information on credit cards
Post on 15-May-2015
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Credit Card’s
What is a Credit Card?
A credit card is card issued to a person which he can use for making payments.
It allows the cardholder to pay for goods and services based on promise to pay for them.
The credit borrowed by a person needs to be paid on monthly basis to the bank or any financial institution.
Various Types of Credit Cards
Credit Card
Standard Credit Card
Secured Credit Card
Limited Purpose Credit Card
Premium Credit Card
Charge Credit Card
Specialty Credit
Card
Prepaid Credit Card
Credit cards are of various types with different fees and interest rates.
When you are applying for a credit card, it is important to know about various types available which will help you make the best choice for selecting your credit card depending on your lifestyle and financial status.
Most commonly available credit cards are listed as follows.
How Credit Card Works?
Credit Card VS Debit Card
Credit Card Debit Card
Where money comes from?
Borrowing money from a bank or financial institution
Money that you have in your bank account
Can be used as Credit card only Debit card and Credit card
Line of credit Carries Line of Credit No Line of Credit
Monthly bills Yes No
Connected to No need to connect to any bank account
Savings account
Interest Need to pay interest on the amount borrowed
No
Things you should know
Make a payment every month.
Credit cards can also be good for clearing debts.
If you have poor credit ratings then you won’t get the best deals.
You get extra protection if you pay with a credit card.
Credit card can be used for making online transactions.
Benefits of Credit Card
Credit card provides cashless payment facility.
Credit card can be used online for making payments and also for shopping online.
Cash back facilities are offered on credit cards when you use for purchasing online or offline.
Reward points are offered on some credit cards which you can use later in form of gift cards.
Thank YouReference:
www.wikipedia.com
www.axisbank.com
www.thesun.co.uk
www.seotrafficsearch.com
www.investopedia.com
www.diffen.com
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