What is a Consumer Credit Report?

Credit card users are pretty clear about their credit history and payments. To analyse their performance, the credit card processing

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What is a Consumer Credit Report?

  • 5:53 am

Credit card users are pretty clear about their credit history and payments. To analyse their performance, the credit card processing companies release an updated credit report every 3 months. A credit report is used by lenders in a lot of areas. Having a credit card and a good credit report helps the user a lot in many financial areas especially when trying to get financial aid.

A consumer credit report is a document that includes all credit or finance-related information of the user. A credit report is provided by a credit reporting body. The information used can be provided by credit providers or other sources in the market. A consumer credit report is introduced to you if you have received or applied for consumer credit.

Consumer Credit Report

Your consumer credit report includes all your information related to you from your name, date of birth, and address to your employer. The report also includes your credit history which revolves around all the loans or debt on your and how you have handled the repayments. Your spending payments and behaviour are also mentioned in the report. Along with this information, if you have defaulted on any payments, such cases are also mentioned or highlighted in the report.

You can get a free copy of your consumer credit report every 3 months to check the details and for any errors. Having a good credit score is also essential to obtain good terms and conditions on loans, credit cards, and other financial tools.

Mostly, people can have more than one credit report. Credit bureaus collect and store all your financial information provided by creditors, like lenders, credit card companies, and financial companies. Creditors do not report to every credit reporting company.

The consumer credit report is essential as it helps the lender to decide whether or not they should lend you the money. The credit report is also used by the lender to decide on your eligibility to meet the requirements of the credit account.

Significance of consumer credit report –

  • Credit report is important for the creditors to get a detailed view of your history of finance.
  • Having a good credit score can also help you get financial aid at a desired cost, meaning low-interest rates.
  • Credit reports create a sense of familiarity with the lenders and they get to know whether they should accept the request.
  • Sometimes insurance companies may use a credit report to decide on your insurance application and the rates to offer.

Who can access your credit details?

Without your permission no one except your creditors. Your creditors are the only ones who have access to all of your credit information. In case you are an applicant and are applying for financial aid, your creditor will also request a credit report to check the details and check your creditability.

Upon a written request from the borrower can help you access the credit report. In case of legal cases, your credit reports can also be provided by the credit bureaus on the court’s order.

What can affect a credit report?

Apart from personal information, credit reports are influenced by a range of factors, come of them are as follows –

  • Irregular payment history
  • Delayed payments
  • No payments
  • Outstanding amount
  • Partially settled payments
  • Errors in the report
  • Hard inquiries (by creditors)
  • Over-utilized credit ratio.

Creditworthiness is a word that determines whether the borrower is worthy of the credit or financial aid or not. Whether a person is worthy or not can be clearly stated in the credit report. The creditors will or will not give your loan, that depends on your report. Once a payment is missed, it will remain in your credit report for the next 7 years so borrowers have to be very careful in their repayments.

Read More: How to Remove Late Payments From Your Credit Report

Conclusion

The customer credit report is all about the credit history and finance study of the user. Lenders use this information to assess risk and check the creditworthiness of the borrower. These credit reports are generated by credit card processing companies on a timely basis to keep the borrower updated on their credit score and errors. The consumer credit report is basically a portfolio of the borrower in case they wish to avail any financial aid.

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IRCTC BoB RuPay Credit Card vs IRCTC SBI Platinum Credit Card

Railways is one of the oldest modes of travel in India, and every day millions of people travel through trains

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IRCTC BoB RuPay Credit Card vs IRCTC SBI Platinum Credit Card

  • 5:53 am

Railways is one of the oldest modes of travel in India, and every day millions of people travel through trains across the country. There are several travel-based credit cards in the country, and for individuals who regularly travel via trains, they can opt for an IRCTC co-branded credit card.

One of the top banks in India, SBI has the IRCTC SBI Platinum card launched in partnership with Indian Railways. The card has a low joining fee of Rs. 500 and offers decent rewards and benefits to the users. Along with a decent reward rate, the card offers value back as reward points on booking train tickets through the IRCTC app or website. Also, there are several other benefits like fuel surcharge waiver, travel perks, easy EMI conversions, and more that you can access with this card.

Similarly, Bank of Baroda partnered with Indian Railways for the IRCTC BoB RuPay credit card, exclusively for regular train travelers. The card works on the Indian RuPay platform and offers up to 40 reward points on train ticket bookings through the IRCTC website or mobile application. With this card, you even get complimentary railway lounge access, fuel surcharge waiver, free add-on credit cards, and much more.

Keep reading the article further to know more about both these IRCTC co-branded credit cards and how they compare against each other.

IRCTC BoB RuPay Credit Card

Bank of Baroda and IRCTC collaborated to launch their co-branded IRCTC BoB RuPay credit card, to cater to individuals who regularly travel via Indian Railways. At a nominal joining fee of Rs. 500, the card has plenty of benefits and privileges for customers whose preferred mode of travel is rail. You can earn additional reward points per Rs. 100 spent on departmental store and grocery spends, and on railway ticket bookings. The following are the features and benefits of this card –

Welcome Benefits

Bonus 1000 reward points on making a single transaction worth Rs. 1000 within 45 days of getting the card.

Reward Earning

  • Up to 40 RPs per Rs. 100 spent on railway ticket booking via IRCTC mobile app or website
  • 4 RPs per Rs. 100 spent on departmental store and grocery spends
  • 2 RPs per Rs. 100 spent on other categories

Reward Redemption

You can redeem reward points against railway ticket booking via the IRCTC mobile app or website. Also, you can redeem reward points against the card statement balance, where 1 RP = Rs. 0.25.

Travel Benefits

The cardholder gets 4 complimentary domestic railway lounge access every year, max 1 per quarter.

Fuel Surcharge Waiver

1% fuel surcharge waiver on spends between Rs. 500 and Rs. 3000 all over India, maximum benefit is capped at Rs. 100 per month.

Railway Surcharge Waiver

You get a 1% transaction surcharge waiver whenever you book railway tickets via IRCTC mobile app or website using this credit card.

Additional Benefits

You can get up to 3 add-on credit cards lifetime free for your family members.

Fees & Charges

  • The IRCTC BoB RuPay card has a joining fee of Rs. 500 and a renewal fee of Rs. 350
  • The interest rate on the card is 3.49% per month and 41.88% per annum
  • The card has a forex markup fee of 3.5% of the transaction amount
  • The card charges Rs. 500 or 2.5% of transaction amount, whichever is higher, as cash withdrawal charges.

Apply Now

IRCTC SBI Platinum Credit Card

SBI is among the top card issuers in the country and the bank partnered with Indian Railways to launch the IRCTC SBI Platinum credit card that charges an annual fee of Rs. 500 plus applicable taxes. The card is great for Indian railway users because other than the welcome benefit, it also offers 10% value back on train ticket booking as reward points. Also, there are several benefits offered by the credit card and we will read it in the following section –

Welcome Benefits

Bonus 350 reward points on making a single transaction of Rs. 500 or above within 45 days of getting the card. Also, you get Rs. 100 cashback on the first cash withdrawal made with the card.

