Initially, credit cards were not as popular as they are now due to the limited features and rewards. As the competition is increasing, Credit card providers have also started offering innumerable attractive offers and reward point, on your cards. Not just you receive various rewards; you can also choose your credit card according to your need because credit card companies are offering specialized cards such as shopping card, fuel card, mile card, etc.
Credit card is a common term and almost every Indian owns a credit card. Be it your dream of travelling or your habit of shopping, everything is just a swipe away with a credit card. Basically, credit card signifies “buy now, pay later” and to make your life more expedient, it also rewards you every time you spend.
There are times when you need financial help for which you can’t totally rely on your relatives or friends for the financial help because they have their own needs to meet. It can be your dream vacation or a medical emergency, which require a good amount of money and to get the aid quickly, you can possibly opt for loans because it’s one of the fastest ways to get the help.
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Every month, a large number of people miss the deadline for making credit card payments. Late payments are one piece of information that credit reporting agencies use when calculating your score.
A credit card is a loan with a difference. Here, you get credit while you go spending or paying bills. However, the interest rates on credit cards are much higher than that on other loans.
The business of reporting consumer credit is highly regulated. Your Credit Information Report (CIR) plays a large part in the loan application process.
Life has become simpler with the convenience of credit cards and the uncountable benefits it caters. But it often comes at a price of making considerable section of borrowers falling into debt trap which is turning their life difficult.
Every loan borrower has different financial objectives and priorities in life, and attitudes towards risks. Many consumers often find themselves in a dilemma when it comes to choosing between secured and unsecured loan.
Consumer’s past credit actions comprises credit history. Potential creditors, such as mortgage lenders and credit card companies, use the information in a consumer’s credit history to decide whether to extend credit to that consumer.
Credit cards have become a lifeline for everyone in modern times. However, this much-sought after boon can be a real bane to your finances if not used with care.
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