Know About Cards Rating In Credit Card

By Author: Andy Smith
Total Articles: 13
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Credit cards are financial instruments which have revolutionized the way people shop and pay for their expenses worldwide. Credit cards have given freedom to their users from carrying cash everywhere they go.


Credit cards and their cousins, debit cards are considered as plastic money by many people. A small plastic card with magnetic stripe on the back contains information about the card. It is swiped against an instrument which records the transaction. The major difference between credit card and debit card is that credit card provides credit to the card holder who has to repay the amount after certain period. While debit card is issued to a bank account holder which represents his bank account. This card can be used as long as there is cash balance in the bank account.


Credit cards, as already mentioned are issued by banks to people with proper eligibility. When bank advances credit to individuals, proper repayment of the credit is what the bank seeks. Credit cards are considered very good for daily usage as well ...
... as for buying a significant item. Generally, repayment for credit cards must be made within 30 days to 45 days as prescribed by the bank. After 45 days, bank charges interest rate for the outstanding amount. This is the general operating of banks with regards to credit cards.


Banks follow their eligibility criteria for issuing credit card which is equivalent of taking loan. For advancing any loan, a bank would inquire about the credit rating or the credit worthiness of the person. This will determine whether the person has a sound credit history or not. Sound credit history is one of the most important factors in deciding the eligibility criteria of a person. Timely payment of credit card advances is a prerequisite for many banks which offer credit card India to their customers. Other criteria include income per annum. A person with a minimum of Rs. 200,000 per annum gross income will be considered for issuing credit card.


Now a days, for issuing credit card India, rules have been updated and tightened in order to reduce fraudulent usage of credit card and issue of credit card India to fraudsters and defaulters in the first place. So, it is hard for a person to obtain a credit card. On the other hand, credit card India applicants want to for credit card apply in which there are no hidden charges with low interest rates, low fees or no fees at all and with benefits such as cash back, discounts, etc.


Applicants can search and go for credit card apply with financial advisors and retailers such as PolicyBazaar.com as they advice on the best credit card apply where most banks are taken into consideration.