Reward Earning

1 reward point per Rs. 125 spent on retail spends, except on fuel. Also, you get 10% value back on railway ticket booking through IRCTC website or mobile application in the form of reward points. This offer is only applicable on AC CC, AC1, AC2, and AC3 categories.

Reward Redemption

The reward points earned for your spends can be redeemed against railway ticket booking on the IRCTC website or mobile app.

Travel Benefits

With this credit card, you get a 1% transaction charge waiver on booking railway tickets through the IRCTC website or mobile application. Also, you get exclusive accommodation at over 5000 hotels at more than 350 cities in the country.

You can get discounts on air ticket bookings with the card, and get custom made packages for wildlife, adventure, pilgrimage, etc. across the country.

Additional Benefits

  • You can use Flexipay to convert transactions of Rs. 2500 or more into easy EMIs
  • You can use Easy Money to get a cheque or draft against your credit limit
  • You can transfer outstanding balance from other cards or banks to this card and pay back conveniently in EMIs.

Fuel Surcharge Waiver

Get 1% fuel surcharge waiver on fuel spends across the country, with the maximum benefit capped at Rs. 100 per card statement cycle.

Fees and Charges

  • The card charges a joining fee of Rs. 500 and a renewal fee of Rs. 300 plus taxes
  • The interest rate on the card is 3.5% per month and 42% per annum
  • The forex markup fee on the card is 2.5% of the transaction amount
  • For cash advances, the card charges 2.5% of the transaction amount or Rs. 500, whichever is higher

Apply Now

IRCTC BoB RuPay Credit Card vs. IRCTC SBI Platinum Credit Card – Quick Comparison

The following table features a side-by-side comparison of both the credit cards –

Category IRCTC BoB RuPay Credit Card IRCTC SBI Platinum Credit Card
Joining/Annual Fees Rs. 500 plus taxes Rs. 500 plus taxes
Welcome Benefit Bonus 1000 reward points on a
single transaction of Rs. 1000 within 45 days of getting the card 		Bonus 350 reward points on making
a transaction of Rs. 500 or above within 45 days of getting the card
Reward Earning Up to 40 RPs on booking railway
tickets via IRCTC app or website
4 RPs per Rs. 100 spent on
departmental stores and groceries
2 RPs per Rs. 100 spent elsewhere 		1 RP per Rs. 125 spent with the
card
10% value back on railway ticket
booking as reward points
Reward Redemption RPs can be redeemed against
railway ticket booking or against the card statement balance 		RPs can be redeemed against
railway ticket booking via the IRCTC website or mobile app
Travel Benefits Complimentary railway lounge
access 		1% transaction charge waiver on
railway ticket booking via IRCTC website
Exclusive accommodation offers at
over 5000 hotels across the country
Forex Markup Fee 3.5% of the transaction amount 3.5% of the transaction amount

Bottom Line

The IRCTC BoB RuPay and the IRCTC SBI Platinum credit card are both great options in the travel category. Being co-branded with Indian Railways, both these cards are great for people who travel via trains on a regular basis. Also, the joining fees on the cards is Rs. 500 which is quite affordable, and they offers various benefits and privileges for cardholders.

With the IRCTC BoB RuPay card, you can earn up to 40 reward points on train ticket bookings while the IRCTC SBI Platinum card gives 10% value back as reward points on railway ticket booking. You can redeem reward points earned on both these cards against train ticket bookings through the IRCTC app or website.

Overall, both these IRCTC co-branded credit cards are good and there is not much difference in the features and benefits offered by them. You can select either one of them based on your personal choice and preference.

Do let us know in the comments section about which card out of these two will you prefer getting.

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How Debt Settlement Affects Your Credit Score?

Debts are inevitable if you are not responsible enough to take care of the repayments. Be it with credit cards

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How Debt Settlement Affects Your Credit Score?

  • 5:53 am

Debts are inevitable if you are not responsible enough to take care of the repayments. Be it with credit cards or with any other financial aid, you ought to return the amount regularly. This can happen due to irresponsibility and not just a huge debt but you also end up getting your Credit score taken a blow because of the same.

People, when the debt is overwhelming and is unable to pay for it at all, choose to go for “Debt Settlement”. This statement sometimes is confused with loan closure or debt closure, however, these two are different words. Loan or Debt Closure means closing the debt with the whole lump sum getting returned safely. But Debt Settlement means the debt has been settled by the bank.

What is Debt Settlement?

Debt Settlement or Loan Settlement are words that can be used as synonyms. Debt Settlement means that the bank and the borrower came to a conclusion to lower the amount of the loan and the borrower has paid a portion of the loan and then settled the loan.

In simpler terms, the bank and the borrower made a settlement because the borrower is unable to repay the whole loan and the bank has lost any hope of recovery. This settlement is made for a particular portion of the loan which will be paid by the borrower to the bank for the bank to close the loan and not to further persist the borrower for recovery. This is called “Debt Settlement” where the debt is settled not repaid in full or closed.

What are the impacts of “Debt Settlement” on your Credit Score?

Credit Scores are determined by your credit report. A credit report is the report card of your financial life. Which has every detail of your finances and your behavior towards your transactions and everything. From your Credit history to any repayment not made on time or anything else such as bad debt or delinquent amount which you were unable to pay to the bank or your lender.

The Credit Report somewhat determined your Credit Score. Higher delinquent or late payments can cause your Credit Score to fall into greater depths.  A single late payment, no payment, or any other type of delinquency remains in your credit report for 7 years at least. The same goes for the debt settlement status.

When you have paid the whole amount of the loan or debt, the status becomes closed such as “Loan Closure” or “Debt Closure”. With this statement, your credit score gets higher because you have been responsible for paying off the debt and repaying it fully.

So, since the status of a loan is “settled” rather than “closed” and the same will remain on the file for 7 years, the borrower might not be able to qualify for further financial aid. For example – A borrower with “debt settled” status on their credit report applies for a loan with any other financial institute or lender, they might get wary of the capability of the borrower to repay the whole loan. There also will be more possibilities of rejection than that approval of the loan.

How can a borrower deal with this situation?

In these cases, borrower thinks that loan write-off or debt settlements are the best measure they have which is wrong. Once it is recorded on the file, not only your credit score but your financial capability will also fall with the same and it will go on for 7 years.

Here the best one can do is to try and make the payments they can make first and ask for a longer time to make the payment. In case, you have any savings or investments, you can liquidate those as well to pay off the outstanding loan.

The Debt Settlement should be a last resort. But before thinking about that, it is important to try your best to make the payments and pay off the debt. You can also try to re-evaluate the monthly installment structure and reduce the interest rate with the help of the lender.

Also Read: How To Settle a Credit Card Debt – Pros and Cons

Conclusion

Debt is a word that can cause a person much more harm than expected. Not only financial but mental and physical distress can be caused due to the issues regarding debt. Debt Settlement should be the last resort of a person who is unable to make the payments for themselves.

