Credit Cards

Keeping your credit card information safe is mandatory. Here are some important tips to help you to keep your card safe and secure, for both online and offline transactions

Currently, there is only one credit card being offered by Amazon and that is the Amazon Pay ICICI Bank Credit Card. Amazon Pay ICICI Bank credit card is a credit card issued by ICICI Bank in association with Amazon and Visa. This is a lifetime free credit card with no joining and renewal fees.

To use the UPI method of payment, each individual needs a unique Virtual Payment Address (VPA) which is similar to a username to send and receive the money. It will be like your unique ID. You can choose a VPA according to your choice. Also, you can add this unique VPA to more than one bank account.

Never forget two things in life. To eat and to pay your credit card bills on time. Because obviously eating is essential but paying your credit card bill on time not only reduces your debt but also you don’t have to pay late payment fee and other penalties levied by credit card companies. 

Let’s help you better understand how this formula works: When you receive the credit card bill/statement, you should pay the complete bill amount by the end of the credit free period to avoid paying interest charges on the outstanding amount. To pay your credit card bill, you normally get a credit-free period of 20 days from the bill/statement issue date.

In simple words, the credit card balance or statement balance is the money that one owes to the credit card issuer. It consists of an amount which is unbilled as well as the current outstanding amount. 

When a credit card is used anywhere online or offline then you will be charged a transaction fee. This charge is usually around 2%-3% of what you pay and the same is paid to the merchant where you swipe the card.

Currently, every time you make a fuel purchase through your credit card, you have to pay a fuel surcharge @ 1% (before 13 Jan 2017, it was 2.5%) subject to a minimum of INR 10. When one pays for fuel through credit card, a fee is levied which consists of transaction fee and service tax. This fuel surcharge ranges between 1% and 3% of the cost of fuel.

A credit card with zero balance simply means that the card has no dues that need to be paid to the bank. Paying off your credit card balance in full on or before the due date brings the outstanding balance to zero.

You can opt to avail the moratorium for your SBI Bank credit card dues. The moratorium means that it’s just a deferment of payment and your credit dues will continue to accumulate interest and other charges(other than Late Payment Charges and residual GST). So it is advised to make card payments regularly, to lessen the burden from accumulation of outstanding amounts. The moratorium has been extended till August 31, 2020.

Due to the coronavirus pandemic, RBI has allowed banks to push the billed credit card dues between 1 March,2020 and 31 May,2020. This is not a waiver that is provided on the repayment amount. If you plan to opt for the EMI holiday(moratorium), your credit scores will not be affected during the 3 month period. However, the interest rates will continue to be charged at current rates or as specified by your credit card issuer. For credit card dues, billings will be restored on 31st May, 2020.

Owning a car makes travelling easier. You don’t need to use public transport everywhere you go. Financing a car becomes easier when you avail a car loan. Banks and other financial institutions provide car loans at easy Equated Monthly Instalments(EMI). If you are looking forward to buying a new car or a pre-owned car, there are lenders that offer car loans for both. When you apply for a loan, you would have to make sure you fit the eligibility criteria set by your lender.

You can draw cash or make purchases anytime using your credit card and pay for them later. But paying over time will come at a cost. If you take more than a few weeks to pay off your balance, you would have to pay a fee in the form of a finance charge. It is possible to avoid having to pay finance charges on your credit card. Paying your full outstanding amounts before or on the due date will help you avoid finance charges.

Credit cards are beneficial in many ways if used judiciously. If circumstances have pushed you to default on your credit card bills and loan repayments, getting an unsecured credit card later can be an uphill task.

Credit card issuers approve card applications based on factors such as income, employment and past credit history. If there is any inconsistency with regards to the past repayments, the card issuer is likely to reject your application. 550 is clearly a low credit score which may make it difficult for you to qualify for a credit card. However, the odds can be overcome by opting for a secured credit card.

Any credit score of 750 and above is a good credit score, and banks are willing to issue credit cards to individuals with good credit health. Income and credit score are the two important factors that play a decisive role for a credit card approval.

Bad credit is an indication to the lenders that you have been inconsistent with your financial responsibility in the past. With a bad credit score, it is unlikely to qualify for a loan or credit card as lenders consider your profile risky. However, with a collateral to recover in case of defaults, it is possible to get a secured credit card.

You can apply for a Kisan Credit Card online or by visiting your lenders nearest branch.

Kisan Credit Card scheme was started with the aim of providing short-term formal credit to farmers. Farmers can avail loans to meet their agricultural needs under this scheme and that too at affordable interest rates. The government has also made the application process easier to increase interest among farmers. The repayment has also been simplified and dependent on the harvesting season, reducing the farmers’ debt burden. The features associated with the card are mentioned below:

Amazon in association with ICICI Bank launched Amazon Pay ICICI Bank Credit Card that makes your shopping more rewarding by providing a reward rate of up to 5% if you are an Amazon Prime member.

You can pay your IndusInd credit card outstanding bills online anytime from the comforts of your home or office. You would just have to go to IndusInd bank official website and follow a few steps for making a payment online