Credit cards have taken very prominent place in our life style today. There are hardly any earning people in urban population who do not posses any type of credit card. In recent times, even farmers are being offered Kisan
Credit Card India. This shows the penetration of Credit card in our lives.
Credit card India has revolutionized the way we shop today. It has brought about profound changes not only in cash-less transactions but also in buying online. In fact, without credit cards online shopping would not have been possible.
Credit cards work by providing certain limit of credit to the user. User can utilize this credit limit for buying merchandise or services from valid business. Bank will pay for the merchandise or services bought by customer. A grace period of 45 days is given to customer during which time, the customer will have to repay the amount to bank. Interest is charged on unpaid amounts.
Today, almost all banks offer credit card India. Credit cards can be obtained by applying online. Bank customers can apply for credit card. But, before applying for credit card, one should know about terms and conditions of the concerned bank before applying for credit card.
Some of such terms and conditions include the grace period that is offered. On general scale, grace period is between 30 days to 60 days. If the bank provides a grace period of 30 days, then it means that the customer has to repay any outstanding amount within 30 days of time. So, general rule of thumb is that the greater the grace period, the better.
Another factor that decides whether the bank is providing best credit card facility is interest that is charged on outstanding amount. The lesser the interest rate the better, because if at all due to unforeseen circumstances, if the customer is not able to repay, interest will increase the burden. So, credit card which charges less interest is required.
Another criteria to choose the best credit card is through offers such as festival discounts, money back offers, discount on using credit cards from certain banks can also be of interest for customers.
One can regards those as best credit cards in which there are no hidden costs. Details about hidden costs can be found in terms and conditions.
For sake of convenience, banks provide online applications which can be filled up and submitted online. This saves lot of time of bank customers as those customers would not have to visit the bank physically and spend time submitting the application. To save more time, banks have introduced facilities such as AIP (Approval In Principle). This facility was first introduced by Standard Charted Bank. With this facility, an online application for
credit card is reviewed instantly and concerned customer is given a feed back about his / her credit worthiness and whether he / she is eligible or not. This facility is supporting both banks and credit card applicants in saving their time while at same time, speeding up their card approval process. One has to note that AIP (Approval In Principle) is the first step while applying for credit card as it provides very basic details about customers credit worthiness.
