How to Get Credit Card ? Credit Card FAQs

Who issues credit cards?

Usually, only banks are permitted to issue credit cards. However, with special permission, even large travel houses or other companies may be permitted to issue credit cards, subject to various approvals in their country of operation.

For what time period is a credit card issued?

Between one to three years.

How can I get a credit card ?

• Identify the card you want to use.

• Fill up the application form correctly with all the requisite information along with a photograph.

• Provide supporting documents like proof of income, copy of bank statement for the last six months and send it to your credit card issuing company either through their authorised agent or directly by courier to the designated address.

• The company would process your credit card application based on the information and the supporting documents sent by you. If your documents are clear and to the satisfaction of the company, it would issue a credit card after assigning you a credit limit.

• Normally, it takes about 3 to 4 weeks from the date of application for you to receive your credit card. The credit card is always sent through a reliable courier and is delivered only to the applicant. It cannot be received by anybody else. You are also required to send a receipt of acknowledgment separately by post or by courier. As soon as you receive the credit card, you can start using it.

How long does it take to issue a credit card?

Normally, it takes 3 to 4 weeks from the date of application to get your new credit card. However, some credit card companies give you a service guarantee to issue a card within 14 days. If you are applying for an add-on card, it takes about 3 to 4 weeks.

For what reasons could my credit card application be turned down?

Your credit card application could be turned down if:

• You have defaulted on any of your loans or payments to credit card companies in the past.

• You have not met the income criteria specified by the card issuing bank/company.

• You had not made yourself available to the credit investigating agency representing the card issuing bank /company.

• You have not met some other specific criteria of the institution.

Why should I sign on the back of my card?

While it is not mandatory to sign on the back of your card, it is a safeguard to prevent against any misuse if your card is lost or stolen. The signature allows the merchant establishment to carry out an on-the-spot authentication process.

SBI debit card and Credit Card Differences

SBI Debit Card
1. Cannot be used without vbv, from 16th december.(So cannot be used as funding suorce in paypal)
2. Can spend upto Rs.2,00,000 per day in online transactions [Subject to balance in the account]
3. No Interest on transactions.
4. Foreign Exchange transaction charge 2%.

SBI Credit Card(Advantage/Secured Plus Card)
1. Can be used with out vbv.
2. Can use only within limit [90% of your Fixed Deposit]
3. Interest of 1.99%monthly if not paid within 50 days.
4. Foreign Exchange transaction charge 3%.

Information about Rewards Credit Cards

Information about Rewards Credit Cards

Different rewards are given on different types of credit cards which are provided by either credit card companies or banks. These types of reward cards are called reward credit cards. In the past not every company of credit card provider was offering this types of credit cards but now almost all credit card companies and banks offers credit cards with rewards. Though there is a classification for each type of credit card.

A reward credit card functions in the same way as other type of credit cards perform their functions but on a reward card different types of bonus and honorariums are given which are called reward and these credit rewards can be used in getting discount or getting some cash back or in some other ways. Reward cards are being offered now by almost every major credit card provider and bank. And these cards work in very simple way. Whenever the card holder makes a transaction by using a reward credit card he would get some points and this will be called credit card reward which is given to him on the usage of reward credit card. On each transaction credit card reward is given in most cases. Later on these rewards can be used in getting some discount or some cash back on purchases.

Normally the value of credit card rewards falls from $1 to $2 on each transaction. Thus these reward cards become useful and a card holder can use these rewards after making some transactions, in this way these rewards credit cards are helpful for both the customer and for the entrepreneur as well.

After some transactions has been taken place through reward credit cards now a card holder can use his credit card rewards which he has earned by using his credit card in different ways. He can get some discount from shopping, or he can also get some cash back or he can win some gifts and prizes through these rewards as well. Wherever the rules of reward credit card apply, credit card holder can use his credit card rewards there.

For example if someone is using American Express Reward Credit Card then he can earn some American Rewards by using this card. Almost every reward card is good in its usage. But some reward credit cards have really earned the reputation in the minds of customers. And these are Visa Reward Credit Cards, MasterCard Reward Credit Cards, & American Express Reward Credit Cards. In these brands many types of reward credit cards available, depending upon the status and income group of the card holder. And a person can choose the best reward credit card from these brands which is suitable to him and his pocket.

Having these reward credit cards is not only helpful but it is also a good source of enjoyment. And it provides a sensation of security and conformability in the mind of the card holder.

Student Credit Card – Affordable cc

What are Student Credit Cards?

Student Card of Student Credit Card is now a new way for students to use their money. Many types of student cards are available from different credit card companies and many banks also offer student credit cards for the convenience of students and for expanding their business of student credit cards. These types’ students’ credit cards are available for the student of different levels. For example there are cards available for university students and college credit card is for those students who are studying in colleges.

These credit cards for students are helpful for them in getting their books in time and to use their cards whenever it becomes necessary for them as it is a best way to keep money with them without any fear of stolen because it is backed by high security and a student can freeze his credit card with just a phone call if it is stolen.

Credit card for student is now in use and the first thing for which students look when they go to the new university is the option of credit card for students.