Debt Settlement might get you relaxed but it is not necessarily a good thing for your financial health. There can still be ways where you can still keep your Credit Report clear of the “Debt Settlement” status. It is important to use any significant way to repay the debt you own before opting for the settlement as it does not have a good impact on your creditworthiness.

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IDFC First Private Credit Card vs HDFC Infinia Credit Card

IDFC First Bank launched the First Private credit card last year and it is the most premium offering by the

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IDFC First Private Credit Card vs HDFC Infinia Credit Card

  • 5:53 am

IDFC First Bank launched the First Private credit card last year and it is the most premium offering by the bank. It is an invite-only card and not everyone can apply for it. Also, it is exclusively for high net-worth individuals and charges a very high joining fee of Rs. 50,000 plus taxes. You get benefits across all major spend categories and the card has a high reward rate offering up to 10x reward points on your spends. Other than reward points, the card offers Karma Points on your spends that can be donated to any charity of your choice.

Likewise, the HDFC Bank Infinia is also an invite-only card and is a super-premium card that charges a joining fee of Rs. 12,500 from the cardholder. The bank invites only select individuals to apply for the card who have a high net worth and a healthy relationship with the bank. Again, this card is jam packed with high-quality privileges across travel, dining, lifestyle, shopping, etc. You also get 5 reward points per Rs. 150 spent with the card.

In this article, we will compare the IDFC First Private with the HDFC Bank Infinia credit card. Know more about the features and privileges, fees and charges, and other information about both these cards.

HDFC Bank Infinia Credit Card

The HDFC Infinia is one of the first choices for businessmen and wealthy individuals because of its elite level privileges. It is an invite-only card and not everyone can be eligible for it. The card offers a decent reward rate on almost all spends made with the card Let’s take a look at the main features and benefits of the HDFC Infinia credit card –

  • Bonus 12,500 reward points as a welcome benefit on paying the joining fee of the card
  • 5 reward points on every spend of Rs. 150 with the card, except on fuel
  • Accelerated 10x reward points on hotel booking, 5x reward points on bus/flight tickets, and 3x reward points on Flipkart spends made via the Smartbuy portal.
  • Reward points can be redeemed against a host of different options like products/vouchers, flight/hotel bookings, Airmiles, cashback, etc.
  • Complimentary domestic and international lounge access for primary and add-on cardholders with the Priority Pass membership.
  • Complimentary Club Marriott membership for one year
  • Complimentary 2+1 night stay at partner ITC hotels and 1+1 on buffet at weekends at participating ITC hotels
  • Up to 25% discount at more than 2000 restaurants with the Good Food Trail program
  • 24*7 global concierge service for the cardholder offering assistance with reservations, bookings, gifts, etc.
  • Comprehensive insurance privileges including medical cover, air accident death insurance, credit liability, and credit shield cover.
  • The joining fee of the Infinia credit card can be waived off on spending Rs. 10 Lakhs in the card anniversary year.
  • 1% fuel surcharge waiver with maximum benefit capped at Rs. 1000 per statement cycle
  • Low forex markup fee of 2% of the total transaction amount which is ideal for people who regularly make spends in foreign currency with their credit card. Also, the card does not charge any fee for cash advances.

Apply Now

IDFC First Private Credit Card

Just like the HDFC Infinia credit card, the IDFC First Private credit card is also a super-premium offering and is an invite-only card. The joining and annual fee of the card is quite high, Rs. 50,000, but the card backs the high fee up with exclusive privileges across all major categories. Another great thing about the card is that other than reward points, it also offers Karma Points on your spends that can be donated to any charity of your choice. Read on to know more about the offerings of the IDFC First Private credit card and how it stacks up against the Infinia credit card –

  • The card offers 6 reward points per Rs. 100 spent with the card and 3 reward points on offline spends. You get accelerated 10 reward points per Rs. 100 after reaching the monthly spend milestone of Rs. 30,000 and on birthdays. Also, you get bonus 25% reward points when you donate to a charity of your choice.
  • The reward points earned by you can be redeemed against a host of different options that include flight/hotel bookings, cashback, products/vouchers, and more. You have to pay a reward redemption fee of Rs. 99 whenever you redeem your points.
  • On spending more than Rs. 30,000 in the month, you then earn Karma Points for your spends with the credit card. You get 1 Karma Point per Rs. 100 spent but rent, insurance, EMI, cash advance, etc. are excluded from it. Once you collect at least 20,000 Karma Points, you can start donating the points to any charity of your choice, 1 Karma Point = Rs. 0.25.
  • The primary as well as add-on cardholders get 16 complimentary lounge access per year, 4 per quarter, along with 4 complimentary spa sessions per quarter. You also get Visa Infinite privileges like Meet & Greet, Affluent Dining, Airport Limousine Transfer, etc.
  • You can get a discount of Rs. 750 on both non-movie and movie ticket bookings and on food and beverages through the BookMyShow website. You can avail this benefit twice per month.
  • The card offers a complimentary golf round and a lesson per month. Also, the cardholder can get complimentary golf lessons on spends of Rs. 20,000 in a month.
  • The cardholder gets insurance privileges that include air accident cover, loss of baggage, passport, or other travel documents, delay in flight, or baggage, and other travel related insurance covers.
  • The card offers a 1% fuel surcharge waiver, with the maximum benefit capped at Rs. 400 every month.
  • For those who regularly make foreign currency spends, the card is perfect as it does not charge any forex markup fee. Also, the cash advance fee on the card is Rs. 250 per transaction, which is quite low.

Apply Now

IDFC First Private vs. HDFC Infinia Credit Card – Quick Comparison

Category HDFC
Infinia Credit Card 		IDFC First
Private Credit Card
Joining/Annual
Fee 		Rs. 12,500
plus taxes 		Rs. 50,000
plus taxes
Welcome
Benefits 		Bonus 12,500
reward points and complimentary Club Marriott membership for one year 		NA
Reward
Earning 		5 RPs per Rs.
150 spent
Up to 10x RPs
on the Smartbuy portal 		3 RPs per Rs.
100 spent offline and 6 RPs on online spends.
Up to 10 RPs
on incremental spends above Rs. 30,000 and on birthdays
1 Karma Point
per Rs. 100 spent after reaching Rs. 30,000 monthly spends
Reward
Redemption 		RPs can be
redeemed against hotel/flight bookings, products and vouchers, Airmiles,
cashback 		RPs can be
redeemed against flight/hotel bookings, products/vouchers, etc.
Travel
Benefits 		Complimentary
domestic and international lounge access with Priority Pass membership
Complimentary
Club Marriott membership
Complimentary
2+1 night stay at ITC hotels 		16
Complimentary domestic and international lounge access, max 4 per quarter
Complimentary
spa sessions per year
Dining and
Movie Benefits 		Dining benefits
with Good Food Trail program
1+1
complimentary buffet at ITC hotels 		Rs. 750
discount on movie and non-movie bookings through BookMyShow
Golf
Benefits 		Complimentary
unlimited golf rounds at top courses in India and worldwide 		2
complimentary golf rounds per month
Renewal
Fee Waiver 		Renewal fee
waiver on spending Rs. 10 Lakhs or more in the card anniversary year 		NA
Forex
Markup Fee 		2% of the
transaction amount 		No Forex
Markup Fee

Bottom Line

Both the IDFC First Private and HDFC Infinia credit cards are great options in the Indian market when it comes to super-premium credit cards. Both the cards are invite-only and not available for everyone. Only those who are invited personally by the bank can apply for these cards. Both these cards are packed with elite-level benefits and features across dining, travel, shopping, and other categories. With the First Private card, you even earn Karma Points that can be donated to any charity of your choice.

