Not all the people in India have a huge amount of the money in their home or better say in a savings account. They toil very hard in order to earn a sizable amount of the money so that the pivotal expenses can certainly be controlled in a very efficient manner. If out of the blue any kind of the sudden expense arises, then in such a situation also, an individual has to think twice or thrice before spending the money which he or she churned out after working very hard. In such terrible times, an individual must bank on the credit cards to sail them out smoothly from the problem.
Having a certain kinds of the credit card speaks a large volume of the individuals holding it. It also goes on to signify that the individual has a greater degree of the spending as well as the lifestyle. So, when an individual decides to furnish the important information required by the financial institution in an application form, then in that case, the effort should be devoted to picking up the best card that provides the favorable amount of the terms and conditions as well as the credit card interest rates.
Hence, if you have tasted success in finding out the best credit card for you or for your family members, then use it smartly to gain the optimum results.
Tips to Pay Off Credit Card Debt Completely
Do you have more than two credit cards india? And on each card, you have a debt amount to pay back? This might trouble you a bit as managing the debt amount of two- three credit card, which is a nasty business. In this regard, you have to stay cautious and have to take some smart steps to pay off your liability. Following are those steps mentioned in detailed version:
Do you have more than two credit cards india? And on each card, you have a debt amount to pay back? This might trouble you a bit as managing the debt amount of two- three credit card, which is a nasty business. In this regard, you have to stay cautious and have to take some smart steps to pay off your liability. Following are those steps mentioned in detailed version:
Pay more than the minimum: With your card, there is always a minimum due payment give, which is necessary to pay each month, if you can’t pay your debt in one go. According to this rule, you should be paying the minimum due payment each month, which will keep your credit score safe from a crash. So, first of all, you should try paying more than the minimum due payment each month. The minimum payment includes mostly the interest on your account. But paying more than the minimum reduces your balance and helps you pay off credit cards fast.
Negotiate a low interest rate: If you are still in trouble and finding no way out of the trap of credit card debt, then, you can call the credit card company. By informing them soon enough, you can easily negotiate with them for the lower credit card interest rate. And, you also have an alternate option if you talk through to sort the issue out. You can convince and avail a different payment plan that's more affordable for you in order to keep the debt repayment process convenient enough for you.
Plan your budget: You should prepare your budget including a list of your monthly income, expenses and bill payments. This budget planning will help you to track accurately about your expenses and savings. You can even cut down the unnecessary expenses.
Do not acquire new debt: And, if you are still paying your debt or liability, then it is better not to apply for new credit card or loan till the time, you pay your debt. As if you keep accumulating new balance every month, then it would be too typical to pay off the debt. So, you should be avoiding the use of your credit cards and can use debit card or plain cash instead.
Balance transfer: You may also choose to transfer the entire credit debt on one card that has low interest rate. This will keep your debt in only one card and you don’t have to consider different payment amounts. Your debt will be easy to manage and you can also choose the emi option for your card, which means a particular calculated amount will be automatically debited to pay off the credit balance.
Credit card’s Personal Identification Number
Whenever you use a debit card for the purpose of cash withdrawal, then you are asked to enter a personal identification number that is called PIN. Same goes with the credit card as well. Concept of the PIN related to credit card is different all together.
Whenever you use a debit card for the purpose of cash withdrawal, then you are asked to enter a personal identification number that is called PIN. Same goes with the credit card as well. Concept of the PIN related to credit card is different all together.
Being concerned about the credit cards security issue and related fraud cases, Reserve Bank of India (RBI) has decided to work on towards further increasing the security features of credit cards india. The credit cards already had a magnetic strip attached to them as a security feature, which keeps your card protected. Still, cases related to credit card frauds are increasing day by day.
This has been mentioned that each card should bear an electronic chip that will be issued in the upcoming three years. These must have a unique personal identification number or let’s say credit card pin attributed to it. It is a facility, in which we do not have to enter any PIN during the retail transactions. After this, retail transactions will be time taking due to the additional level of security.
