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Credit Card is an instrument that allows the holder of the card to pay at a later date for the purchases of goods and services made now. In short it allows credit facility to the cardholder based on the consent of the cardholder to pay the dues later on a pre-determined terms and conditions.
Credit cards have been quite popular in recent times because of it’s convenience as one neither need to carry cumbersome cash while shopping or traveling nor worry about the immediate payment for the goods and services that are purchased. It also provides facility to an individual to convert the spent in easy to pay instalments. Apart from these, credit cards offer various other facilities like cash withdrawal, revolving credit, and balance transfer to another card, etc.
The point to be remembered here is that if these facilities are not used wisely it can lead to be a long-term debt trap. So before accessing these facilities it is absolute necessary to understand the implications of its terms and conditions.
Credit Card issuers often try to lure the holder of the cards to increase the usage of the credit card by offering various schemes like reward points, frequent flyer miles, cash back, discounts, waiver of charges at petrol pump, booking of railway tickets, etc.
A person can apply for any credit card of his choice from the various options available as per their individual needs provided he /she satisfies the eligibility criteria e.g. Person who wants a credit card for frequent shopping can opt for a card offering rewards on purchases or cash back, a person who frequently travels can opt for a card offering free accesses to airport lounges or frequent travel miles which can be redeemed for purchasing a flight ticket.
Always remember to pay your credit card dues on time if you want to have a good credit history and score in CIBIL. All lenders access this history when one applies for any credit facility and a poor credit history and score can lead to rejection of credit facility in future.
In case getting a credit card is difficult for any reasons; one can exercise the option of applying for a secured credit card. These cards are currently offered by only few banks like Kotak Mahindra, ICICI, Axis and SBI etc. to an individual against the term deposit maintained with the respective bank.