Another nice feature of these cards is the forex markup fee. The Infinia credit card charges a low 2% forex markup fee while the First Private credit card does not charge any forex markup fee whatsoever. When it comes to choosing between the two cards, it is a difficult choice because both the cards are filled with top features and benefits. The reward rate is also great on both the cards and you can redeem reward points against a host of different choices.

Personally, we would recommend you to go with the HDFC Infinia credit card just because of its joining and annual fee. It has a Rs. 12,500 joining fee which is quite low as compared to the Rs. 50,000 annual fee of the First Private credit card. Before making your choice, make sure to thoroughly go through the terms and conditions and other offering of both the cards.

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All You Need To Know About Credit Freeze

The awareness of credit freeze amount for credit card user is very minimal. Credit Cards are very secure tools and

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All You Need To Know About Credit Freeze

  • 11:16 pm

The awareness of credit freeze amount for credit card user is very minimal. Credit Cards are very secure tools and hardly have any issues regarding the protection of the applicant’s financial data. It is very crucial information that can be used for credit theft by the outsider.

Credit Freeze is a great tool that can refrain any outsider from prying on your personal information. It is also important because the freeze can help you get relaxed about any shortcomings regarding your info.

What is Credit Freeze?

Credit freeze also known as Security Freeze is a security measure that means that the credit bureau is refraining any other third party from getting the consumer’s credit report. This is an anti-fraud measure which is necessary since it can also indicate the crime of identity theft which we also call ID theft.

Due to Credit Freeze, Credit bureaus refrain from sharing any information regarding a person’s credit history to any third party. The third party can include the financial institutions as well. This also prevents thieves from using the credit information to open new accounts and further use it. Here the victims usually freeze their credit in order to restrain further damage from the theft. Until and unless the freeze is lifted, no other financial institutions or any other third parties will be able to get access to the consumer’s credit information.

However, a credit freeze does not have any impact on a person’s credit score. The theft can surely damage the score a little bit but once reported all the necessary measures will be taken.

How Does a Credit Freeze Work?

A credit freeze allows a user to control and restrict the access of any third party to their credit report. This will help the users in saving their crucial information from thieves, scammers any other unauthorized parties. The credit bureaus are obliged to help you freeze your credit information and will not allow access to any other entity than the authorized ones to get a hold of your information.

The credit freeze ceases to benefit the user when there is a risk of ID theft or it has already been done. Because with the help of the information, a thief can open new accounts and make purchases with the same. Thus, by freezing the credit, you can save yourself from all this trouble.

Although a credit freeze is a great defense tool that is not the complete solution. From the earlier example of the theft, with the newly opened accounts, information has already been leaked and used for further more financial fraud. It can also mean that the purchases have already been made and the funds are already transferred.

All these reasons are important enough to keep your bank details and credit details tightly protected and closely monitor the account activity. Not just in order to detect any suspicious activities but it will also help you gain more knowledge about your credit history.

Advantages of Freezing Your Credit

  • Freezing your credit will reduces the chances of someone creating a bogus credit account under your name.
  • You will be ensured that all your information is safe and secure.
  • Credit Freeze does not and will not influence your credit score anyhow.
  • It will also refrain you from impulsively applying for a new credit card at any store since unfreezing credit can take a little bit of time.
  • You can also choose when to unfreeze your credit according to your convince or in dire need.

Apart from credit freeze, there are many other steps you can take in order to keep your information secure which can include keeping secure passwords on all your bank, email, and social media accounts as well. Another way is limiting the amount of information you share online, not just on social platforms but also generally while signing in for an application and asking for information more than needed.

To implement the Credit Freeze, you will need to contact the Credit Bureaus in India. There are majorly 6 bureaus in India which include: TransUnion Credit Information Bureau (India) Limited (CIBIL), Credit Rating Information Services of India Limited (CRISIL), Equifax, ICRA (formerly called Investment Information and Credit Rating Agency of India Limited), CRIF High Mark, and Experian.

All these agencies will help you cover up all your information from getting leaked or stolen further.

Conclusion

Credit Freeze is a great option in order to secure all your credit information from getting stolen. Even though it is not the ultimate solution but can be taken as a preventive measure to keep things on track if any suspicious activities are found in the account. A user can ask the credit bureaus to freeze the information and that will refrain the bureaus to share any of your credit information which will further help you prevent from getting any fraudulent account from being created on your behalf.

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What are Credit Card Interchange Rates?

How convenient it is to go to any store and make a payment with just a swipe. But the process

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What are Credit Card Interchange Rates?

  • 12:27 pm

How convenient it is to go to any store and make a payment with just a swipe. But the process of actually getting the payment done is quite tricky itself. This method can cause some expenses to the merchants accepting the payment. Whenever a merchant accepts a credit card as a method of payment, there are some fees that they have to pay for the privilege of doing so.

This fee is called interchange fee which is a transaction fee that the merchant has to pay whenever the customer uses a credit or debit card for payment. This fee must be paid with every credit and debit transaction. Interchange fees can be different from merchant to merchant and card to card which is decided by the financial institutions.

Interchange Rate

The term ‘interchange’, itself suggests that this is an exchange fee. This fee is charged by the credit card issuers to the merchant for the user to use the card against the expenses. In exchange for accepting the credit risk, card issuing companies set these interchange rates and handling charges. These rates are set by the financial institutions and are revised periodically.

Interchange rates are critical components of payment networks that affect both merchants and card issuers. The payment networks such as VISA, MasterCard, etc play a significant role in determining the rate of accepting credit card payments.

The rate structure is quite complex and varies depending on many factors including the type of transaction, merchants’ industry and level of risks associated, etc. These rates are usually a percentage of the transaction amount along with a flat fee sometimes. These rates typically cover various costs which include processing, fraud prevention, and reward programs.

In addition to the interchange fee, another fee may be included by the credit card processing companies to retailers as a part of their processing fees. Many merchants pass on this fee directly to the customers as an additional surcharge, especially under a specific amount. But the majority of businesses include the interchange fee in their products and services.

How Interchanged rates are determined?

