Credit Card » FAQs

FAQs

1. What is a Credit Card?

A credit card is essentially plastic money. It is a plastic card configured for convenience as far as making payments is concerned. You don't need to pay cash if you have a credit card on you. You only have to pay the amount due at the end of the month. This means that you can make purchases throughout the month and yet pay at the end of it. Moreover, a credit card also enables you to repay the amount over a particular period of time.


2. What are the various benefits of owning a credit card?

The benefits of owning a credit card are largely subjective but there are a few common ones that cannot be denied. Here are some of them: Pay later, even if you buy now Easy to Carry Safe The amount of purchase made, are clearly recorded Better than checks or drafts All purchases made through credit cards are billed in a single amount There is a revolving credit limit on offer Reward points and various other offers Can transact in multiple currencies ..And many more


3. Should I go for a Master Card or Visa Card?

You cannot choose one form another as both are international payment systems. They are both equally good. They work on the franchise model and member banks will issue credit cards with their brand name. Moreover, settlement services are also provided by both Master and Visa to all their franchises across the globe.


4. What are the Types of Credit Cards that are offered by banks and Financial Institutions?

Credit cards are generally offered according to the financial situation of a person. If its good then he/she is offered a credit card with a substantial credit limit while if the financial situation is of an average nature, an according amount of credit limit will be offered. The various types of cards offered are usually Silver cards also called Standard Cards, Gold Cards, and Platinum cards amongst various others.


5. Are there any eligibility criteria for getting a credit card?

The kind of card you have applied for, decides the eligibility criteria. However, there are a few common criteria that have to be met like income, address proof and proof of identity. The most important proof herein is the proof of income. If you are employed by an organization then the latest salary slip could be the proof. If you run a proprietorship then copies of your IT returns could be the accepted proof. So on and so forth.


6. Are their any services charges applied or any other types of charges?

A large percentage of the credit cards offered by banks are free. However services charges are leveled, more often than not, when there is an outstanding balance on the credit card. There is also a minimum rate leveled on cash withdrawal through credit cards.


7. What should be done if the credit card is lost or damaged?

The first thing that you must do in such cases is that you must contact the nearest branch office of the bank that you have taken the credit card from. They will freeze/block it and go about issuing a new card in your name. The new card usually is sent within a week and at the most ten days.


8. What is the process of paying the monthly credit card bills?

One of the easiest ways to pay you monthly credit card bills is through an ATM. However, most people prefer dropping the cheque in the drop box of a bank. Moreover, you can also make an online funds transfer. There are various other ways and means that will facilitate the easy payment of your monthly bills.


9. What if there is a problem in the record of transaction or I don't recognize a transaction that has been billed to me?

In such cases you will have to contact the credit card division of the specific bank.


10. Can Get a Card Free with my Credit Card?

Yes, this facility is provided with the credit card. However, no individual credit limit is offered to the add-on card and the credit limit is shared between the two holders.

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