Your credit card provider only needs you to make a small payment every month to evade late fees and keep your account in good standing. Regrettably, next to making no payment at all, minimum payments are the poorest way to pay off your balance. You will spend more time paying your balance and pay more interest if you make only the minimum payment. How to avoid it: Paying your balance in complete is perfect, but if you cannot pay off…
The following are various key take away of credit cards that offer reward points. Have a look before you choose one: Rewards credit cards usually offer cash back, points, or travel miles for every rupee you spend. The points or cash back conversions depends on the provider to provider Rewards cards make the most sense for customers who pay their outstanding balance in full each month. If not, the interest charges could simply exceed your rewards. The best rewards card…
Rewards cards represent a large portion of the credit card market today, and they seem to offer something for everyone. In addition to different rewards structures, the cards vary in terms of how your rewards can be redeemed and what kinds of things they may be redeemed for. Typically, you can redeem your rewards for checks, statement credit, merchandise purchased through the card company, gift cards, and/or travel perks. At the end of each billing cycle, you can see your…
The main cost of carrying a balance forward comes in the form of interest charges. Since a credit card is one of the expensive forms of borrowing in the market, constantly revolving the balance is not recommended. It will cost you too much additional in the form of interest. Interest rate is also called as finances charges or charges on revolving credit. Finance charges are applicable on: The outstanding balance carried forward after payment of the minimum amount due New…
For an instance, you have a total credit limit of Rs. 1 Lakh and you purchase a product worth Rs. 15,000 on this card. At the moment, you still have Rs. 85,000 to spend. As soon as your bill gets generated for the given period, you will need to pay Rs. 15,000 in full. However, the credit card provider also gives you the option of paying a ‘minimum amount’ and carrying forward or ‘revolving’ the balance to the next billing…
As mentioned above, the refund is initiated by the merchant as soon as they receive the returned item. The hold-up will be on part of the banking organizations. This is what takes place behind the scenes. The merchant makes a return request through the payment gateway The gateway shares this information with the acquiring bank (the bank in which the merchant has an account) The acquiring bank communicates this to the issuing bank (the credit card-issuing bank/NBFC) The issuing bank…
When it comes to transactions in foreign currencies, the refund process is generally the same. The processing may take longer. Nonetheless, you will be stuck with the foreign transaction fee (1.99% – 3.5% of the transaction amount) as it is charged by the credit card provider. In a few scenarios, the credit card provider (bank/NBFC) may return the fee specifically when the refund is initiated instantaneously and the currency values do not change in the meantime. vCard is a Mobile…
Utilizing a credit card may not be correct choice for you under the below circumstances: You cannot repay your credit card balance completely before due date: If this tends to occur, practice using the debit card (or liquid cash) to evade falling into credit card debt and sustaining interest charges. You are habitual to spend more than you can afford: Repaying with debit will limit you to spending money that you have already earned. You are eligible to get a…
When you travel within India, you can call the customer care and get your credit card blocked instantly. However, most credit card providers have separate portals for providing these services when the cardholder is travelling abroad. There are specific numbers on which the cardholder has to call to get the credit card deactivated. It is recommended that you write your credit card number and the credit card provider’s international hot listing number and carry it with you so that in…
Most lenders offer zero lost card liability on credit cards. The best option is to report the card loss as soon as you become aware of it. Any transaction carried out after you report the loss/theft to the card provider is covered by the lender. However, if you see any such transaction even after reporting the loss of credit card, you can lodge a formal complaint with the lender. You can either send a mail to the lender’s customer service…