Now almost every student in develop countries is using this option and using plastic money in the shape of students credit cards. This is not only helping students but it is also expanding the business of credit card providers and due to this reasons now credit card providers are issuing students credit card with different packages.

For example there are different ranges of cards for university and school students while college student credit card is issued to the college students.

In the present times the college students credit cards are mostly use because they are the most moderate credit cards among other student cards and credit cards student like to use these cards due to their moderation.

There is another benefit of using student credit cards and that is the option of making student loan consolidation or school loan consolidation by using the student credit cards of the students. And this option is very useful and it is highly supported by the students and their parents.

Information about student credit cards is available on the web. And different companies offer different packages for student credit cards. A student can select a card by reviewing and making a comparison with other cards which are available online.

Normally the introductory APR in student credit cards is zero and that attracts many students to gain a student credit card.

Famous credit card brands like MasterCard and Visa Card also offer student credit card facility to the students. Another opportunity which is given in student credit cards and most student credit cards give this facility is the free management of account online. There is another plus point in using student credit cards because many credit cards including some most famous credit card brands offer zero percent annual fees. And this is one of the biggest advantages which is given on student credit cards.

Secured Credit Cards – Credit Card security

Secured Credit Card – Details

Secured Card or Secured Credit Card is a sort of credit card in which the card is secured with some deposit by the card holder. In a general sense the credit card holder must deposit between the 100% to 200% amount of desired credit and in this way the credit card is secured. It is because after depositing an amount the chances of bad credit history become low as compared to unsecured credit cards hence credit card secured by using the deposit from the credit card holder.

These secured cards are used and provided by the card issuers due to the fact that if the credit card holder has a bad credit history or he makes an intentional attempt to delinquent credit cards secured against his fraud.

The secured credit card holder is expected to make the regular payment of its usage of cards and in most circumstances the card holders make the regular payments. So these secured credit cards help the credit card issuers and banks to get the payment in time as compared to the payments of unsecured credit card.

An account holder in some bank can make an application for the secured credit card and after the secured credit card application has been approved he can use his bank secured credit card now for different modes of payment up to the secured deposit which he has deposited in the bank.

Similarly an application can also be submitted for unsecured credit card and after the approval of unsecured credit card application a person can use his unsecured credit card.

Secured credit cards are empowered by both major brand of credit cards i.e. MasterCard and Visa Cards thus Secured MasterCard is available in the market as well as Visa Card.

If a person does not make his due payments within 180 days then usually the rules of secured credit card apply and the bank or credit card issuer can freeze the account of the card holder.

There is another type in which the card is not secured with any deposit but a guarantee has been given for the payment and that is called guaranteed unsecured credit cards and it is mostly used by the companies for their employees.

Mostly secured credit cards are offered to those people who have bad credit history or no credit history in the recent past thus they are useful. And these cards are also useful for those people who can’t make regular payments by using unsecured credit cards or unsecured credit card debt. In this way these cards are very helpful for these people also.

Most terms and conditions are described in the form at the time of issuing the secured credit card in the application form. And an account is opened after the signature on the agreement by the applicant. Secured cards are less expensive to those card holders who have bad credit history than unsecured cards.

What is Bad Credit Card

What are Bad Credit Cards?

Credit cards come in different types and for different class of people. So there is a type of credit card which is available for those people who have bad credit repute. And these cards are called Bad Credit Credit Cards these are credit cards for bad credit people.

Almost every famous group of credit card provider offers such cards to its bad credit card holders. And these people can use bad credit cards in their transactions.

So a person can use credit card with bad credit and he can get a credit card from credit card providers. But he just needs to apply for that type of credit card.

People apply for bad credit cards because of the fact that their credit rating has been decreased from the required level. And they face credit cards bad credit so the credit card providers restrict them and they can not use their credit so frequently because of having defaulting behavior. So many companies offer cards for bad credit people and these cards are offered to the different income-groups and different types of people.

People can come out from the situation of credit cards with bad credit after they focus and determined to come out from such situations. Following factors are most important which makes a person and compel it to use credit cards with bad credit. These are failure to make payments in time, failure to pay house hold bills, rents and another important reason is their postal location. Hence they can use these types of cards to make their necessary payments and they can use credit cards for bad credit. They just have to apply for these cards and bank or credit card providers will consider his case before issuing him a bad credit credit card. Bad credit credit card can be used up to the limit which is specified in the agreement which has been signed by the credit card holder. If a person has increased his credit rating then he can use his credit card bad credit to gain a secured credit card and he can also make bad credit consolidation while he’s doing this thing. In this way he can use his bad credit card and it will help him to regain his repute and his credit history would be better than before provided he must use these cards with a realistic approach. He can also get rid from the credit card for bad credit people in this way if he would manage his bad credit credit card very well. It does not need a specialization to do so but the card holder must use his bad credit credit card with common sense and he must not indulge himself in useless activities and purchases.

There is another type of bad credit credit card available that can also help the card holder and he can obtain that type of card if it is a right selection for him and this type is called unsecured bad credit card. And by using this card he can improve his credit history.