As stated earlier the Interchange rates are finalized by the credit card companies like VISA, MasterCard, Discover, etc. And the rates are usually divided between the merchant and the credit card issuer. With VISA and MasterCard, the rate is usually finalized on a semi-annual basis, i.e., two times a month. These two times are in April and then in October. Other companies might be different. There are some factors as well which can fluctuate the transactional fee, which is as follows –

Transactional factor

Different cards from the same card company may have different charges. Because the rate charged is a percentage of the transactional value and there is a flat fee sometimes as well. The interchange fee can be a combination of both sometimes. The size of the merchant’s business can also impact the associated fee, the rates can be higher for small businesses. This is because the volume of sales is typically lower than the large merchants or retailers with a national presence and they can negotiate lower rates with the companies.

Interchange fee regulation

Financial service companies are one of the most heavily regulated entities in today’s economy and with no surprise the interchange rates also fall under their range. +The interchange fee, as mentioned earlier is initiated or charged by the card processing companies like VISA, Rupay, American Express, etc.

The companies are a wide web or network of the cards market. So be it a credit card or a debit card payment, everything works only by going through this network. If you wish to make the payment through a credit card, the process is quite lengthy as first the payment will reach your card issuer company, then the network, and then your bank. After the bank gives you a green flag, then the information goes back to your network, then your credit card company, and then your payment is completed.

Conclusion

The interchange fee is charged to any merchant having the privilege of making payments by using a credit or debit card. This payment is charged by the credit card processing companies and the fee is regulated promptly. This fee is interdependent on the type of payment you are making and the business scale of the merchant. Many other factors can impact the amount of the payment. As the interchange fee is a percentage of the total transaction, there can be a flat fee added to the charges.

This fee might be negotiated by the merchants but the small businesses might not. With a high presence, businesses can make the case for more sales and can still negotiate the amount to be charged to them, but a small business does not have the option.

The interchange rates are charged by the card processing network companies for the risk associated with the payment. The bigger the payment, the higher will be risk and so is the interchange fee.

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Flipkart Axis Bank Credit Card vs Axis Bank My Zone Credit Card

One of the best entry-level cards in India, the Axis Bank My Zone charges a joining fee of Rs. 500,

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Flipkart Axis Bank Credit Card vs Axis Bank My Zone Credit Card

  • 12:25 pm

One of the best entry-level cards in India, the Axis Bank My Zone charges a joining fee of Rs. 500, and offers complimentary Sony LIV subscription as a welcome benefit. You get a decent reward rate where you can earn 4 RPs per Rs. 200 spent with the card, along with various other features including domestic lounge access, movie and dining benefits, fuel surcharge waiver, exclusive discounts on popular brands, and more.

The Flipkart Axis Bank credit card is perfect for loyal Myntra and Flipkart customers, and has become one of India’s most in-demand cashback cards. With the card, you can get an exclusive 5% cashback on Flipkart, and cashback on partner brands like Uber, Swiggy, PVR, etc. The card has a nominal fee of Rs. 500 and offers domestic lounge access, movie and dining benefits, etc. to the cardholder. The card is one of the best shopping, cashback, as well as co-branded cards in the market.

In the following article, we will talk about the features and benefits, fees and charges, and other information of both these cards. We will compare both these cards and check out which is the better option out of the two.

Axis Bank My Zone Credit Card

The Axis Bank My Zone credit card has multiple features and benefits for the cardholder. It charges a nominal joining fee of Rs. 500 but offers various privileges that include movie and dining benefits, domestic airport lounge access, and 4 RPs per Rs. 200 spent with the card. You can get BOGO offer on Paytm Movies ticket booking, milestone benefits, fuel surcharge waiver, and more. You even get exclusive discounts on popular brands like Ajio.

Features and Benefits

The following are the features and benefits associated with the Axis Bank My Zone credit card –

Welcome Benefit

Get a complimentary premium annual membership of Sony LIV worth Rs. 999 as welcome benefit. To claim the benefit, make a transaction with the card within one month of card issuance.

Reward Earning Rate

Earn 4 EDGE RPs per Rs. 200 spent with the card. Wallet reloads, fuel. Movies, education, EMI spends, and government spends do not earn edge reward points.

Reward Redemption

The reward points earned by you can be redeemed against travel, shopping vouchers, etc. at the Edge Rewards portal, where 1 RP = Rs. 0.20

Milestone Benefit

On spending Rs. 1.5 Lakhs or more in the card anniversary year, the complimentary Sony LIV membership is renewed. The voucher is sent inside 60 days after you pay the renewal fee of the card.

Travel Benefit

Get 1 complimentary domestic lounge access per quarter at select airports across India

Movie and Dining Benefits

  • Get 15% discount, up to Rs. 500, on minimum order value of Rs. 1500 through the EazyDiner program
  • Get up to 40% off on Swiggy orders of minimum order value Rs. 200, maximum 4 times per month
  • Get BOGO offer on Paytm Movies ticket bookings, with maximum benefit of Rs. 200 per month

Ajio Discounts

  • Flat Rs. 600 discount on minimum spends of Rs. 2000 on Ajio purchases
  • Get up to Rs. 1000 discount at Ajio on minimum spends of Rs. 2999

Fuel Surcharge Waiver

Get 1% fuel surcharge waiver at fuel stations across India for transactions between Rs. 400 to Rs. 4000, with maximum benefit capped at Rs. 400 per month

Fees and Charges

The following are the fees and charges associated with the credit card –

  • The card comes at a joining and annual fee of Rs. 500 plus taxes
  • The card charges an interest rate of 3.6% per month or 52.86% per annum
  • The card charges a forex markup fee of 3.5% of the transaction amount
  • The card charges a cash advance fee of 2.5% of the amount or minimum Rs. 500

Apply Now

Flipkart Axis Bank Credit Card

The Flipkart Axis Bank credit card charges a joining fee of Rs. 500 plus taxes and is among the best cashback cards in India. If you are a regular Flipkart customer, then you can get 5% cashback on all spends made on Myntra and Flipkart. You also get cashback on various popular merchants like Uber, Swiggy, PVR, etc. The card even offers domestic lounge access, dining benefits, movie benefits, and more.

Features and Benefits

The following are the features and benefits associated with the card –

Welcome Benefit

Welcome benefits worth Rs. 1100 on credit card issuance, including Rs. 500 worth Flipkart vouchers, 15% cashback up to Rs. 500, and up to 50% discount on your first transaction on Swiggy.

Cashback Rate

Get 5% cashback on Myntra and Flipkart spends and 4% cashback on partner brands like cure.fit, Swiggy, PVR, Uber, etc. You also get 1.5% cashback on other offline and online spends. Fuel spends, insurance, utilities, rent, EMI spends, gift cards, gold items, cash advances, etc. do not accrue cashback

Movie and Dining Benefits

  • Up to 20% discount at partner restaurants with the Axis Bank Dining Delights program
  • Accelerated 4% cashback on PVR movie ticket bookings

Travel Benefit

  • Get 4 complimentary domestic lounge access at select airports in the country.
  • Accelerated 4% cashback on your Uber rides

Fuel Surcharge Waiver

Get 1% fuel surcharge waiver at fuel outlets across the country on transactions between Rs. 400 to Rs. 4000. The maximum benefit is capped at Rs. 400 per month.

