What is a Credit Card? Find out the Advantages and disadvantages of Credit Card

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Do you use a credit card? If yes, then you should make maximum use of it. Apart from this, some precautions are also necessary. Otherwise, it does not look too late to be trapped in debt trap. Many people just like to use the debit card for this reason. With debit card, you can spend as much money as your bank account, whereas credit card is like a borrowing account.
What are the benefits of a credit card?

Gift Bouquet, Point, up to three to ten per cent discount on the online shopping, credit facility on expensive items, the convenience of converting the points into the rupees.

Your credit score helps build the meaning if you pay the amount of this card on time, your credit score gets better. This increases the likelihood of getting a loan early from the bank.

With credit card, you can pick up any accessories on the installment ie EMI. The amount of EMI will be automatically deducted from your credit card.

This is very helpful in emergencies. This can be quite useful in an emergency such as hospitalization. Credit card is the easiest option for money compared to the time required to withdraw money from the bank account or process the loan.
Great credit score

Increasing the credit limit by the bank means that your credit score is very good. Before increasing the credit limit, banks see ways to use your credit card. If your credit card limit is Rs. 1 lakh and you are using 20 to 30 thousand rupees then the bank considers it good. They consider you a good customer.
What are the qualifications needed to get a credit card

A credit card applicant must be at least 18 years of age. To pay credit card bills, the applicant should have a source of regular income. Whether it is salaried or self employer
The credit card applicant should have a savings bank account with his name.
A credit card applicant should have good behavior in the field of credit card. Meaning record should not be bad.
The credit card applicant should be a resident of India.

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