Credits Cards come with some indisputable merits, many of which will help you grow towards better financial health. Therefore, before going with the popular opinion of avoiding them, you should take a close look at each of the below-listed benefits. For what it is worth, by the end of it, you will likely be inclined to get your hands on the Best Credit Card Offer Available in the India market!
If you are aware of the various nuances of the world of credit, you may know that a good credit score is the key to enjoying quick approvals for loans, as well as comparatively lower interest rates as against to those with a poor credit rating. Besides, even if you need a significantly large amount as a loan, a good credit score can help you go a long way. Hence, if you have a zero credit score, getting a Credit Card and using it judiciously can miraculously help you in building the much-desired level of credit.
If you have made some credit blunders in the past, which may seem impossible to rectify, you should contemplate getting a Credit card. The only difference being that you have to significantly change the way you have been using the credit amount. In this case, you ought to adopt some healthy habits which can help you sail through the rough waters. These habits include:
If you still think you can’t manage this level of discipline or your Credit Card Company seems reluctant in relying on you again, you should opt for a secured Credit card instead. The benefits you reap will remain the same, no matter the type of card you use.
In the present day world, all banks, as well as Credit card companies believe in offering complete transparency to the customers. Hence, you can be rest assured of knowing every detail of your credit history, as is known to the credit bureau. All you need to do is order a free copy of your credit report. An excellent advantage of this facility is the fact that you can identify if there are any glitches in the report and raise the matter with the concerned authorities. Besides, if you are the one at fault, you can spot the problem areas, and start rectifying the same at the earliest possible.
Yes, this is possible. Regardless of your past mistakes, you always have the chance to move forward with a clean slate. Wondering how? Simple. Credit bureaus are authorised to consider any flaws in your score only for as long as seven years. After this period, it is mandatory for the bureau to exclude the same from your credit report. You can, therefore, enjoy the much-needed opportunity to start afresh and Get a New Credit Card effortlessly. You must, however, understand that even if the details of your debt are dropped from the report, you are still liable to repay it to your lenders.
An annual fee accompanies almost all Credits Cards that offer significant benefits. Thankfully, you don’t always have to pay the same. To begin with, you can request your company for a waiver, on account of being a loyal customer. If, however, you don’t get the waiver, you can always read the fine print to understand how you can use the card to enjoy zero annual fees in the coming year.
In any case, a vast majority of cards offer numerous benefits, which easily outweigh the fee you pay. Hence, more often than not, it is a win-win situation for you. Of course, if you wish you can always get a card without a fee, but you must be prepared for lesser benefits.
While it may seem that creditors enjoy a significant amount of power over you, you should not forget that numerous government regulations are on your side. In the recent move, the Reserve Bank of India issued new guidelines which ensure increased protection for the customers. According to the same, a customer will have no liability in case of a fraudulent transaction caused as a result of the bank’s negligence. Even in the situation where the fraud is a result of a third party breach, without any fault of the bank or the customer, the customer will have no liability if he informs the bank within three working days of receiving the notification for the said transaction.
Moreover, the liability of the customer is capped at 25,000 if an unauthorised transaction is reported with seven days. It is only if the sale is reported later than seven days that the bank is allowed to determine the customer’s liability.
There may be times when your Credit Card debt seems unmanageable. In such case, you can always approach your bank or a professional credit counsellor and seek guidance for dealing with the situation. Not only will this help you repay your debts more flexibly, but will also help you regain the financial discipline you once lost. Now that you know of some of the most astounding benefits that come along with Credits Cards, we bet you want to apply for one as soon as possible!
To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 60+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.