Fees and Charges

The following are the fees and charges associated with the card –

  • The card charges a joining and annual fee of Rs. 500 that can be waived off on spending Rs. 2 Lakhs in the previous year
  • The card charges an interest rate of 3.65% per month and 52.86% per annum
  • The forex markup fee on the card is 3.5% of the transaction amount
  • The cash advance fee on the card is 2.5% of the amount, or Rs. 500

Apply Now

Read More: Axis Bank ACE & Axis Bank My Zone Credit Card

Flipkart Axis Bank Credit Card vs Axis Bank My Zone Credit Card – Quick Comparison

The following table features a side-by-side comparison of the credit cards –

Category Flipkart
Axis Bank Credit Card 		Axis Bank
My Zone Credit Card
Joining/Annual
Fees 		Rs. 500 plus
taxes 		Rs. 500 plus
taxes
Welcome
Benefits 		Welcome
benefits worth Rs. 1100 with the card 		Complimentary
Sony LIV premium subscription worth Rs. 999
Reward
Earning 		5% cashback
on Myntra and Flipkart
4% cashback
on preferred partners like PVR, Swiggy, cure.fit, Uber, etc. 		4 RPs per Rs.
200 spent with the card
Reward
Redemption 		Cashback is
credited automatically to the cardholder’s account 		RPs can be
redeemed against a host of products, vouchers, and other choices at the Edge
Rewards portal
Movie and
Dining Benefits 		Up to 20%
discount at partner restaurants with the Axis Bank Dining Delights program
Accelerated
4% cashback on PVR cinemas 		BOGO offer on
Paytm Movies ticket booking
20% off at
partner restaurants with the Dining Delights program
Travel
Benefits 		4
complimentary domestic lounge access per year
Accelerated
4% cashback on Uber rides 		1
Complimentary domestic lounge access per quarter
Renewal
Fee Waiver 		Renewal fee
is waived off on spending Rs. 2 Lakhs or more in the card anniversary year 		NA

Conclusion

Both the Flipkart Axis Bank and the Axis Bank My Zone credit card both have a joining fee of Rs. 500 plus taxes, and are great options for anyone who is new to the credit card scene. With the My Zone credit card, you get 4 RPs on your spends along with exclusive movie and dining benefits for a better lifestyle. You also get a complimentary domestic lounge access per quarter with the card.

However, if you are someone who loves online shopping from Flipkart and Myntra, then there is no better option than the Flipkart Axis Bank credit card in the market. Apart from exclusive cashback on Flipkart, you even get cashback on many popular partner brands. Even this card offers domestic lounge access, dining discounts, annual fee waiver, and more.

Out of these two choices, we recommend you to go for the Flipkart Axis Bank credit card because of its cashback rate on popular merchants, and other exclusive privileges.

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American Express Platinum Travel Credit Card vs Marriott Bonvoy HDFC Bank Credit Card

American Express has a decent range of credit cards and is one of the most popular card issuers across the

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American Express Platinum Travel Credit Card vs Marriott Bonvoy HDFC Bank Credit Card

  • 12:23 pm

American Express has a decent range of credit cards and is one of the most popular card issuers across the world. In the travel category, you can get the premium American Express Platinum Travel credit card that is perfect for frequent travellers. The card has great welcome and milestone benefits in the form of Membership Reward points that are redeemable for air ticket booking, hotels, rental cars, shopping vouchers, and more. You have to pay a joining fee of Rs. 3500 for the card and can get 2 Membership Reward points per Rs. 100 spent with the credit card.

On the other hand, the Marriott Bonvoy HDFC Bank credit card is the first hotel co-branded card in India and it comes at a joining and renewal fee of Rs. 3000 plus taxes. If you are a regular Marriott customer, then the card is the perfect option for you as you get a bonus Free Night Awards, complimentary Silver Elite status, and Marriott Bonvoy points as reward points for your spends. Other benefits of the card include complimentary domestic and international lounge access, golf rounds, insurance benefits, and more.

In the following article, we will compare both these cards based on the features and benefits they offer, fees and charges, and other things related to them. Let’s check out which is the better option out of the two credit cards.

American Express Platinum Travel Credit Card

This is one of the most premium cards offered by American Express and there are many benefits and privileges across travel as well as other major categories.

Features and Benefits

The following are the top features and benefits offered by the credit card –

Welcome Benefits

As a welcome benefit, you can get 10,000 Membership Reward points that can be redeemed against a host of different options. The welcome benefit is offered when you spend a minimum of Rs. 15000 within 3 months of getting the card

Milestone Benefits

You get 15000 MR points on spending Rs. 1.9 Lakhs in the card anniversary year and 25000 MR points along with an additional Taj stay voucher upon spending Rs. 4 Lakhs in the year. You can even transfer your Membership Reward points to Marriott Bonvoy points at a 1:1 transfer ratio. Thus, on spending Rs. 4 Lakhs, you get 25000 MR points that can be further transferred to Marriott points.

Travel Benefits

  • You get 8 complimentary domestic lounge access, max twice per quarter, with the card and a complimentary Priority Pass membership. The $99 fee is waived off but you will have to pay $32 usage fee whenever you access an international lounge with your credit card.
  • You can redeem the MR points earned for car/hotel/flight bookings on Amex Travel Online portal.
  • Spending Rs. 4 Lakhs offers you Rs. 10,000 worth gift vouchers from Taj, SeleQtions, and Vivanta hotels.

Movie & Dining Benefits

Get 20% discount on dining bills at partner restaurants on paying with the American Express Platinum Travel credit card. The card also offers exclusive offers on Qmin and Swiggy.

Reward Rate

You can earn 2 MR points per Rs. 100 spent with the credit card. The MR points earned by you can be redeemed against E-Commerce portals, on the Amex online shopping portal, INSTA spends at offline stores, and to pay the card bill through the Cash + Points scheme.

Fees and Charges

The following are the fees and charges associated with the American Express Platinum Travel card –

  • The joining fee of the card is Rs. 3500 plus taxes and the renewal fee of the card is Rs. 5000 plus taxes.
  • The card charges an interest rate of 3.5% per month
  • The cash advance fee on the card is 3.5% of the withdrawn amount or a minimum of Rs. 250
  • The forex markup fee on the card is 3.5% of the transaction amount

Apply Now

Marriott Bonvoy HDFC Bank Credit Card

The Marriott Bonvoy HDFC Bank credit card is India’s first hotel co-branded credit card and it comes at a joining and renewal fee of Rs. 3000 plus taxes. You get exclusive benefits for more than 30 hotel brands under the Marriott umbrella along with many other benefits.

