Personal Finance In India

If you use your credit card for paying your household expenditures then debt can go out of your hand. So, is it a right choice to get the personal loan for making payment of your credit card bill? Below, are some vital points which you should considered before using a personal loan for paying credit card bills-

• Generally, credit card debts have high interest rate in comparison to personal loan. Therefore, if you are keen to save some amount then you can choose personal loan. However, you should note that you would be needed a high credit score in order to get the low interest rate on loan.

• You should shop around and make a proper comparison of available loan options. The interest rate of Canara Bank personal loan is different than interest rate of Corporation Bank personal loan. Also, terms and conditions are also different. You should make a proper comparison among loan options before making the final decision.

• You should ensure that you are taking personal loan only when you are capable that you can afford its monthly payments. You will be repaying the loan amount soon after you get the loan therefore, you should make sure that you have sufficient funds to make payment of your all bills.

• At last, you should make a proper review of your spending habit and make every attempt to lower your unnecessary expenditures if you are not in the mood to face the debt situation in the future.

Credit card is one of the most reliable systems to facilitate payment against goods and services bought. Unquestionably, the lifestyle of individuals experienced a revolutionary change by the inclusion of such plastic money that entails a lot of benefits and features. Today it is one of the best mediums to transact money at the drop of a hat.

Moreover, it has also minimized tension of carrying cash money in wallet as portability of such plastic money enables you enjoy the benefit of monetary assistance on the go without carrying cash money in wallet. Needlessly to speak, appearance of this plastic money fostered new and sophisticated way of relishing shopping and other benefits like discount coupons, incentive points, free indemnification, worldwide acceptance, cash back and other treats.

How To Apply For Credit Card

Things are not difficult when it comes to Applying for credit card. However, applying for credit card is the most significant attribution in terms of minimizing amount of time consumed to complete the whole procedures. You don’t to leave the comfort zone of your home, and in just few seconds of time, the application procedures will be completed.
For this, you need to have knowledge of net surfing. On the other hand, you’ve to choose a good bank or credit card provider to apply for the plastic money. Here, you will be required to submit documents substantiating your age, address (current and permanent), current income and personal information. Once the documents are verified and vindicated, you are granted card as requested.

Things To Take Care

Though applying for credit card is not a big deal at all considering a lot of banks are there in market for the same purpose. However, rejection follows right from the fact that your documents don’t fulfill eligibility requirement of your lender. Those with bad credit have trouble to get a hand on such plastic money.

In other words, if you are having plastic credits with few of them having outstanding dues might lend problem of availing another card. Your credit history should be good to avail another card. For the first time applicant, having good income is must. Generally, whether or not you are eligible for plastic money is determined by the fact of your current income.
Lastly, you should not forget to consider your current requirements before you choose plastic money. Many a time, applicants don’t consider needs and end up availing a card with subsequent debts incurred out of the use of the card. Hence, the card compatible to your needs should be chosen from a reliable bank.

Choosing credit card is a way to get rid of monetary problems anytime on the move. Many lenders or banks are in market which is offering different types of credit cards. To apply for one, you should choose a bank and submit essential documents. There are also some important things to take into account.

What Is Credit Card?
Also known as plastic money, a credit card is a small plastic card used as a system of payment. Users are allowed buy goods and services using the card. In return of the service of the card, the users/cardholders have to pay interest to the issuer. The credit card company generates a revolving account whereby users are granted a line of credit which entitles them borrow money to pay the merchant or to avail cash advance facility.

A credit card functions in contrast to a charge card. In the context of charge credit card, the users have to top up the card with certain amount of money in each month whereas such compulsion is not there with credit card. It allows you a continuous balance of debt which depends on the rate of interest applicable.

Moreover, the credit card is also unrelated than that of cash card. In such type of credit cards, the holders use them as a currency. Credit cards are generally issued by credit unions or credit card companies.

Credit Card Companies

The immense popularity of credit card in market has enabled numerous companies launch their respective credit card products for customers. In India, such credit card companies can be found in numbers.
Some popular ones are mentioned in the following manner;

• ABN Amro Credit Card
• Axis Bank credit card
• Canara Bank credit card
• Citi Bank credit card
• HDFC credit card
• HSBC Bank credit card
• Kotak Mahindra Bank credit card
• SBI credit card
• Standard Chartered Credit Card

Credit card companies offer a comprehensive range of credit card products. These products feature many advantages for the benefit of users. Sometimes choosing right credit card becomes situational dilemma for customers, especially those, who never been to the quest of worthy card. That’s why; when it comes to choosing right card, it’s must to recognize Credit Card Company. Since there are many such companies in market today, choosing a right product is certainly difficult.

For this, you should make a very extensive research on your own. Search companies and compare their credit card offers. Though it’s a little time consuming process, however, it’s always a blessing in disguise. You will absolutely deduce an idea of choosing right Credit Card Company based on the comparative details.

Credit card is much sought after system of payment among people of different age groups and financial background. The size of a plastic credit resembles with that of a rectangular piece of plastic. But that surely doesn’t mean this is just merely a plastic card. It is one of the most useful cards powered by cashless payment mode at anytime whenever the fancy takes you. From businessmen to non-professional and professional fellows, everybody can be spotted flashing at least one or two credit card with gleeful smile on the face. Considering the importance of it has played significant role into increasing its popularity among countless customers across the world including India, too. Indians have shown great interest and this is the reason behind presence of this plastic money is noticeable in every single individual.

With credit card in wallet, world seems full of beautiful stage. You can eat, drink and be merry using your card regardless of what price you pay for such enjoyment. While the plastic money gives you pleasure of enjoying everything within the buying capacity, it also gives you any time monetary assistance on the go. Whenever you feel urgent monetary need, you can resort to withdrawal option using your card from any ATM machine. The portability you experience with the card is quite conspicuous while you maintain your cashless transaction without any hassle.

Some few things that you should consider with your card will help you smartly manage it. For instance, you should mind the credit limit allotted to you by your Credit Card Company. You should also ensure timely payment of the bills that you incur out of the use of your card. In fact this is very important to consider considering it might damage your credit reputation tremendously. Hence make sure that you pay the bills timely. But also ensure you maintain the card with total cognisance of entire transactions that you made.

There is no dearth of companies or banks that can offer you plastic money, depending upon your credit worthiness. You can choose range of cards namely platinum, silver, gold and others. All of them feature respectively. Hence, you should recognise your need first what type of plastic credit you want to go for. It is of great importance that each card symbolises features respectively with respective price tag. Hence, purchase any one of them followed by recognising your needs and budget. HDFC Bank Credit Card or card from other banks in India will certainly cater your need to a greater extent.

Credit card is much sought after system of payment among people of different age groups and financial background. However, to acquire a credit card, it is good to consider your need and budget first of all. There are many banks that may cater your need once you apply for a credit card of your need.