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How to Apply Credit Card in India?

          What is credit card?

 We often hear about credit cards, but there are many information about credit cards that we are completely unaware of. Actually, a credit card is a kind of credit card similar to your bank's ATM card, which you can also consider as a form of plastic money, with the help of which you can keep your credit card in advance even if there is less or no amount in your bank account. One can make purchases up to the prescribed limit, make bill payments and also withdraw cash from any ATM at the time of need. Apart from this, you can also take Instant Loan on Credit Card on your credit card up to your credit limit or easily. The bank or financial company issuing this credit card may charge you the Credit Card Annual Fee or some fee which may be different according to each bank or card

Difference Between Credit & Debit Card

Although both credit card and debit card are similar in appearance and both are issued by the bank or any financial company and from both you can withdraw cash from bill payment, fund transfer, ATM but there is a lot of difference between the two, but With a debit card, you can only transact the same amount as your money is deposited in your bank whereas credit card is a kind of borrowing account which is given by the issuing bank or financial company of this card to your monthly income, your credit score like CIBIL Allows you to use a predetermined fixed amount based on score etc. and other details which you have to pay as per their pre-determined date or terms. If you do not pay on credit card on time, you have to pay huge interest whereas using debit card does not happen because you have made all the payment from your bank account with your own money through debit card.

How to get credit card

  Credit Card Eligibility

Credit card eligibility A credit card with a fixed amount of credit limit is issued to you based on your monthly income, your CIBIL score, your payback ability and other details and your credit limit will also gradually increase if you make payments on time. keeps on increasing.

      How many Types of Credit Cards 

There are mainly six types of credit cards in circulation, whose details are as follows-
1. Travel Credit Card - With the help of travel credit card, you can book bus, train or flight tickets and along with this you can also get some special discounts as well as reward points which you can take advantage of Huh.

2. Fuel Credit Card - With the help of this card, you can get petrol, diesel etc. in your bike or car etc. and avail fuel surcharge waiver and any additional scheme given by the petrol pump company as well as rewards points. can earn.

3. Reward Credit Card - With this type of credit card, you can definitely get some cashback or offer on every transaction. Usually, on making any payment, you can get at least 1% to 2% cashback and more, depending on your bank or financial company.

4. Shopping Credit Card - With the help of this card, you can avail cashback, discount or gift vouchers etc. on online or offline purchases from any partner store, Amazon, Flipkart etc. You also get the EMI option for payment along with it.

5. Secured Credit Card - If you are unable to get a credit card due to low or bad CIBIL score, then you can apply for a secured credit card. Secured credit card is easily available against any security like credit card against fixed deposit etc.

6. Balance Transfer Credit Card- As you know that if you are not able to make the credit card payment on time, your credit score gets reduced rapidly and the bank or financial company issuing you the credit card will charge you a huge fee. You can take a balance transfer credit card to avoid the situation where you charge interest. It helps you to reduce your existing credit card dues and you get an additional time of 6 to 21 months in case of non-payment of dues due to any reason, but for this you have to pay a one-time balance transfer fee. Up to 5% of the total amount.

Credit card apply

How to Apply for a Credit Card

Whichever bank or financial company you want to take credit card, you can apply online credit card by visiting that company's website or you can also apply offline in its local branch. For example, if you have an account in State Bank of India, then you can apply online credit card by visiting the website of State Bank of India or bank will automatically inform you through SMS or email after seeing your banking behavior, transactions etc. Can do. For your information, let us tell you that State Bank of India issues credit cards through its associate SBI Cards.

Cash Withdrawal from ATM by Credit Card

You can also withdraw cash from ATM through your credit card, but this service is not available free of cost and you will have to pay a charge of 2.5% to 3% of the amount withdrawn from the ATM or a minimum of Rs.300-500.

    Instant Loan on Credit Card Limit

If you want, you can also take a personal loan of your credit limit on your credit card which is available immediately and you can pay it on EMI.

               Credit Card Repayment

Almost all banks or financial companies give you 30 days for credit card payment which is called Billing Cycle and in addition you are given a grace period of 15-25 days.

    Full Payment or Minimum Amount

As you already know that the credit card payment should be made on or before the stipulated time and we suggest that you pay the full amount on time and after that your full credit limit will be activated for the next billing cycle And if for some reason you are not able to pay the full amount, then you must pay the minimum amount, otherwise you will not only incur huge interest / charges, it will also have a negative effect on your credit score.

                Benefits of Credit Card

The biggest advantage of a credit card is that you get to use your predetermined credit limit amount for a fixed time which is interest free provided you keep paying it on time and you can bill from it at the time of need. You can also make payments, online purchases and ATM cash withdrawals in times of urgency, as well as keep your credit score at a high level by making timely payments.

             Side Effects of Credit Card

You have learned a lot about the benefits of credit cards and must have already known, but do not forget that it is a double-edged knife. If you know how to use it properly, then surely it can prove to be very beneficial for you, for which a lot depends on your financial knowledge and financial discipline and if you know the art of avoiding the use of unnecessary credit cards, then surely you Sweet sweet fruits can be cut and eaten with this knife, but if you misuse it and blow your credit limit on unnecessary expenses, then remember that instead of feeding you sweet sweet fruits, this knife can also injure your fingers. Which will be in the form of financial troubles and reduction in your credit score, huge interest / charges and most importantly you should avoid using your credit card / debit card on unsecured websites and keep it safe from cyber fraud.

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