Features and Benefits

The following are the features and benefits offered by the Marriott Bonvoy HDFC Bank credit card –

Welcome Benefits

The card offers a 1 Free Night Award valid for 1 year at participating Marriott hotels across the world, worth 15000 points. You get this benefit when you get the card and upon card renewal. Also, the card offers complimentary Marriott Bonvoy elite status and 10 Elite Night credits every year.

Milestone Benefits

You can get up to bonus 3 free night award upon reaching the target spend threshold. You will receive the free night award on spending Rs. 6 Lakhs, Rs. 9 Lakhs, and Rs. 15 Lakhs in the year.

Travel Benefits

The card offers 12 complimentary domestic as well as international lounge access to the cardholder.

Golf Benefits

Get 2 complimentary golf rounds and 2 golf lessons per quarter at the best golf courses across the world

Reward Rate

  • Earn 8 Marriott Bonvoy points per Rs. 150 spent at participating Marriott hotels
  • Earn 4 points per Rs. 150 spent on dining, travel, and entertainment
  • Earn 2 points per Rs. 150 spent on other eligible categories

Insurance Benefits

  • You get the following insurance benefits with the Marriott Bonvoy HDFC Bank credit card –
  • Air accident cover – Rs. 10 Lakhs
  • Emergency medical expenses – Rs. 15 Lakhs
  • Loss or delay of check-in baggage – $250
  • Loss of travel documents and passport – $250
  • Delay in flight – $250
  • Loss liability cover and credit shield – Rs. 1 Lakhs

Fees and Charges

The following are the fees and charges associated with the Marriott Bonvoy HDFC Bank credit card –

  • The card comes at a joining and renewal fee of Rs. 3000 plus taxes
  • The card charges an interest rate of 3.6% per month
  • The card charges a cash advance fee of 2.5% of the withdrawn amount or Rs. 500, whichever is higher
  • The forex markup fee on the credit card is 3.5% of the transaction amount

Apply Now

Card Comparison

The following table features a side-by-side comparison of both the credit cards –

Category Amex
Platinum Travel Credit Card 		Marriott
Bonvoy HDFC Bank Credit Card
Joining/Annual
Fee 		Joining Fee: Rs. 3500 plus taxes

Annual Fee: Rs. 5000 plus taxes

Joining Fee: Rs 3000 plus taxes
Welcome
Benefit 		10,000 MR
points as welcome benefit 		1 Free night
award at participating Marriott hotels, with 1-year validity
Reward
Rate 		2 Membership
Reward points per Rs. 100 spent with the card 		8 Marriott
Bonvoy points on eligible purchases at participating Marriott hotels, 4
reward points on travel, dining, and entertainment spends, 2 reward points on
other spends
Reward
Redemption 		MR points can
be redeemed against online shopping vouchers, INSTA offline purchases,
transfer to hotel/airline partners, pay card bills with Cash + Points scheme 		Marriott
Bonvoy points are credited to your membership account and you can redeem them
for dining offers, discounted hotel stays, etc. at Marriott hotels
Dining/Movie
Benefits 		Up to 20% off
at participating restaurants 		NA
Travel
Benefits 		8
complimentary domestic lounge access per year, max 2 per quarter
Priority Pass
membership with $99 waived off and offering international lounge access at
$32 per visit 		Up to 4 Free
Night Awards at Marriott Bonvoy hotels
12
complimentary domestic as well as international lounge access
 
Forex
Markup Fee 		3.5% of the
transaction amount 		3.5% of the
transaction amount

Rewards Comparison

The following table compares the reward points you will earn on making spends with both the credit cards. For the Marriott Bonvoy HDFC Bank card, 50% of the spends earn 8 Marriott Bonvoy points while rest 25% and 25% spends earn 4 and 2 reward points.

The American Express Platinum Travel card earns 2 RPs per Rs. 100 spent. You can convert the RPs earned with the card to Marriott Bonvoy points at a 1:1 ratio.

Spends Marriott
Bonvoy HDFC Bank Credit Card 		American
Express Platinum Travel Credit Card
Rs. 2 Lakhs 6133 RPs +
15000 Points (1 Free Night Award) 		4000 RPs +
15,000 RPs (Milestone benefit on spending Rs. 1.9 Lakhs)
Rs. 4 Lakhs 18666 RPs 8000 RPs +
25,000 RPs (Milestone benefit on spending Rs. 4 Lakhs)
Rs. 6 Lakhs 22000 RPs +
30000 Points (2 Free Night Awards) 		12000 RPs
Rs. 8 Lakhs 29333 RPs 16000 RPs

The American Express Platinum Travel card offers you 15,000 and 25,000 RPs on reaching the target spend thresholds of Rs. 1.9 Lakhs and Rs. 4 Lakhs in the card anniversary year. With the Marriott Bonvoy HDFC Bank card, you get 1 Free Night Award worth 15000 points as a welcome benefit, and you can get an additional free night award on spending Rs. 6 Lakhs in the anniversary year.

Also Read: HDFC Bank Regalia Credit Card vs American Express Platinum Travel Credit Card

Conclusion

For those who frequently go out for domestic or international trips, a travel credit card is a must. The Amex Platinum Travel credit card is a premium offering by American Express and is a great option. Else, if you are a loyal Marriott customer, then the Marriott Bonvoy HDFC Bank card is a decent choice also.

The Amex Platinum Travel card comes at a joining fee of Rs. 3500 plus taxes and a renewal fee of Rs. 5000 plus taxes. The card is packed with amazing travel perks and you get 2 Membership Reward points for spends made with the card. You also get domestic lounge access and Priority Pass membership with the card.

The Marriott Bonvoy HDFC Bank credit card is available at a joining fee of Rs. 3000 plus taxes and is the first hotel co-branded offering in the country. You earn Marriott Bonvoy points with the card and other exclusive privileges for Marriott hotels. You even get lounge access, golf rounds, insurance benefits, and other exciting benefits.

One nice feature of the Amex Platinum Travel card is that you can transfer the MR points earned for your spends to Marriott Bonvoy points at a 1:1 ratio. Both these cards are great and you can choose either one of them. Let us know in the comments section regarding which of these cards is the better choice.

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Pros and Cons of Increasing Your Credit Card Limit

Today’s world is expensive and the prices of everyday commodities are rising quickly sometimes our limited income Is not enough

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Pros and Cons of Increasing Your Credit Card Limit

  • 12:23 pm

Today’s world is expensive and the prices of everyday commodities are rising quickly sometimes our limited income Is not enough to fulfill our daily expenses. In the old days, individuals used a cut-off on a few things to manage their finances but in this age, just cutting not-so-important expenses is not enough. You need a quick, easy, and reliable method to reduce the impacts of fluctuating prices in the market and what can be better than a Credit Card with an increased credit limit?

The increasing credit card limit is sure very tempting. Credit Cards are great deals, but an increased credit limit will make you more prone to increased debt risk. Not only that but with great power comes great responsibility as well. Since it is very easy to be irresponsible with the increased credit limit. However, that might not be the case with everyone, you just need a little self-control.

