Benefits of Having Credit Card In India – Advantages/Disadvantages [Quora SBI HDFC]

By | January 22, 2020

What are the Benefits of Having a Credit Card In India [Hindi] Advantages Quora SBI. Disadvantages of Credit Cards HDFC to Customers ICICI Yes Bank Axis.

What Is Credit Card?

As the name suggests with the help of a credit card you get a loan. In view, the credit card is just like your bank Debit Card. Like Debit Card, you can use your credit card for shopping, online payment. But there is a big difference between debit and credit cards.

Difference between Credit Card and Debit Card?

Debit Card is linked to your bank account. Whenever you use the Debit Card, money is deducted from your bank account. Therefore, you can only spend as much on your Debit Card as in your bank account.

This is not the case with credit cards. You are given a credit limit. This limit has nothing to do with your bank account balance. You can spend on your credit card up to that limit. After a few days, you have to pay your credit card bill.

On the full payment of the credit card bill, your limit becomes empty again and you can use the full limit again.

How to get a credit card? What documents are required?

For a credit card, you have to apply to the bank. You will need these documents to get a credit card.

  • Credit Card Application Form
  • Your Photo
  • Address proof
  • Your last few month’s salary slip and bank statement. If you are self-employed, you can also ask for information on income tax return etc.
  • There is also a provision to apply online in some banks.

Because you get credit in credit card, your loan repayment ability is properly checked before giving credit card. If according to the bank, your salary/income is not enough, then your application can be rejected. A salaried person is more likely to get a credit card. If you work in a big company, the chances are even greater.

The limit of your card also depends to a large extent on your income. Also, your credit score matters a lot when applying for a credit card. If the credit score (or CIBIL score) is bad, then it becomes very difficult to get a credit card.

You keep checking your credit score periodically. Now you can also download your credit score for free too. If your credit score is not good, then try to improve the credit score.

Types Of Credit Card

  • SBI Credit Card
  • ICICI Credit Card
  • HDFC Bank Credit Card
  • Bank of Baroda Credit Card
  • Citibank Credit Card
  • Standard Chartered Bank Credit Card

Is there any use of Credit Card?

Credit Card is a commodity that helps to get your daily needs fulfilled like getting groceries, goods, services etc. Rather than small purchases, one can go for the bigger purchases as well like jewelry, electronics appliances as at the time of buying it’s not necessary that one has the amount of money. Besides purchasing power it givens more of the value like cashback, rewards as well create good credit. Here’s more of updates on why you should acquire one of the credit cards.

What are the Benefits of Credit Card Quora?

  • Another Option to Cash – Carrying cash around comes with its challenges like theft, losing out, insufficient amount and etc. Well, a credit card gives the power to overcome the cash needs. Also most important that if the transaction has been carried out but you did n’t get the services then you can get the temporary credit in such cases.
  • Anytime Cash – Emergencies come without knocking doors, Such as medical ones or need cash in hand thus their’s were credit against cash can help you out.
  • Superior Purchasing – Insufficiency can lead to helplessness. So increase your purchasing power with the Credit limits and have your needs fulfilled for those big products.
  • Minimum or Free Credit – Offers on Credit Cards are just amazing that you can get the purchase without any interest rate or the same to null. That is no interest to be taken if paid due amount paid in due time.
  • Extend or Grace Period – Banks give an extended period which is known as Grace Period for credit cardholders. That at this duration no charges to apply on late payments. Also, banks do not conclude to credit companies to note the payment in the grading period.
  • Cash Backs/ Reward Points – One of the best things is that the spending through credit cards will in return gives the rewards points or cash backs. Which in turn can be used as items, vouchers, and items.
  • Enrolling Schemes – When you enroll for the credit card you get the offer for company welcoming you in the form of discounts, coupons or vouchers and more.
  • Credit Score – Need a loan then you need a better credit score. For which the credit card owner can increase such credit score. Paying due’s on-time creates a better history of finance. And that’s what bank sees when giving out the loans to individuals.
  • Planned Purchases – Every transaction you make through the card is noted. To build and plan your financial decision from what transaction you have made or is making and about to make.

Credit Card Benefits In Hindi

  • CREDIT CARD की मदद से हम अपने अकाउंट के बैलेंस से ज्यादा की खरीददारी कर सकते है |
  • यदि किसी सामान पर EMI उपलब्ध है तो आप क्रेडिट कार्ड की मदद से उसे आसन किस्तों पर ले सकते है तथा प्रति माह सामान की क़िस्त जमा करवा सकते है |
  • क्रेडिट कार्ड से CASHLESS TRANSACTION को बढ़ावा मिलता इससे आपको हमेसा जेब में पेसे रखने की कोई आवश्यकता नही होती है |
  • कभी कभी बैंक और online SHOPPING SITES क्रेडिट कार्ड धारक के लिए SPACIAL OFFER लाती है जिससे उन्हें काफी छुट दी जाती है |
  • प्रति माह के अंत में हमें अपने कार्ड की स्टेटमेंट मिलती रहती है जिससे हम अपने बजट को ध्यान में रख सकते है |

Get more info about credit cards here.

2 thoughts on “Benefits of Having Credit Card In India – Advantages/Disadvantages [Quora SBI HDFC]

  1. Shyamasundar Pawar

    Sir i have one backlog subject for 7th current results announced by vtu, I want apply revaluation for that’s subject, when revaluation process strated, please reply sir.


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