Applying For Credit Card – The First Step towards a Responsible Future
Physical cash always becomes a problem to carry as there is danger of it being stolen or misplaced. Moreover the person desiring to purchase something might not be in a proper financial position to fulfill his desires. To make this all possible and for satisfying of one’s desires, a credit card is of utmost importance. It gives the user the liberty to purchase anything within his purchase limit and also can get ready cash in cases of emergencies. Credit cards basically aim at satisfying the wants of the consumers during a particular period of time. Shopping becomes easier and hassle free as one doesn’t have to always open his purse to check the balance left.
Issuing Banks
There are numerous banks who offer credit cards to its customers and they have the freedom to choose a particular card. To apply for a credit card certain criteria is required like the age of the person as because one has to be over 18 years of age and must have some regular income flow. To apply for a credit card of a particular bank of your choice is not a very serious issue as one doesn’t need to be an account holder of that particular bank. The credit cards are generally issued to the customers only after filling up some requisite forms and submitting the required identification and income proof to the bank issuing it. In some cases a passport photo is also required.
Choosing options
There are many websites offering the different types of credit cards to be issued by the banks. They are of different categories and each one of them has their own credit limit. Generally they are issued according to the financial position of the person. Different banks give different rates of interest and also the credit limit period varies. One has to be smart in choosing the right one. If you have just started your career, look for the one which gives a moderate credit limit which does increase with the passage of time and as per your credit history.
Features
After applying for a credit card and submitting all the desired documents, the credit card is generally issued to the customer with his name and the card number on it. The credit limit is also specified and a pin number is given to take out ready cash from the ATM counters when required. A grace period is given to the customers for repayment of the amount due to him. It is not mandatory to pay the full amount during that period but a certain rate of interest is charged on the remaining amount from the date of the transaction made till the amount actually received.
Things to be kept in mind
Before applying for a credit card one should always keep in mind that he should not allow the issuing banks to charge more than what it should be. Payments must be made within the grace period so that the interest charges don’t become a curse on him. Some credit card issuing banks also give loans to its card holders. They also give discounts on certain items if purchased during a particular period.
Author bio: Andrew is an expert in finance who provides his useful tips to his clients while financial planning. He also writes online on blogs such as this one. He can be found on various social networks also where he spends his time when he is free.
Category: Credit Card