Increased Credit Limit is a great offer, can help you bear all of your daily expenses, and your purchasing power increases as well. But not necessarily it is a great thing, there are many after-effects that need to be taken care of to maintain the credit score and the credit report. It does not take a lot but just consistency and responsible behavior towards your credit utilization and repaying method.

Pros & Cons of Increasing Credit Limit

As stated earlier the increased credit limit comes with its advantages and disadvantages. It is a great thing to begin with but there can be disruptions on your credits that needs to be taken care of. Here are the pros and cons of increasing your credit limit –

PROS

1. More Purchasing Power – Without a second thought, the best part of an increased credit limit is more purchasing power. This is something that we all desire and do not desire but the limit can also help us keep our lifestyle on track and even better, raise the standard of living. The increased credit limit gives great power of purchasing where you can create a home full of comfort for yourself and raise your financial status in society.

2. Emergency Safety Net – It is always advised by the financial planner to at least have three to six months of savings to cover the expenses in case of any emergency. In severe situations such as the pandemic or in cases where people lost their jobs. Here in these cases, your saving will help you a lot to go through that difficult phase. But what amount would be sufficient, and how much credit should be available in order to make ends meet? The default option is your savings in a saving account but you should also have other financial tools in order to keep things on track. A credit card with a great credit limit will not only become your safety net but it will also not let your savings suffer in emergencies.

3. Improved Credit Utilization Ratio – With a higher credit limit, you will also be able to improve your credit utilization ratio. An ideal ratio for credit utilization is 30% to 50% of the total credit limit. And the increased credit limit will manage things pretty well for you.

The above-mentioned pros can further associate with more good points such as the more you will purchase, the more rewards you will get, and the more milestones you will crack. This also means that you will save more money with discounts and deals offered by the credit card for you.

CONS

1. Room for Debt Trouble – The higher your credit limit will be, the more credit you will be able to use. This is a good thing to begin with but it also means you be borrowing more money. Borrowing money means, you will have to pay the amount just not in an instance. Here, you need to be very sure about your expenses and be responsible for repaying the debt.

2. Credit Exposure – With increased credit cards, you have more exposure which means it is going to affect your credit mix. This makes sense when you apply for another credit card, there your credibility of even a minimum limit set might be questioned because you already have a higher credit limit with another Credit Card. The other bank might not give you the credit limit which you expect. This is because the credit card you have with another bank has higher credit limits, and the next bank will check your credit history to give you the credit limit.

Many other factors get impacted in a bad way such as your credit mix and other borrowings. The hard pull will also make a pretty bad impression on your credit history.

However, the bank is not subject to increasing your credit limit at your will. They will do it if they find you fit for it. This also means that your credit increase request might also get denied at a time.

Conclusion

The increased credit limit sounds very appealing and it is a great way to meet your day-to-day requirements with the skyrocketing prices of almost everything. However, an increased credit limit does not necessarily mean always great. It also has bad impacts. It’s not that the bad impacts are not manageable at all. All you need is patience and consistency and all the aftermath will be cleared out.

Whether or not, you choose to further apply for an increased credit limit, just make sure that before applying for the limit, you ask yourself whether or not you need the increase or will you be able to pay off all your debt. All these questions will help you get the best outcome.

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New to Credit Cards? Stay Away from These Myths:

Credit Cards are so in trend nowadays that everyone wishes to get their hands on one of them. But getting

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New to Credit Cards? Stay Away from These Myths:

  • 12:21 pm

Credit Cards are so in trend nowadays that everyone wishes to get their hands on one of them. But getting a credit is not necessarily very easy until and unless your financial history is flawless. Apparently, this will not be the case for the first timers or the beginners. We call beginners who have just started their financial journey can include the newly graduate student or homemakers who are not necessarily aware of the financial jurisdictions.

As a new customer, you might have a lot of questions, fears, emotions and anxiety about your finances. Well managing finances can be a tough task but there are many options present in the market to choose from. This was initially a good thing, when you actually realise you really have a lot of options to choose from. And while checking all these options, you tend to come across different mindset, some will be anti-credit, some will be in credit minded. But not necessarily anyone of them will be true. What else is not true are the myths you will learn after going through all these options.

Myths, you ask?

What possible myths can be there regarding credit cards, right?

Well, there are many a few of them will be the ones we will talk about in this article. Here are a few Myths related to the credit cards –

Myth – Apply for a lot of credit cards at a same time, this will increase your chances of approval.

Fact – No, you should not apply for numerous credit cards at the same time as it will only cause negative impacts on your Credit Score. You say, as a newcomer, how can I have a credit score right? Well, this is true that you will not have a credit score, not necessarily in the way you see it. But credit bureaus give you a score on the basis of your financial history. Your Credit Score is the one which will help you get the best deals and offers and even the best credit cards in the market. Not only for credit cards but your credit score will also help up in availing the financial aids in future. So, never through your credit score under the bus.

Myth – If I hold more than one credit card, it will be bad for my Credit Score.

Fact – Even if your hold more than one credit card, as long as you have a good “credit utilization ratio” you Credit score will not take the hit. It is important to know that if you have two or three credit cards it is only going to get you benefits for your everyday life. But this does not necessarily a good thing as there are other factors which are attached to these credit cards and that is your repayment behaviour. If you are repaying the borrowed money back in a consistent and responsible manner, everything is good for you. It is better to be responsible as there is not harm in it.

Myth – Even if you pay your credit card dues late, it is okay, as long as you repay it in full

Fact – Once you know your due date, try to make the bill payment before that and that to in full, if you can. If you ignore your due dates, you will be charged not only the additional interest rates every time but also late payment. This also means that the billed amount you might have received before the due date is now added up with some extra charges and the amount has now increased. Not only that, but this type of practice can make your credit report really nasty and you credit score might drop drastically.

Myth – A Credit Card charges and annual fees are very expensive

Fact – Most people who have studied their credit cards before applying for them are aware what the affiliated charges and fees they will have to pay. Some people might also find it really expensive just by looking at them, that is sure a great amount of money and in some cases it is true. If you are unable to make the repayments on time, any type of financial tool is not for you. You need to be responsible while holding your credit. It is important you weigh the benefits and other fees on your credit card to make sure that you are not the one loosing here. And to add-on, not every card is expensive, some credit cards come with just a minimal fee and there are some other credit cards which are lifetime free such as SBI Unnati Credit Card, and if this is not satisfactory what is.

Before jumping into any conclusion, it is important to have thoroughly looked into the credit card you find the most pleasing and matching to your lifestyle.

Conclusion

Credit Cards are of greater benefits when you are just a new individual trying to setup your financial status in the society. It is also very important to have gone through all the information and options possible in order to make the right choice.

Whatever type of new thing you want to try, there are always advices, option and most importantly facts and myths. These are many disbeliefs which needs to be corrected with the right information. There are many myths related to credit cards and the financial management. Maybe with the better information and facts, you will be able to find the credit card which is the right fit for you.

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