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Tuesday, August 28, 2018

Full details and Best Credit Cards for Middle Class in Indian Banks


The Future of the financial system in India is Plastic Money i.e. Credit Cards. There are many benefits of the Credit Cards in India. It can help you a lot in life but every coin has two sides that is this plastic money also some limitations. We can save our selves from these disadvantages by using this plastic card wisely. 
Full details and Best Credit Cards for Middle Class in  Indian Banks

What are Credit Cards??

A Credit Card is a virtual money in your pocket providing by many banks or companies in India. In Others words, you can say it the plastic money, which you can use for Online or Offline Shopping, Petrol filling on Petrol Pumps, Paying Bills and can be used as an ATM for Money also. 

What is the Initial and Final Limit of the Credit Cards??

The initial limit for all the banks is almost Rs.25,000/- for first time user of the credit cards. 
After watching your records of using credit cards and paying bills, then banks slowly raise the limit credit cards. The maximum limit on credit cards can up to 3 Lakhs of many Indian Banks. 

Do banks take some charges or put the penalty on credit cards uses??

Yes, Banks put penalty or take charge on the credit cards. Banks put a penalty if:

1. You did not pay the bills on time. Every month bank generates the bills for your credit cards. If you pay the bills on the due date then bill did not any penalty on you. If you miss the due dates, then banks put some penalty on you and then add that penalty in your next bills. Approximately we have 45-50 days to give back the money to the bank which we used. After that, banks take charges from us. 

2. If we used the credit cards as ATM.i.e. When we withdraw money from ATM using our Credit Cards then puts penalty from that day on us up to the days when we return the money to banks. 

As I earlier said that "Every Coins Has Two-Sided". Same way, the Credit Cards advantages, and disadvantages also. Let us discuss the Both. 

Advantages of Credit Cards: 

1. Helpful in Bad Times: The credit cards can be a savior of you in your bad times. Sometimes you need money and no one is ready to give you the money, such as your friends, your siblings, and relatives. Then you can your credit cards and withdraw the cash from it using an ATM. This money can help you in bad times. When you have the money gives back to the bank. But withdraw the money using Credit Cards when you have no other option as the bank will put the penalty on you. 

2. Get Points: Many companies provide reward points to you when you use your credit cards for the shopping. You can collect lots of points, then use these points as your convenience which will save your money.

3. Get Discounts: Many e-commerce and other websites provide big discounts such as 10% or 20% on using credit cards. These discounts save you lots of money which you can use for other purposes. 

4. Cheap Loan: Actually, we get a very cheap loan with the credit card. In other words, it is zero charge  loan if you pay your bills in due dates. 

5. Protection: If you buy a defective product then your credit cards provide protection and you will get immediate your money back. While in the debit card there is a delay due to the investigation completion while credit cards are quick in this matter. 

6. Power of Purchase: Sometimes we want to purchase something but do not have money in our pockets as well as our bank accounts. In these situations, credit cards show his power as you can purchase that thing which you want because you can give money with that credit card. 

Disadvantages of Credit Cards: 
1. The habit of Purchasing: Sometimes we get addicted to online shopping by using an excessive credit card. In that situation, we lost control over our ambitions and starts buying everything which looks good to us. Because we know we can pay the bills of things with credit cards, but we forget that at the end of the day, we have to pay bills of credit cards. In some cases, people got big debts by using excessive credit cards. 

2. Annual Fees: Some companies or banks put annual fees for the credit cards which is an extra burden on our pockets. 

3. No OTP for International Payments: This is the big disadvantage of the credit cards as there is no one-time passwords for the international transaction. If someone has the detail of your credit card, then he can easily transfer money to international banks without your permission. 

4. High Penalties: This is the other big disadvantage of the credit cards as banks or companies take high-interest charges if you are not able to pay your credit card bills. This thing can lead you into the debt. 

Best Credit Cards List is below:

1. SBI Simply Click: Best Cards of the Online Shopping and Rewards.  This card has annual 499 fees for joining and get Rs 500 gift vouchers on the joining.

2. ICICI Bank Platinum Chip Credit Card: It is a lifetime free Credit Card i.e. You don't have to pay any fees and you can get this credit card against your fixed deposit also. 

3. HDFC Regalia First Credit Card: This is good for the traveler and has some annual fees also.

4. Axis Bank Privilege Credit Card: This is the best card for the traveler and if you book your traveling package from Yatra.Com then this is The Best Credit Card for You. 

5. CitiBank Cash Back Credit Card: This is a very good card if you use it for paying your bills online.

In conclusion, Nothing is bad, but depends upon how you use it for you. If you use your card wisely then it will give benefits and otherwise, it gives you debt. So use the credit card wisely for saving money.

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