Blog #Bank Of India Credit Card

A credit card is a plain plastic card that can present you with goods or help you save yourself from a substantial financial debt or crisis in a single swipe. Availing this card is easy, no challenging natural barriers between you and that. They are comfortable and easy for all walks of people. Be a traveler, salesman, laborer, business professional, or magician, and it is unprejudiced and convenient for everybody. Now, it is established that you can avail of a credit card no matter who you are, but can you avail more than one at once? The answer is yes. The banks and Non-Banking Financial Companies (NBFCs) do not have restrictions on the number of credit cards you can avail of if you are eligible to do so. There are no hard and fast rules on how many you can or cannot have. It only depends on your spending and budgeting plans. Bank of India credit cards provide all the best deals in the market that one shouldn’t definitely miss. 

When is having multiple credits cards best?

The credit utilization ratio is the ratio between the loan amount you availed on the card to the amount spent using the card. The ratio is required to be below 40% and preferably 30%. A low credit utilization ratio is considered a good prospect by the banks and NBFCs, which trusts them and gives you a more preference on availing flute loans or debts. But, when you have a low credit utilization ratio, you can avail yourself of another or multiple other credit cards to improve your mark and maintain your relationship with the lender in a healthy way. It is also good when you require emergency funds from a legitimate financier like a bank or NBFC, and you have maxed out your existing credit card. Rewards and deals are like the most attractive features on a  credit card, so, if you are a regular and stealthy user of those, a second or third credit card gives you deals on top of deals. If you want a backup for your financial situation, then credit cards are the best. Also, with multiple credit cards, you can rely on your savings much for your other payments and bills.

When is having multiple credit cards bad?

When you are in already huge debt, availing an additional credit card to your existing one is not the best of ideas as a credit card though advantageous is still a debt that needs to be paid back. When you are freer and more liberal on your spending, i.e. if you are a high spender, then credit cards will only put you in considerable debt. If you have a low credit score, then having multiple credit cards will only hurt you. If you have an unstable job or an irregular monthly income, having a second or third credit card on top of the current one is terrible as credit cards need regular maintenance and on-time interest payments.

Points to remember before deciding to acquire another credit card

1) Know your requirement: Before deciding on the next plastic money, know if you need it for any purpose. For example, you already have a credit card that needs payments, so think and act before using an additional credit card.

2) Know the deals and offers: There are innumerable credit cards worldwide. But it is essential to know the deals and offers you want and might need in the future. Therefore, check if the new credit card offers better deals than your present one and choose the best one accordingly.

3) Know your CIBIL score: A three-digit number indicates the customer’s loan repayment capacity is a credit score. The score usually varies from 300 to 900 and a good score is above 750. Therefore it is a requirement that you maintain a good score. So before going for another one, know if you can maintain the existing credit score or increase the existing one. If either of the above is on the plate, then go for it.      

Must Read:- A car loan planning process 

The credit card has proved to be a very beneficial tool for users as it has changed the game in the market. Credit card users can do payment conveniently and also avail various rewards and cash backs. It has become a very important and essential tool in today’s modern times. One with good credit history and score can avail credit card more easily. The approval of the credit card is fast when one has good credit history maintained. The repayment of the credit card can be done easily through the EMI plan as selected by the user. Various banks and non-banking financing companies allow different EMI plan which can be selected as per the convenience of the user. 

Bank of India Credit Card can be easily applied through the online website as well as offline. It offers its users additional offer on the credit card. The bank also provides fast approval of the credit card with a very reasonable interest rate. The bank provides several options for the credit card such as Indian Bank Bharat Credit Card, Indian Bank Gold Credit Card, Indian Bank Platinum Credit Card and Indian Bank Business Credit Card. One can get the additional information for applying for a credit card at the online website of the bank. 

A credit card can also be used to improve your credit score. There are various reasons to apply for a credit card because it has various advantages. One of the major advantages is that it can help in increasing the credit score of the users. 

Few steps are mentioned below for increasing your credit score:- 

• Pay the bill by the due date: For a good credit score, one should always clear credit card bill timely. Clearing all the bill is important for increasing your credit score. Convert your credit card dues into EMI for easier payment.
  
  
• Review your credit card report: One should always keep a close check on credit card report like the history of on-time payments, low balances on your credit cards, a mix of different credit card as well as loan accounts, older credit accounts and all other needed information.
  
  
• Avoid multiple credit card applications within a short span of time: Applying for various credit card can pull down your credit score by a few points. Try not to apply for multiple credit card application as it can have a negative impact on your credit history.
  
  
• Avoid taking too much debt: Use your credit card carefully and try not to take much debt on your credit card. As it can have a negative impact on your credit history. Make sure to repay one loan before taking another as it can crash your credit score.
  
  
• Customized your credit limit: Customized your credit card as per your need. This can help you save a lot of money. One should customize a credit card as per the expenses. Using your Credit Card responsibly will help you save a lot of money and can also increase your credit score and maintain a good credit history.
  
  Conclusion:-
  
  A credit card has become a very important mode of payment in today’s time. Users of credit card are also increasing day by day. The credit card has increased the purchasing power of the people in India. One needs minimal documents like identity proof, address proof, income proof, salary slip, income tax documents for applying for a credit card. One can easily apply for a credit card almost at every bank and non-banking financing companies(NBFCs). Applying for a credit card in today’s time is no big deal as it can be applied online as well as offline according to the user’s convenience. 

Also read this: Is CIBIL score impact car loan