Credit cards can be traced back to the United States in the 1920s, when they were first used. Since then, this instrument has grown in popularity among the general public. A credit card is a type of payment instrument that allows its owner to pay for goods or services in advance, up to a certain limit, and then repay it later with interest. Generally, it possesses the attribute of Revolving Credit; wherein the Credit Limit is revised upon complete repayment of past debts.
There is no set time limit for repaying the amount borrowed using a credit card. The longer a cardholder takes to pay off his balance, the more interest he will be charged. You can apply for an online credit card using a variety of methods. Some of the popular Credit Card apps include RBL MyCard, Bajaj Finserv, and CredPal, but you may also apply through any bank application. You can easily avail online credit card and monitor your transaction through the app.
Here are some top reasons for using Credit Card ?
1) Perks & rewards ? Each credit card has its own set of benefits and advantages. Any credit card comes with discounts, bonuses, and special deals as a standard feature. Each card must offer a distinct set of promotions and rewards from its partner companies. These discounts can be really advantageous to you because they allow you to save money on things like shopping.
2) Alternative to cash ? With a credit card, you won’t need to carry much cash with you. Carrying a large sum of money is also perilous. As a result, for any transaction, you can just use your credit card, which is more convenient. It can also let you make contactless payments during the pandemic, as cash passes through a lot of sites and no one can ensure that it is germ-free. Sanitizing one card is always easier.
3) ATM withdrawals ? Credit cards, like debit cards, can be used to withdraw cash from ATM machines. There is a tiny fee associated with it, but if you are in desperate need of cash, your credit card can help.
4) Universal acceptance ? You can go anyplace in the world with a credit card because it is accepted everywhere. It is a widely accepted payment method all around the world. Even in other nations, you may pay quickly and efficiently; this can make traveling abroad a breeze.
5) Credit score ? When you use your credit card to make a purchase, you have a set amount of time to pay off the debt. The more bills you pay on time, the better your credit score will improve. It provides lenders confidence in you by demonstrating that you pay your payments on time and are reliable.
6) Convenient ? A credit card can come in helpful if you find yourself in an emergency situation. When time is of the essence, you can rapidly employ it and get the issue under control.
Banks and credit card apps such as RBL MyCard and Bajaj Finserv make it simple to apply for a new credit card. The RBL credit card is one of the most widely used credit cards on the market. An applicant for an unsecured credit card must have a good credit history. It’s possible that you don’t have a pre-approved credit card offer. In such cases, if you do not have a credit history, you can opt for a secured credit card where a security amount is taken from you against your new credit card.