More or less your credit card would work like an ATM or debit card. Instead of PIN, a biometric verification is also taken into consideration that can also be associated to the identity of the cardholder taking Aadhaar data into consideration.
Well reckoned and reputed financial institutions like state bank of India, icici bank, citibank and hdfc bank have already started working on replacing their magnetic swipe cards with dual cards, which have both a chip as well as a magnetic swipe.
It is being assumed that this pro-activeness and additional regarding the credit card security may bring down the level of fraud cases related to credit card. A minute weakness with magnetic swipe card is that cloning is very easy with it. If we consider other aspects then, with the help of credit card pin, we will be able to withdraw the cash, register for the online access of the credit card account and so on.
Six Tips Of Improving Credit History
Apart from the income structure of the person, credit history also plays a major role in doing evaluation of loan or credit card. It is due to the fact that lending institutions do a checking of the credit score of the person before allowing a loan or issuing the credit card. So, it is paramount to get a deep knowledge about the CIBIL’s Credit Information Report (CIR) and update yourself with varied ways of improvising it. It is possible to maintain credit history by following below tips-
- Make a payment of your all dues within the time- It is necessary to make a payment of your all dues on time because lender will negatively view it and it may also affect chances of getting your loan approved.
- Keep the balance low- The loan balance will only reduce over the time when you will make payment, therefore, it is necessary that you diligently make timely payment. For instance, if you will use Rs 40,000 out of the credit limit of Rs 60,000, then it may be viewed negatively by lender. It is necessary that you effectively utilize credit limit.
- Maintaining a good merge of credit- It is necessary to maintain a good mix of the credit with housing loan and a couple of credit cards. If you will have a high number of only credit cards then it may affect your chances of getting the loan. It is true that if you have a credit card then you can easily enjoy access to finance, however, it is considered as one of the costly items of credit.
- Applying for new credit cautiously- If you have filled varied loan applications or have recently got a new credit card then a lender can view your application with more vigilance as it shows that your debt burden may rise and therefore, you could be held least eligible of getting the additional debt.
- Think again before deciding to close credit card accounts- If you are holding 4 unused credit cards then you can be favorably seen by lender and will view your application more favorably.
- Doing scrutinization of joint accounts every month- If you have a joint account then you will also be held responsible for any delay made in payments. It means, if there is any negligence made by the joint holder then it could affect the other account holder also.
How to Freeze Credit Card in India?
The facility of the freeze credit card must only be used in a situation when an individual has lost or misplaced the credit card.
Many people may not be that much quite knowledgeable of the fact that the individual also has the choice to freeze credit card, if he or she comes to know that the personal information on their credit cards have been compromised.
Many people may not be that much quite knowledgeable of the fact that the individual also has the choice to freeze credit card, if he or she comes to know that the personal information on their credit cards have been compromised.
The freezing of the card is essentially a significant amount of the great facility that is being offered primarily by the credit card bureaus where the people are provided with the brilliant facility to lock all the personal information as well as the pivotal data. By doing so, an individual will go on to pretty much ensure that the credit cards will not be used in an illegal manner by the fraudulent people.
However, the important factor o be remembered here is that if you have availed the facility of the credit card freeze, then in this particular situation, do not ever make an application for any kind of the credit card or loan. This is because during the situation of the car freeze, the borrowers will not be in a condition to have a look at your credit report simply because they will not be quite able to access it from the credit bureaus.
If in case the requirement of the card or the desired loan is very much urgent, then in that case. You have the facility available to you to unfreeze the report, but for this purpose, you will be certainly required to deposit a certain kind of the fees to the credit bureau agencies.
So, the next time, you recognize or come to know that you have lost your credit card, then do not ever forget to make a phone to the desired customer care of the credit card company and also go for the wonderful service of the credit card freeze which will more or less will go on to provide you a very effective shield from the scammers getting the hold of the important data or information. It is to be noted that you will not be required to pay any kind of the fees to the bureaus for the purpose of availing this great facility.
