Banking

Credit Card: Meaning,Types and Benefits

What is a Credit Card?

A credit card is a slim rectangular plastic or a metallic card issued by Banks or financial institutions, which lets you borrow funds from a pre-approved limit to pay for your purchases. The limit is decided by the institution issuing the card based on your credit score and history.

Types Of Credit Cards In India:

    • Travel credit card:
      A credit card used mainly for the purpose of traveling, booking flight ticket, train ticket, hotel booking, etc usually this kind of cards provide benefits of discount of travel allowance and an additional airport lounge facility, etc.
    • Fuel credit card:
      A card provided by the fuel company to their regular customer which can be used by the customer to get a credit rebate in the need of emergency it just like any other credit card but can only be used in petrol bunks which are linked with your bank.
    • Shopping credit card:
      A card that allows the customer to buy stuff and every time you use this card pay your bill few points are added as a credit point to your account which can be redeemed as a credit later when required.
    • Secured credit card
      Avail of a secured credit card against fixed deposits to enjoy attractive interest rates. This type of credit card can help users increase their credit score with proper usage.

 

How To Apply For A Credit Card? 

Here is a systematic way How To Apply For A Credit Card:

    • Step 1: Compare the features and benefits offered by SuperCards:
      Each credit card variant and equipped with features and benefits. Therefore, it is very important that you pick the right Credit Card by deciding your short and long term needs along with the card’s benefits, and compare the features of SuperCard
    • Step 2: Meet the specified eligibility terms:
      Once you select a credit card that is suitable for you, check the eligibility term. Later, provide all the necessary documents, such as your identity and income proof to prove your eligibility.
    • Step 3: Get instant e-approval through the pre-approved offer:
      Sometimes consideration your salary and income certain banks provide you with a pre-approval eligibility offer, All you have to do is enter basic details, and get instant approval through a customized credit card financial deal.

 

Features and benefits of credit card

    • Effortless EMI conversion
    • Avail emergency advance
    • ATM cash withdrawal with no interest
    • Instant Approval Credit Card
    • Best Rewards Credit Card
    • Huge annual savings
    • Strong security

 

How to increase your CIBIL Score?

Credit Information Bureau India Limited or CIBIL is the one who decides where the person s eligible for the credit card. The CIBIL score is a numerical grade of your financial stability. which can vary from 300-900.

    • Pay your credit bill on-time

    • Use your credit card responsibly

    • Borrow reasonably

Credit Card Fees:

As credit card company provides us with some many facilities and benefits, they charge a certain amount of fees in exchange for the services they provide:

    • Late payment fee
    • Balance transfer fee
    • Cash advance fee
    • Foreign transaction fee
    • Over-the-credit limit fee
    • Annual fee
    • Convenience fee etc. 

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