Credit Cards

“I want to buy that latest upgraded mobile phone, but I have no money.”, “I need to buy a washing machine for my house, but I can’t afford as I have no funds.” These scenes of lamentations are no longer necessary as you have the convenience of purchasing all that you need with a credit card.

Shopping online and offline, purchasing groceries, booking movie tickets and booking flight tickets, earning reward points, cashback, discounts and offers are some of the most common benefits of using a credit card. Women, who play a major role in taking care of the family needs require financial independence to manage all the credit activities.

Credit Cards and their benefits are very well known. Due to the ease of its utilization, sometimes overspending on credit card is easy. And when you receive your credit card outstanding statement at the end of the month, it may seem difficult to pay up the entire amount that is shown as outstanding

Travel has become a part and parcel of our modern day lives. Individuals prefer to explore more and more places for pleasure. On the business front, though technological improvements like video conferencing and remote working are in place, travel still forms a part of an executive's routine.

Overusing your credit card may bring you debt burden more than you can handle. Repayment can become a problem when your salary is not sufficient to meet the monthly expenses. In such instances, transferring your outstanding credit card amount to another bank’s credit card and pay back in monthly instalment at low interest or no interest rate can significantly reduce your debt burden.

Credit Cards are very useful and convenient, be it for shopping online or offline, for paying bills, insurance or for the reward points and partnership deals that come along. It also acts a temporary means of sailing through shorter periods of credit crunch too.

These offers seem enticing and many individuals just apply for the credit product without giving a second thought, not bothering to read the terms and conditions of the said offer. We bring to you an example of a person who applied for a card after seeing an email, but ended up being disappointed.

Credit Card is an amazing financial instrument that brings in lots of convenience and ease into your day-to-day life and also in your credit life. However, there is a lot of fear and concern connected with the usage of credit cards. This is mostly associated with the rate of interest charged on the cards and the drop in the credit score due to wrong usage.

The earlier forms of credit cards came with magnetic strips which stored all information on the strips. This feature made it susceptible to fraud and loss of information through skimming. Hence, the industry came up with something called as the EMV Chip cards. Chips cards are named after their developers, i.e.  Europay, Mastercard®, and Visa®. The technology uses embedded microchip processors in cards that store and protect customer data.

Credit Score is a measure of your creditworthiness and is the primary way for a bank or a financial institution to decide if you should be eligible for any kind of credit in future. This score can range anywhere between 300 and 900. Higher scores are preferred as they indicate higher levels of creditworthiness.

Credit cards can be a boon or bane based on their usage. A credit card is a powerful financial tool if you know how to use it responsibly. And at the same time, it can turn out to be a dangerous beast in your life if you fail to use it carefully.

Rajeev is a middle-aged banker and has recently started using a credit card. He is a person who is wary of excessive debts and is aware of the interest charges being levied on credit card debt. And some of his family members have advised him to pay off the credit card outstanding as soon as possible, so he does not even wait for the bill date, he ends up making multiple payments during the month.  

Establishing and running a business require continuous inflow of cash, both for long-term and short-term use. There are different avenues of financing available for a business owner depending upon their need; be it the duration of financing required, interest rate charged, the ease of obtaining the finance, etc.  

Credit Cards bring in a great amount of convenience and ease in making payments, and when used carefully, they can act as a resource to help manage certain periods of cash crunch as well. Credit cards cater to various needs of the individuals, like a card specially catered for online shopping or lifestyle credit cards that reward you for spending in that particular category, etc.  

A credit card comes in handy when you need immediate cash for an emergency. Getting a credit card becomes easier when you have a good income, good credit score or work for a reputed employer. Every bank provides different credit cards for a wide range of customers based on their eligibility criteria. When you are unable to get a credit card due to a poor credit score or low income, a secured credit card can be the best option to go for as you can easily become eligible for approval.  

Credit cards are incredibly convenient in more than one way. But, at the same time, a credit card debt is one of the most expensive debts to have.  You would also have to think about joining fee, annual charges and minimum spend conditions that may come along with your card.

Having a good credit score not only makes it easier for you to land loan and credit card approvals but get them on favorable terms like a lower rate of interest, lower down payment, etc. While we know that your earlier credit-related factors are responsible for your credit score, let us see how credit cards, in particular, affect your credit score. 

The benefits of having a credit card are known to everyone. In addition to being convenient for payments for online and offline transactions, they also help you tide over short-term credit needs. And not to mention another added advantage of getting benefitted with reward points, partnership deals, and co-branding arrangements. 

Are you a credit card user? You must have read or heard about the exorbitant rates of interest charged on the credit cards? But not many of us know how exactly the interest on your credit works. 

You must have heard the terms "Credit Limit" and "Credit Utilisation" in the context of credit cards. Have you been wondering what these terms are and how they really matter to a common credit card user? You must also must have heard that your credit utilization should not exceed 30 or 40%? Is it something to signify the number of times you should use your credit card?  

Nowadays, we see many students studying away from home, either in India or abroad, who have to manage their day-to-day expenses at hostels, buy books, commute from one place to another, etc. Being technologically savvy, they obviously prefer to make monetary transactions either by through mobile wallets or the online route.