CreditCards Advantage and Disadvantage

     When you talk about the Monthly budget meter goes RED after all your EMI and Loans the only Xavier for any Salaried person is Credit Card.  The first and foremost expectation of 80% of the New Joiners of any company while getting their Salary Bank Account Kit the question Bumps Off is ' Do I have an offer of Credit Card'  and then the Executive says "Yeah Its a Pre-approved one but you need to submit few documents"

    

    Few Banks are there offering Credit Cards as a pre approved add on when they provide the Salary account it again the wish of employee to accept or not !  Eventually the Bank's representative used to call frequently and make you understand the benefits of Cc and at last you fell in to that Credit Card Well

    The Interest rate of most of the Banks charge 3 to 3.5% Do You think its Monthly ?  Its wrong this figure is Monthly Interest.  If you calculate minimum 3% x 12 Months comes 36% roughly so Think Thrice before you go for Card.

    So the basic eligibility criteria for getting a credit card would be.

    1.  A Minimum Net Salary which credit in Bank should be 20k some Banks restricts to 25k it depends as per policy

    2. Documents like ID Proof (Pan , Adhaar, Voter ID like), Address Proof,

And That is it card based on the last 3 months salary credit you 99% chances of approval and you get it in 2 weeks.

Now the question here is do we really need a credit card ?

Plan your Monthly cuts like EMIs, Loans, Rent, Groceries, and emergency savings and available balance if suffice the rest of the Month its Far much better Do not Think of a Credit Card .

If you Say I stuck little bit to manage in the month end then the Super good friend in your life is only none other than 'Credit Card'

Do's while getting 1st Credit Card:

1. Set the Credit limit as per your budget which you can repay the whole of spent during.

2. Call the Customer care and Set your own limit or as you can download banks app and set your self

3. After setting up your emergency cash in Wallet try to pay and manage at the max with cash payments only wherever you shop

4. Pay On Time bill outstanding the entire amount you spent on Card. Avoid paying Minimum Due.

    IF the above said you fix in mind then Card will always be Your Friend! 

Don't the Most Care full Tips!

1. Do not Withdraw cash from Credit Card at any Situation which cause interest for the amount withdrawn right from the day one in addition to that whatever you purchase after that will also incur interest from day one until you pay full of that cash withdrawal.

2. Do Not miss the Due date and pay with Late Payment Fee which cause mark in CIBIL

Personal Loan on Credit Card:

You Can apply for personal loan on credit card once after a good amount of usage and repayment properly.

General Questions ?

1. Why is it showing this card does not support recurring payments while in donation could anyone please answer it?

    See the Policy document or Contact the customer care of the respective bank, Generally few Banks restricts the Payment Auto Debit or recurring payments periodically as he category falls in 'Donation'

2. I had done Net banking transaction from Axis Bank through billdesk but amount not credited to the credit card account ?

    If the fund transfer to a credit card account as NEFT will take 2 to 3 hours or at the max by end of the day.  If still not posted in card account means you need to send an email confirming the payment transaction reference number and screen shot to the Bank customer care team.

3.When for example HDFC credit card limit is full,  Then I use debit card EMI is it relatable to credit card ya a separate transaction?

 No , Debit card EMI if available means its entirely separate type not relates to credit card.

4. I have generated new pin for the renewed card but while on line purchase received message payment declined by bank from the seller what could be the reason ?

 

        In this case you need to contact the bank's customer care and check the the renewed card is active or it needs to be enabled from their end.

5. How to apply for accident insurance in platinum card holder?

    Can apply through Bank's APP or by calling customer care.

6. What is the meaning of negative designation on applying SBI credit card?

    Negative designation means if any earlier credit card default history or settle off credit card history implies the new approval.

7.If cibil score is 724 Am I eligible for credit card ?

   Yes, Undoubtedly but the previous credit history of credit card or loans should be perfect without any defaulter list earlier.  Banks used to check the Cibil history which contains end to end data of financial existing updates.

8.How to know my card is add on card?

  You Can see the card header right cornor may be mentioned as Add On or you need to check with the  Banks customer care of the respective bank.

9.One month back I joined Amazon com by mistake and one USD deducted from my credit card What next ?

    Immediately check the Amazon.in or .US which site you have registered and if there any update of the credit card details in their payment page means you need to immediately remove that to avoid further deductions.

10. This questions is out of credit card content above though :

I am pensioner Allahabad Bank can l apply for ATM card

Yes, Pensioner can apply for ATM card for which you need to visit the nearest bank branch.

11.Credit card sent by bank through courier not delivered to customer because of courier fault so no transaction on that card.can bank charge for that card ?

Banks cannot charge until the card is in transit means only when you receive the card by signing with your signature then it will take effect. If any such deduction wrongly happened means the respective customer need to contact the bank immediately to request for a waive off.

 

12. Whether Credit Card limit can be changed within Card limit?

 

Yes, If you have the credit card mobile app based on the issuing bank you can change the existing limit to lesser based on your monthly budget.  At the same time you can increase it at any time using the mobile app or net banking.  Secondly, few banks who are not offering the limit change option in mobile app then you need to write a request to the concern bank to decrease the limit for some time. 

13. Cancellation of a credit card payment at any merchant terminal?

If a Credit Card payment made in any merchant terminals like Supermarkets, Malls, Shopping zones the only option is to ask the merchant to reverse the transaction immediately since we as customer do not have option to cancel the payments.

Secondly, If you do online payment and want to cancel it means that is quiet not possible.  If any chance is there means let me know in comments please.

Moratorium :

At this pandemic situation everybody's question is about credit card moratorium.  Yes, Undoubtedly several banks are providing option  to choose credit card Moratorium however many banks send messages advising the their card account holder to pay the dues without miss.

If you see the basic interest charge itself 36 % to 40% roughly in credit cards its really good to pay the dues on the credit card without opting the Moratorium.

    If we Moratorium on credit card is good or bad ?  well its depends on the criticality of the money available in hand at this time.  If we have sufficient amount run the month without hassle then suggestion is to pay the credit card bills on time.

    In general if we do not pay the minimum due the next purchase will be chargeable from the day 1 of purchase likewise if you opt credit card moratorium means it will be double the interest and huge burden in future.

    There is no separate application for moratorium every bank who offers the moratorium update the information in their website once you login to the respective banks website one can see the word "If you want to opt for moratorium click here so once the page opens it will ask the phone number associated with the Loan and the details requested were self explanatory.

New Update:  As per the recent news from RBI stating that the Credit card and Debit card users cannot use the international transactions  by default.  Which Means any Existing and new Card If you have you can do transactions and purchase only within India.  But If you wish to opt for international usage or an international purchase through online you need to request in bank and get approval to go for it.

Conclusion:

Think of the credit card usage only at the critical stage if no money at all to manage and re think before opting for the Moratorium as well.