Watch Videos – Credit Cards – Eligibility, Offers, Interest Rates

Credit and debit cards have been the most popular way of paying for both online and offline items. People of all ages and occupations utilize credit cards since they provide a variety of perks, regardless whether they are business owners or salaried employees.

It also takes priority since it allows for a repayment window. Here is a more in-depth look at what a credit card is and how it works.

A credit card is a small, rectangular plastic card issued by a bank that allows you to borrow money. It enables you to borrow money to pay for purchases of goods and services. The cardholder must repay the borrowed money, as well as any specified fees, to the financial institution with interest.

It’s also conceivable that the lender will extend a line of credit to enable the cardholder to borrow money in the form of cash advances. However, depending on the cardholder’s income status, an issuer may set a borrowing limit. In today’s world, credit cards are among the most common payment methods.

Features and benefits of credit cards

Welcome Gift – Many banks give new credit card applicants a welcome gift in the form of bonus reward points, coupons, discounts, and other incentives once their cards are authorized.

Rewards Program – Credit cards generally come with a reward program that allows consumers to accrue rewards points for every transaction they complete using their cards.

Fuel Surcharge Waiver – Banks allow cardholders to waive a fuel surcharge if they spend a given amount of money on fuel each month.

Cashback Benefits – Cashback offers are available on a variety of credit cards.

Lifestyle Benefits – Cardholders may get various benefits on their credit cards, including discounts on restaurants, shopping, health and wellness, entertainment, and other things.

Travel Benefits – Air miles, lounge access, travel insurance, flight discounts, hotel discounts, and other benefits are examples of credit card perks.

Airport Lounge Access – Some credit cards provide free access to airport lounges to their account holders. The terms and conditions of the offer vary from one bank to the next.

Add-on Cards – Many banks allow their credit cardholders to apply for add-on cards for their immediate family members.

Insurance Coverage – A number of premium cards provide comprehensive insurance coverage for air accident, life, lost luggage, and lost card, among other things.

Balance Transfer – Credit cardholders can move their outstanding balances from one bank’s credit card account to another.

Global Acceptance – Today, almost all credit cards are international credit cards that may be used at any merchant in the world.

EMI Conversion – The ability to convert credit card purchases into simple monthly payments (EMI) is included in the feature.