Q : What is a credit card?
A:With the use of a credit card, you can borrow money from a lender to make purchases, as long as you promise to repay the lender the whole amount borrowed plus any associated fees or interest.
Q : How do credit cards work?
A : A constant line of credit is provided via credit cards. You are borrowing money from the credit card issuer when you make a transaction. You can choose to carry a debt and pay interest on the amount outstanding, or you can pay full outstanding amount with interest free.
Q : What is the Annual fee or membership fee of credit card?
A : It’s a common type of credit card fee charged once in year and it's varies depending on the card.
Q : Can I convert credit card transaction into a EMI ?
A : Sure, you can set up Equated Monthly Installments (EMIs) for the purchases you make with your credit card. This feature makes it easier to manage the repayment of a large purchase by allowing you to spread its cost over a certain amount of time.
Q : What are the benefits of having a credit card ?
A : Credit cards can help you develop your credit score, earn rewards and discounts provide purchase protection, and come in useful in an emergency. They also provide convenience and may be safer than carrying cash.
Q : How can I choose the right credit card for me ?
A : Think about your spending habits, the benefits or features you value most, the interest rates, and any fees linked with the card. Comparing credit cards can help you identify the one that best meets your needs.
Q : How can I improve my credit score with a credit card?
A : Make on-time payments, keep your credit utilization low, and don't create too many new accounts at once. Consistently using your credit card responsibly might improve your credit score.
Q : What should I do if my credit card is lost or stolen?
A : Contact your credit card provider immediately to report the loss or theft. They will block your card to prevent fraudulent purchases and issue you a new one.
Q : Can I use my credit card abroad?
A : Yes, most credit cards are accepted globally. However, be conscious of any international transaction fees that may apply when using your card outside of your native country.
Q: How can I avoid paying interest on my credit card?
A : Pay your balance in full and on time every month. Most credit cards have a grace period, so if you pay Full outstanding amount before the due date, you will not be charged interest.
Q: Are there any downsides to using credit cards?
A : Credit cards, when not used appropriately, can lead to debt accumulation due to high interest rates and fees. To prevent these risks, you should spend within your means and pay off your balance in full.