What are Credit Cards Features?
You may occasionally need more money than you currently have in your pockets. Numerous financial institutions give you the choice of borrowing money from them using credit cards to meet these necessities.
To find out more about what a credit card is, its features, and its benefits and drawbacks, keep reading and also the bulk credit card numbers are the virtual credit card number that helps us for testing purpose
What is a Credit Card?
A credit card is basically a financial tool that allows you to borrow money from your bank, in order to meet your necessary expenses, whilst giving you the luxury of repaying the amount later.
A credit card offers you a line of credit that can be used to make necessary payments. However, this amount must be paid back to the bank on the due date as mutually agreed upon by the bank and the card holder.
Credit Cards: Eligibility Conditions
You are eligible to apply for a credit card only if you meet the following credit card eligibility conditions-
1.You are an Indian citizen, at an age equal to or more than 18 years
2.You are either a salaried professional or self-employed
3.You have a fixed mode of income (specific conditions vary from bank to bank)
4.You have a good credit score (700 or more)
Various banks or financial institutions go through your financial backgrounds and review your credit history, considering which they offer you to buy a credit card following a simple process. These cards are termed pre-approved credit cards.
Additionally, there are also various tools like credit card eligibility checkers that help you check credit card eligibility online in a few minutes!
Credit Cards: Documents Required
Apart from the above-mentioned credit card eligibility conditions, you should have the following documents to apply for a credit card–
ID Proof (PAN Card, Aadhar Card, Passport or Voter’s ID)
Address Proof (Aadhar Card, Electricity Bill, or Telephone Bill)
Income Proof (Salary certificate, Salary slip, Employment letter, ITR statement, etc.)
Address Proof (Aadhar Card, Electricity Bill, or Telephone Bill)
Income Proof (Salary certificate, Salary slip, Employment letter, ITR statement, etc.)
Features of Credit Cards
Here are some of the important features of a credit card that you must be aware of-
A credit card comes with a bank-approved credit limit. This limit defines the amount that the credit holder can spend using that card
The credit amount must be paid back by the holder to the bank on the due date, which is mostly after 30 days of making the purchase
The limit on the credit card is decided by your bank, depending on your credit score and credit history
In its appearance, a credit card is a thin, rectangular, plastic, or metal card that can be swiped to make payments
Each credit card has a grace period, which is the time in which you should repay the amount borrowed from your credit card limit to the bank.
Along with this grace time period, you also get 15-20 days’ time between the date when you receive your statement and the due date for making the payment. Hence, you get around 45-50 days for making the payment of your credit card
