Credit Cards are a type of modern plastic money. They come with a concept of buy now, pay later. Banks give these cards to the customers with specific eligibility and documentation to use for various personal reasons. By using these cards customers can pay for goods on credited amount by banks. In simple words, bank gives specific amount as credit or loan to the card holders to use for their utility. Customers can use this credit amount for their needs and pay back the borrowed amount to the banks before the next scheduled billing in lump sum or as EMIs. Customers have to pay a specific interest rate on borrowed amount. They are also given a specific limit of amount in which they have to limit their use. You can use a credit card around the world. Banks offer different types of credit cards for different purposes. It's always a feasible option to carry a credit card instead of carrying a roll of cash. Many prefer credit card over debit card as it allows using the card on credit.
|Category||Debit Card||Credit Card|
|Credit Cards||You can use the money or funds which are deposited in your account||You can use the money or funds offered by bank as credit|
|Use of the Funds||You can use a debit card only if you have money or funds in your account||You can use a credit card even if you don't have money or funds in your account|
|Effect on Credit Score||Debit card usage does not impact your credit score||If you pay your credit card bills regularly and on time, this can prove as a good credit score for future financial needs|
|Increase in Card Usage Limit||As the funds you use are deposited by you in the account, there is not fund usage limit||Your credit limit on the cards will change according to your usage|
|Earning Rewards||You can earn reward points for using your debit card and the points can be redeemed to enjoy various discounts||Credit card offers you a large structure of reward points, discounts, cash back etc.|
|Online Transaction||Debit card is not a secured way to transact online as funds or money are immediately debited from account after transaction and if you cancel the transaction, reversal time is of minimum a week||Credit cards are safe to use online as the funds or money do not deduct from your account immediately and you can file a report if any wrong transactions are done and won't get charged for it|
|Balance Transfer Credit Card||Co-Brand Credit Card||Prepaid Credit Card|
|Prepaid Credit Card||Super Premium Credit Card||Add On Credit Card|
|Business Credit Card||Commercial Credit Card||Premium Travel Credit Card|
|Specialty Credit Card||Cash Back Credit Card||Limited Purpose Credit Card|
|Premium Women Credit Card||Standard Credit Card||Charge Credit Card|
|Premium Credit Card||Rewards Credit Card||Subprime Credit Card|
As stated above, banks offer best credit cards to their customers. Each credit card holds a specific limit of credit i.e. a card holder can use the card for a limited amount of funds. This limit is decided on the basis of type of card and the eligibility criteria of the card holder. If you exceed the given credit limit and spend more money, you'll have to pay extra interest rate or fees for doing so. So credit card holders are always suggested to watch their limit of spending.
To make a payment successfully, card holder have to enter a PIN number while doing the transaction. Many credit cards do not require a PIN for transactions. Whereas some offer to use OTP along with or instead of the PIN. It's always secure to opt for PIN or OTP.
To make a payment in person, credit card holder has to swipe their cards on the machines available at various check out or payment counters. The side, on which the magnetic strip is placed, is swiped swiftly. After the swipe, the cashier gives two receipts to the card holder to sign: one belongs to the card holder and other to the shopkeeper. The card holder has to sign both copies in order to complete the transaction.
Banks offer credit card to its customers who fulfill their designed eligibility. The eligibility criteria changes from bank to bank and the profile of the borrower. But there are some commonalities which you have to follow or acquire to get a credit card from any bank. The common and generic factors are listed below:
The list of documents for availing a Credit Card changes whether you're a salaried applicant or a self-employed professional/ businessman. The process of getting a Credit Card can be made easier if you know exactly what documents you need to submit with your application. The documents are filed according to the eligibility criteria.
Ruloans is India's fastest growing financial distributors. A comprised team with mammoth experience in finance and internally developed highly proficient Loan Calculator algorithm, we are pledged to offer solutions to all your financial needs. Customers can apply for credit cards with Ruloans' latest online application process. You can choose from a plethora of banks and NBFCs on our website for your credit card. We help you borrow right.
We have developed an efficient, smooth and easy process for our consumers to get a credit card. Our easy to use online procedure allows consumers to apply documents quickly. Our highly proficient Loan Calculator also guides the consumers to embark on a hassle free process
We value our consumers and are always on our toes to give them benefits of our expertise. Applying for a credit card with us, gives you a chance to avail the best offers and deals from our partner banks.
You can compare interest rates, offers and services on our online portal. This will guide you to make the right choice and choose the right lender for your credit card as per your budget and expectations.
We, at Ruloans understand the value of your documents and keeping them safe and private. Your loan applications are processed electronically with complete privacy and transparency
Yes, you can track your application via SMS and email. We also provide the facility to track your application on our website via login menu.
For your loan-related queries, you can call our representative on 1800 2667576 or mail us at firstname.lastname@example.org