Browsed by
Author: admin

How Rewards Credit Cards Work?

How Rewards Credit Cards Work?

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…

Read More Read More

How Does Revolving Balance Affect Your Credit Card

How Does Revolving Balance Affect Your Credit Card

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…

Read More Read More

How Does Revolving Credit Work on your Credit Card?

How Does Revolving Credit Work on your Credit Card?

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…

Read More Read More

Why do Refunds Take Time?

Why do Refunds Take Time?

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…

Read More Read More

Credit Card Refunds in Case of Transactions in Foreign Currency

Credit Card Refunds in Case of Transactions in Foreign Currency

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…

Read More Read More

When is a Credit Card Not a Great Option to You?

When is a Credit Card Not a Great Option to You?

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…

Read More Read More

What to Do If You Lose Your Card While Travelling Abroad?

What to Do If You Lose Your Card While Travelling Abroad?

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…

Read More Read More

What to do if False Transactions are Carried Out After Reporting the Card Loss?

What to do if False Transactions are Carried Out After Reporting the Card Loss?

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…

Read More Read More

What is Credit Card Inactivity?

What is Credit Card Inactivity?

Credit card inactivity is status where you do not use your credit card for an extended period of time. When the duration exceeds a specific period which is pre-defined, the credit card is deactivated by the credit card provider company. The duration of dormancy for deactivation may vary from one credit card provider to another based on their respective terms and conditions. In general, lenders deactivate a credit card after six months of dormancy but this is not the case…

Read More Read More

Things to Consider for Preventing Credit Card Loss in Future

Things to Consider for Preventing Credit Card Loss in Future

There are a number of things that you can do to prevent the loss of credit card in future or prevent from any issue in future. Carry only those cards active that you require for the day. Avoid having a number of credit cards and not using it or misplacing it. Keep your credit card secure and safe in your wallet. Follow the same rule every time for keeping your credit cards. Cut and destroy your old credit cards before…

Read More Read More