Hello everyone, in this post, we are going to tell you What is a credit card and how to make it? what are its advantages and disadvantages and how and who can get a credit card made and how to pay its bill etc.
What is a credit card?
A credit card is a plastic card, similar to an ATM-debit card, issued by banks. 16 digit card number, expiry date, and CVV number are written on the credit card. Money is lent to you on a credit card, meaning it has nothing to do with your bank account balance. With the help of credit card, you can make cashless digital payment anywhere. Payments can also be made on domestic and international shopping sites with credit cards.
You have to pay the amount spent on the credit card to the bank every month. There is also some limit for spending money with a credit card, which your bank decides for you. If you are not able to pay the amount spent by credit card on time, then the bank also imposes some extra charge and interest on you which is bad news for you.
You can pay the credit card bill offline or online in your bank, you can also manage and pay your credit card with the help of apps like Paytm, amazon pay and creed.
How and who can get a credit card made –
Making a credit card is not as easy as a debit card, it has some terms and conditions, only after fulfilling which the bank can issue you this card. If you do any such service or business from which you get a good and fixed income every month, then your credit card will easily be made. Apart from this, if you are a regular customer of the bank and have a good balance in your savings or current account or you have made fixed deposits and you also pay income tax, then your credit card can also be made. You credit score is also checked for credit card.
E-commerce companies like Amazon and Flipkart are also giving their customers the option to apply for a credit card amazon pay – in association with ICICI bank, they are offering the credit card of Flipkart – Axis bank, what is the eligibility for this. You can see it by visiting the website.
Documents required for getting a credit card –
To get a credit card you need to have the following documents
- Pan Card
- Proof of income – Salary slip for job seekers, Income tax return for self-doing business, or Fixed deposit in your name in bank
- Proof of Identity – Aadhar Card, Voter Card, Driving License, Passport
- Address Proof – Latest Electricity Bill, Water Bill, Bank Passbook, Ration Card
Eligibility for credit card –
- Age – 18 or above 21 years depending on the bank
- Source of Income – Applicant should have fixed income every month
- Credit Score – Your Credit Score (CIBIL) should be good
Benefits of credit card –
- With the help of a credit card, you can make digital payments anywhere, for this, it is not necessary to have balance in your bank account.
- Many online shopping sites, especially international sites, where only credit card payment option is there, can be useful for you.
- Many sites give the option of EMI shopping if you have a credit card, that is, you can buy any item on monthly installation.
- You also get various rewards and offers like cashback when you pay with credit card.
- You can also transfer and receive international money with credit card (Paypal).
- Paying the credit card bill at the right time keeps your credit score good so that if you apply for the loan then your loan gets approved easily.
Best credit cards in India –
- Flipkart Axis Bank Credit Card
- SBI SimplyCLICK Credit Card
- Amazon Pay ICICI Bank Credit Card
- Kotak 811 Dream Credit Card
- HDFC Regalia Credit Card
- BOB Easy Credit Card
So friends, hope this post related to credit card must have been of some use to you, thank you for visiting the blog!
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