Blog #creditcards

On the other side of the coin it is said that there are different types of credit cards available in the market. There should be proper prechecks and the planning on the basis of the selection of the credit card. As different credit cards come for different purposes with different interest rates. The uses should be known properly in order to avoid the extra charges as follows for which knowing the types of credit card is important. First and foremost the time comes for the Plain vanilla credit cards. Plain vanilla credit cards are those types of cards which are used as basic one without any discount and rewards.

 This type of credit card where it is used for purchases and it has a revolving balance up to a certain limit. If the payments are done carefully then more credit limits will  be added to it in order to have more benefits as well. There is a minimum type of payment where one needs to pay at the end of each month else there will be a penalty. So, one will have to keep a sharp eye on the types of the charges. On the other side of the coin, other credit cards are the balance transfer credit cards .It is basically used when a person wants to save high interest on the existing credit cards . Then the turn comes for the reward credit cards There are 3 types of reward credit cards. On the basis of which the first and foremost is the cashback credit card. The second one is the rewards credit card and the third one is the point credit card. In some of the words it will feel weird but it is true that one can get a student credit card if someone is a student. In this type of credit card a student can enjoy the benefits of the credit card with the low rate of interest.  A candidate can avail the credit card only if the student is a running student in a 4 year course university. Credit cards are also there .Charge credit cards, subprime credit cards ,prepaid credit cards and limited prepaid credit cards and business credit cards are also there. In this way for different uses the different credit cards will be used .

Conclusion

Now if we look into the matter there are few charges about which one should know where before going for availing the credit card. On the other side of the coin. Credit card users are unable to clear or pay the finance charges then there will be a penalty on non repayment of the outstanding charges. The biggest problem is that if the outstanding balance attracts such an interest of even 25% - 30% then it will be too much interest which will be unable to be paid. In this way people make them fall into trouble credit card holders should also avoid the credit charges from the starting day of the withdrawal till the final day of the repayment. IndusInd credit cards offer good facilities for the customers. This is the reason that the credit card holders must avoid the ATM withdrawals as it attracts a huge rate of interest for the charges till the repayment is made. Next comes the cash advance or the repayment fees. ATM cash withdrawals can also take the charge of which is 2.5 % of the interest amount. The charge along with the finance charge makes a huge charge which is very difficult to pay. On the other side of the coin is the late payment fees. Late payment fees are those fees which are paid on crossing the time limit of the due dates and they rate of penalty will increase.
Read This :- Credit card Payment Options 

A credit card, just like other unsecured loans, possesses certain considerations or conditions that have to be met by the interested customer in order to get a credit card for themselves. These conditions serve as an eligibility criterion for the Credit Card, which is as follows:

• Age limit: The applicant must be at least 18 years old to participate. Some banks, on the other hand, have a minimum age limit of 21 years. The overall age limit varies as well, but it usually ranges from 50 to 60 years old.
• Annual pay: The applicant's annual income decides whether or not he is qualified for a credit card. In India, a minimum annual wage of Rs.3 lakh is necessary to qualify for a credit card. However, it's wise to double-check this criterion with your bank because it varies based on which card issuer you want.
• Nationality or place of residence: Citizens, residents, and non-residents also have the opportunity to apply. There are, however, a few cards available only to Indian residents.

If an applicant fulfils all these, then banks and NBFCs demand a particular document as a method to verify the applicant's claims. The documentation commonly required are as follows: The necessary paperwork applicant's need to submit for your application will vary depending on which bank you're applying to. However, a list of some of the essential documents you'll need to submit:

• The application form filled out fully.
• Photographs the size of a passport
• Identification evidence (copy of PAN, Aadhaar, passport, etc.)
• Proof of address (utility bills, Driving Licence, PAN, Aadhaar, etc.)
• Remuneration slips from the most recent pay period
• Bank statements (Form 16)

If you are self-employed, you must send the following documents:

• Evidence of income
• Accounts statement
• Company evidence

You must submit your student ID card with your application form if you are eligible for a student credit card. After all, this is done, the bank would provide the applicant with the credit card, and sometimes banks also charge overhead expenses from the applicant as processing charges for the credit card. Joining rates and monthly fees are the two essential fees that you would pay on a credit card. Apart from these two fees, cardholders may be aware of a number of other costs. There are some of them:

• Duplicate Statement Fee: A one-time penalty that applies when a client requests a hard copy of their statement.
• Late Payment Charge: This is a tax that must be charged in addition to the applicable interest rates. If the cardholder does not make timely deposits, this fee may be charged.
• Cash Withdrawal Interest: If a cardholder uses their credit card to make cash deposits against their account, they will be paid cash withdrawal interest.
• The Goods and Services Tax (GST): GST is applied on all credit card purchases. GST is calculated based on the total purchase value, which includes interest, fines, and other costs.
• ECS or Cheque Return Charge: This is a set fee that the cardholder must pay in the event of an ECS mistake or a cheque bounce.
• Foreign Currency Transactions: This charge is a set amount of the purchase value on all transactions conducted on foreign soil.
• Over-limit Fee: An over-limit fee is paid to the cardholder if their payments, orders, or finance charges meet their credit limit.

All established banks in India provide their account holders and new customers with credit cards. This is to increase the speed and convenience of the customer to buy products and services from the market. The most demanded credit cards in the market now are RBL bank credit cards; these give added advantages to the customers on almost all the leading online retail platforms. Amazon, Flipkart and other leading e-commerce portals provide customers with these credit cards special offers such as flat discounts, money back on purchase, etc. 

Also Read:- Various Credit Card Payment Options