In the present time it is not feasible any more to carry a thick pack of bank notes and coins in one’s wallet not only from the security perspective, but also from the point of view of convenience. With deference to these issues, credit cards, also known as plastic money, provide a viable alternative and its use is on the rise. Rather than to give much desirable alternative to cash.
When you make a purchase using your credit card, you are essentially taking out a short-term loan. The interest that is applicable on this loan will depend on when you pay it back. If you are able to make a payback before the due date, there will be no applicable interest. Credit cards also have a small grace period before the payment is due in any billing cycle, which can be something around 30-45 days. Paying before the end of the grace period will help you avoid any interest, while paying less than the total balance will accrue interest on the average daily balance.
We, at Myfundbucket.com, help you compare the various types of credit cards available vis-a-vis your requirements. Our analysis and suggestions are free from any inclinations that may adversely impact your financial planning
The eligibility for a credit card differs from provider to provider. However, the basic criteria are as follows:
The documentation requirement also varies from issuer to issuer, some of the key documents required to apply for a credit card are as follows:
Ans..Credit card is a opportune substitute to cash or check-based transactions issued by banks and financial institutions, allowing the holder to make a purchase (or draw advance cash) on credit. The due amount at the end of the billing cycle may be paid as a lump sum within the due date in smaller installments before the last due date. The purchase made by a credit card are in fact short term unsecured micro loans and if paid off within a particular time (interest free period) do not have any interest payouts. Moreover, credit cards allow you to get advantage from the option of revolving credit i.e. you might pay off your credit card dues in one shot or make manifold small payments to pay off your debt. According to RBI data, as of December 2015, there were 2.27 crore credit cards in circulation within India. Even better, you can use credit cards not just within India but also worldwide
Ans. The money that you withdraw via debit card is your own money which is debited from the bank account linked to your card or in other way you are spending from your own wallet. On the other hand, the money that you spend (purchases) or withdraw (cash advance) via a credit card is more like a short term loan arranged by card issuing entity. Instead of paying off this short term loan on a per use basis, all your expenses get converted into a consolidated bill at the end of the billing cycle.
Ans.Visa and MasterCard are international payment technology companies based out of the US that connects customers, businesses, banks and governments across more than 200 countries and provinces, enabling them to use digital currency instead of cash, checks, drafts, etc. Apart from VISA and MasterCard, other foremost global payment technology companies are American Express, Diners Club and Discover.
Ans.The CVV Number (Card Verification Value) it is a 3 digit number mentioned on back side of your credit card on the right side of the signature panel. Also known as the CVV, this 3 digit number is an important part of the verification process especially in case of online transactions. The CVV number should not be disclosed to anyone.
Ans.Although the eligibility criteria for credit cards vary from one issuer to another, the following are a few generic criteria: :
Ans.You can apply for a credit card online in less than 2 minutes through Myfundbucket.com. After you have completed and submitted the online application, the respective card issuer will get in touch with you and ask you to submit the supporting documents. After receiving your application form, complete in all respects along with all the required documents, your application will be processed within two weeks by bank. Provided all your documents are in order, you will receive your new credit card within 7 working days, once your application is approved and all the checks have been completed by the bank. The bank will send you timely alerts on the credit card application status via SMS on the mobile number stated on your application form as well as through emails sent to the registered email address.
Ans.A supplementary/add-on card refers to one or more credit cards that may be issued to family members of the primary card holder. Add on cards share the total credit limit of the primary card account and have the same features as the primary card. Any reward points earned through the add-on card(s) are credited to the primary card account.
Ans.Though this tends to vary from one credit card issuer to another, in most cases, you can apply for up to 3 supplementary cards for family members like your spouse, children, parents and siblings.
Ans.In case you have lost your card or it has been stolen, the priority is to block the card and prevent unauthorized transactions. Please make a call the card issuer’s customer care number and inform them of the card loss/theft so that the card is blocked and the replacement card issue procedure is started.
Ans.No, not all cards charge an annual fee and/or a joining fee. In case of basic credit cards, there is usually no annual fee; however, cards that have an annual fee often offer more benefits than the zero annual fee cards.
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