What is Credit Card: Know Everything About Credit Card

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What is Credit Card: Having a credit card is a great way to manage your finances during cash crisis. You can access funds and purchases, and later you can repay the amount. The best part of having a credit card is that it is widely accepted and offer great financial freedom. Also you can use a credit card to make payment online or offline for almost all products and services.

What is Credit Card?

A credit card is a financial instrument issued by banks with a preset credit limit, which allows you to make cashless transactions. Credit cards allow you to make credit transactions. You are essentially borrowing money from the credit card issuer with the understanding that you can pay the money back at the end of your statement term.

How Does a Credit Card Work?

To make a purchase at a Brick and Mortar Retailer, you must insert a credit card into a card swipe machine so that it can read the card’s security chip. You may also be asked at an online retailer to enter the card number, expire date and security code, and your name and billing address. Once your bank verifies that you have the funds to make the purchase, your transaction is approved.

Credit Card vs Debit Card

Debit Card:- When you make a transaction using your debit card, the card pulls money directly from your account for the purchase and transfers it to the merchant/seller’s account. You can complete your transaction by entering your four digit PIN number at retail stores and for online shopping websites you have to enter your name, card number, card expiration date and CVV number.

Credit Card: Credit cards allow you to make credit transactions. You are essentially borrowing money from the credit card issuer with the understanding that you can pay the money back at the end of your statement term.

Types of Credit Card

There are various types of credit card in India, these are –

  • Rewards credit cards.
  • Secured credit cards.
  • Cashback credit cards.
  • Student credit cards.
  • Low-interest credit cards.
  • Travel credit cards.
  • Business credit cards.

How to Apply For a Credit Card Online?

Today we learn what is Credit Card and ts use. Now in this section we will learn how to apply for a credit card. You can follow these steps below to apply for a credit card –

  • Visit your bank’s official site.
  • Clink on “Apply For A Credit Card” option.
  • Next Choose the type of credit card you want.
  • Fill in the required details such as account number, phone number, etc.
  • Now submit the application form.
  • You will receive your credit card within 2-3 days.
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What are Debit Card: Know Everything About Debit Card

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