily in debt. Paying off bills would probably be one of the basic problems you would deal with because of the world’s economic situation. But, you should pay your bills on time to avoid any type of issues. And even when you are the only one using your card, you still have to be careful about making too much expenditure and having issues with payment. Remember that delays in payment can affect your interest rates plus other penalties that may be imposed by your bank.
Protect Your Credit Card From Fraud or Misuse
In terms of fraud, opportunities for this crime, to be committed usually arise when your card is stolen and used by other people in your name. This may actually be prevented if you become extra careful. If your card ever gets stolen, you should inform your bank immediately as the bank can block the use of your card. If you don’t report the loss immediately, you will have to pay for a thief’s purchases when you receive your next bill.
Undeniably, one the biggest advantages of having a credit card are being able to use it almost anywhere and anytime. But sometimes, you may just forget about safety measures that will let you keep your card in your own hands.
Another thing you must also be extremely careful about is when you use your card to make online purchases. Hackers are everywhere on the Internet today. When you make an online purchase by using your credit card, you have to enter your card number and other important details about your account. Unfortunately, talented hackers can always find their way into stealing your information and using it for their own purposes.
With all of these risks, you will have to face while enjoying the convenience of credit card shopping, you should never forget about securing your card. There are companies that process credit cards for online businessmen. This is to provide more payment options to the customers. On the customers’ end, stores or establishments that take credit cards will always be valued.
Credit Card Providers
- HDFC Bank Credit Card
- Canara Bank Credit Card
- Andhra Bank Credit Cards
- Federal Bank Credit Card
- Bank of Maharashtra Credit Card
- Axis Bank Credit Cards
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