How To Make A Credit Cards – What is Credit Card

How To Make A Credit Cards – What is Credit Card

Today we will share with you here complete information about What IS Credit Card, credit card information, How to make a credit cards. So let’s know what is credit card.

What is Credit Card?

A credit card is a plastic card that you can use to bill a shop, make online purchases, transfer money and withdraw money from an ATM. Credit cards are also called Cash Advance and Cash Withdrawal. You can use the credit card not only in your own country but also abroad.

Credit card facility is provided by the bank. In which you are given a limit of some amount of money as a loan. So when you have to pay for something, you do not have to pay it in cash, rather you can pay the amount through an credit card. Your card’s money limit is your final amount limit and you should always keep some amount in your credit card. When you make a payment, you are returning the amount spent plus interest.

How to Make A Credit Cards (Apply for Credit Card):

If you want to make a credit card and you are a common citizen, you can still apply for your credit card. There are three ways to get a credit card. Let’s know how to apply for a credit card:

1. Employed: If you are in a good position in a government post or in a good company, then you can go to the bank or apply online with the receipt of your income. Your monthly income limit determines your credit card amount limit. This is the easiest and easiest way to get a credit card.

2. Self Employed: Those people who do any business of their own, then they go to the bank and give all the information about their business and tell about their monthly income. For this, you may also have to show the receipt of income tax return. Considering these two things as the basis, the bank accepts your credit card application and sets the maximum limit of the card amount.

3. If both are not employed / self-employed, then there is also a method by which you can also get a credit card made. For this you have to open your account in any bank. After opening an account in the bank, make an FD i.e. fixed deposit of a specified amount in your account. This fixed deposit of yours remains with the bank in the form of your deposit and guarantee and on the basis of this you are given credit card facility. Also, the credit card limit is determined on the basis of the amount of FD.

Types Of Credit Card

Friends, there are three types of credit cards, which I will tell you in a simple way below.

Revolving Credit Card

These credit cards can be used anywhere, for anything, from clothing to food, to flying expenses.

Store Card

These cards can be used only in a particular store or group of stores, or for a specific purpose only. Department store cards or cards from most of your favorite clothing stores are examples. The rate of interest on this type of card is quite high.

Traditional Charge Card

With a charge card, you have to return the entire amount for a purchase or service within a specified time frame. Normally no interest is charged for this type of credit, but you have to pay the entire outstanding balance every month. Charge cards are also called travel and entertainment cards—a few examples are the American Express and Diners Club charge cards.

Which Banks offer Credit Card in India?

Although all the big banks offer credit cards, here I will tell you the names of some major banks which provide credit cards.

Credit Card Benefits:

Friends, there are many benefits of credit card. You can use them for purchases anywhere and in return you have to pay fixed interest. Some of the major benefits of credit cards are as follows.

  • Its biggest advantage is that you do not have to go anywhere with cash.
  • You can shop online, as well as get more savings or discounts on credit card purchases.
  • You can integrate all your expenses into one monthly payment.
  • If you use a credit card and have a good credit score, then you can get a loan from the bank very easily.

Disadvantages of Credit Cards:

While credit has many benefits, using it can also hurt you. To avoid the disadvantages of credit cards, you must know about it.

  • If you do not operate your card account correctly, you may incur an over-limit or late fee.
  • Late payments or over-limits can take a toll on your credit score.
  • While giving a credit card, it is said that there is zero EMI on the credit card, but it is not told that some terms and conditions of EMI are applicable on zero percent interest.
  • Nowadays online credit card frauds have increased a lot, so use the card carefully.

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Conclusion

In this article, I have tried to give complete information about How to get a credit cards, advantages and disadvantages of credit card. If any topic is missed then you can tell us in the comments. If you liked the article of what is a credit card, then do share it on social media. We will continue to bring such information to you in future also.