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Month: August 2020

Do All Merchants Who Consent Magnetic Strip Cards Also Take Chip Cards?

Do All Merchants Who Consent Magnetic Strip Cards Also Take Chip Cards?

Your new EMV card will have the new chip technology as well as the magnetic strip which will still let it to be swiped, if desired. Merchants that accept your credit card today will be able to accept your credit card in the future as well. Though,a PIN will be needed to withdraw cash at an ATM. vCard is a Mobile Credit App (Credit Card and Credit Line) which allows UPI Payment to any UPI ID-BHIM,PayTM,PhonePe,Google Pay,Whatsapp,etc. Get we card…

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Why EMV Cards are Secure When Compared to magnetic strip cards?

Why EMV Cards are Secure When Compared to magnetic strip cards?

An EMV card make obtainable a transaction code for every single transaction,a exceptional security feature not offered in the traditional magnetic strip cards that we have been using since quite a long time now. The magnetic strips on traditional cards comprise static data. Who so ever accesses that data, gains the confidential card and cardholder information that is needed to make a fraudulent purchase. On the other hand, the EMV card generates a unique transaction code, for every single transaction…

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What are the Charges and Fees of a Personal Line of Credit?

What are the Charges and Fees of a Personal Line of Credit?

Here are certain fees that are charged by the line of credit providers (banks and non-banking financial firms), and various Fintech corporations: 1. Activation/Joining Fee: You may be charged a little amount on one-time processing fee at the time of approving the credit line. 2. Rate of Interest: You will be charged interest on the amount you withdraw from your personal line of credit. 3. Processing/Annual Fee: Your personal line of credit provider may charge an annual or maintenance fee, which can be…

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When to Use a Credit Line?

When to Use a Credit Line?

A credit line can help you cover expenses each time you need certain extra cash. It works kind of like a credit card in that you have access to a definite limit, but you are charged interest only on the amount you use. A personal line of credit can be a upright choice when:  You have impulsive on-going expenditures such as a home renovation project  Your income is not reliable such as you do freelancing or other seasonal…

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When to Opt for EMI Schemes on Credit Cards?

When to Opt for EMI Schemes on Credit Cards?

EMI on credit card can be valuable and useful, but there are scenarios in which to use them. Scenario1: EMIs come in handy when you wish to purchase something that your bank balance does not provision such as a high-end laptop, your favourite smart phone or that fashionable blazer that you have had your eye on since a long time. You need not worry yourself, thanks to the EMIs (Equated Monthly Instalments) on credit cards. Scenario2: You have insolvent on…

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What is the Repayment Procedure for Line of Credit?

What is the Repayment Procedure for Line of Credit?

Let us comprehend the credit line repayment procedure with the help of an example. For an instance, you have a personal credit line of ₹ 6 Lakh. If you withdraw ₹ 2 Lakh, you have to repay this amount plus interest in the form of EMI. If you make another withdrawal of ₹ 1,00,000, your outstanding amount rises to ₹ 3 Lakh – your interest amount increases, and your repayment amount also increases. You have to make repayment of the…

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What is the Line of Credit Application Procedure in India?

What is the Line of Credit Application Procedure in India?

To apply for a personal line of credit, you will have to submit a specific set of documents. Following is the list of documents, the line of credit providers (banks and financial institutions) generally ask for:  Identity Proof  Proof of Age  Proof of Residence  Proof of Employment  Proof of Income  Recent 6 Months Bank Statements  Aadhar Card  PAN Card The line of credit provider (banks and financial institutions) will verify these documents,…

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Vital Factors to Consider Before Going for a Credit Line

Vital Factors to Consider Before Going for a Credit Line

Financial Stability Like many types of debt, you should feel assured that you will be in a situation to repay the debt.Credit line is not free money,and if you want more money than you will practically be able to repay, there may be a bottomless concern with your finances you need to resolve initially. Necessity For the reason that credit line is designed to be ideal for on-going and indeterminate expenses, it is vital to think through what you will be using…

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Factors to Consider When You Opt for the EMI Option on Credit Cards

Factors to Consider When You Opt for the EMI Option on Credit Cards

1. Processing Fee EMI schemes are subject to a trifling processing fee, typically to the tune of a small percentage per ₹1000 of the amount you desire to convert into EMIs.Zero EMI offers are a distinguished exclusion to this rule. 2. Available Credit Ensure that you have sufficient credit in your card – preferably more than or equal to the amount you wish to convert into EMIs, or else your EMI appeal will be rejected. 3. Temporary Reduction of Credit…

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How to Protect Your Card Information Safely?

How to Protect Your Card Information Safely?

Now that you have all the facts, you must be wondering what steps you can take to keep your card information secure. While it may be a hassle at times, it’s always better to be safe than sorry. 1.Avoid saving your card credentials on your personal or work devices 2.Avoid installing applications that allow third parties to have remote access to your device 3.Pay attention to authentication prompts to ensure you are authorising the correct transaction or activity 4.Lock your…

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