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Credit card and its Importance. Credit cards in India.BY: Sreeni | Category: Business and Finance | Post Date: 2009-04-05
Credit cards have become popular from past few years in Indian market as almost all the nationalized banks came with the concept of credit cards. All the working employees and self-employed who have the regular monthly income are eligible to get a credit card. If we take a little survey on credit cards, we can see mixed response from the people. Some of them say that - its waste of using credit cards, banks may charge extra hidden charges for its usage and we tend to do frequent purchases as we can pay money later and so on like that. The other set of people say that - it is definitely useful that when we have no cash available with us, can purchase through credit card, also extend our repayment options in such a way. Ultimately, we have many advantages with credit card comparatively. Advantages In reality, we have advantages and disadvantage for every product in any sector. If we can use it in a proper way, we have many advantages with the credit card. Due to huge competition in the market, banks are offering life time free credit cards, hence choose such card only. We will be given about 45 days time to pay back the money without any interest or other charges for your purchases. If you made a purchase of a huge amount and due to some reason feeling that you may not be able to pay amount for your purchases. In that situation, within 10 days of your purchases speak with customer care executive and ask them to convert it into equated monthly installments for 6 months, 1 year, and 2 years as per your convenient repayment capability. Bank will charge you a less rate of interest for making the payments as installments. Apart from that you will be given a cash limit on your credit card. Whenever you are in need of money, you can go to any bank ATM center and draw the cash limit amount for your urgent needs. That amount can pay back to bank within a month with around 3% of interest charges. Banks will announce discount or cash back offers for a certain period of time at certain specified outlets, air or train tickets. If you can purchase in specified outlets, avail the benefit of cash back or discount. Another facility is balance transfer. If you have two credit cards and have pending transaction of payment, avail the balance transfer option from one bank card to another bank card where you have the outstanding amount to pay without any interest charges for three months or less rate of interest like that. There are some other advantages like loan on credit card based on credit limit, etc. Confidentiality Need to maintain high confidentiality of your card information, should not disclose the card details with anyone which would cause you to loss of money. If you lost your card, immediately call the customer care executive and ask them to block the card and raise a request to send a new card. If you use card for online purchases and transactions, make sure that the respective website is safe and secured to use. Article Source: http://www.saching.com About Author / Additional Info: sreeni Additional Articles: * Is secondary Science appropriate in School Education? (Debate) * Three Simple Strategies to Curtail Recession - By Rakesh Neelakandan * Importance of taxes: Why should we pay tax to the government * The Best Make Money Easy Idea. Making money online. * LIVE LIFE FOR TODAY Does this article violate or infringe on your copyright ? It is a violation of our terms for authors to submit content which they did not write and claim it as their own. If this article infringes on your copyrights, then use our Contact us form with the detailed proof of infringement along with the offending article's title, URL and writer name. If you do not hear back from us then contact us again in another 10 days. Thank you. Comments on this article: (2 comments so far) * Additional comments are now closed for this article *
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