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How Types Of Credit Cards Can Increase Your Profit!

types of credit cards


Credit cards is a plastic card and also called as the ATM card. the purpose of this credit card is to pay a trader for goods and services without using money from your savings account.



Pay the money back to the creditor after 45 - 50 days from your bill generating date without any extra charges or fees.

All the credit card are not equivalent. the banks endeavour the different type of credit cards based on user criteria.

Standard Credit Card. A standard credit card is a normal card for the general purpose that is revolving credit policy.

This credit card is eligible for above the age of 18year. 

Income source will be compulsory to the eligible for the standard credit card.

Income should be above 18k per month. no deposit are needed and the credit limit will give by creditor depending on your financial situation.

What Are The Documents Required For Applying for The Credit Card?

  • Submit KYC Documents (Pan card for identity proof, Address Proof)
  • Pay slips 3 months (if you are salaried employee)
  • Income Tax Returns (if you are a self-employed)
  • Business Proof (if you are self-employed)
  • 6 months Bank Statement( current account and savings account)
Note: Above documents are same for all the credit card.

Reward Points. Many credit cards offer reward programs to the credit card users it reflects on spending money by using the credit card.


The reward programs are in the form of Cash Back, Points, Discounts.for this reward programs terms and conditions apply as per creditors norms.

Cash Back: Cash back credit cards literally give a number of the money you've got spent returned to you in cash. credits variety from 1-5%. however, this is usually cover at $500 of spending in "suitable" classes, depending on the cardboard. while you collect a minimal amount of money or credit, which include $20 to $50, you can ask to receive it via a test or use the money for a purchase at a designated save. some cards provide a flat amount of money based on all of your purchases no matter how a whole lot you spend, even as other have levelled with distinct degrees of rewards relying on how much you spend and where the money is spent.

Points: These credit cards permit you to earn reward points that may be redeemed for goods, opportunity and gifts. these include points that can be put in the direction of gas, hotel stays and domestic improvement purchases.

Premium credit cards: These are the "gold" and "platinum cards". they're usually referred to as "upscale". they're presented to customers with awesome credit score, because of this they've retained this status for few years and might find the money for excessive credit limits of as a minimum $8,000. those consumers usually have massive salaries and are heavy spenders and travellers. a few credit cards are presented by using invitation only. The hobby and annual charges, but, tend to be high. The cards' perks can also include 24-hour concierge offerings or a private assistant, get admission to extraordinary airline lounges, and global journey and auto help.

Secured Credit Cards: Secured credit cards are referred to as pay-as-you-pass credit cards. Upon opening the account, the cardboard holder deposits a few hundred to a couple of thousand dollars. This determines the card holder's credit score line. This limit is often primarily based on a percent of the deposit, which is typically 50-100% of what you put into the account. The credit cards have an annual charge and better annual interest quotes. most often, those credit cards are used to reestablish credit score. someone can use the card to make small purchases that they can effortlessly repay. Getting a card with a conversion choice makes it simpler to switch to a general credit score card, which must be feasible after several months of good payment records. (For greater on this and other forms of credit cards, examine credit, Debit And price: Sizing Up The cards to your wallet.)


Comments

  1. Pan card is an important document for all financial transaction. you can know your pan no with your name and DOB to remember it easily.

    ReplyDelete

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