3 Important Points to Know About Your Credit Card

 Although there are a large numbers of credit card users in India, still the proper way of using and understanding a credit card remains a mystery for many. As per the research done by the finance investment companies in Kalkaji Delhi, every year hundreds of credit card users complain about the inconvenience of calculating the interest or fees and getting abusive calls when not able to pay their credit card bills for a long time.

Understanding the credit card bills:

In case you purchased a free card make sure that the fee doesn’t soar high after the first year or two. The joining fee and how much would you have to pay for late payment charges are two important things to know before getting a credit card according to finance investment companies in Kalkaji Delhi. Also, the highest fee is charged when you fail to pay your credit card bill in full by the due date. Under such circumstances you may have to pay an interest of up to 42% on the unpaid amount, plus a service tax of 10.30%. You may also lose your interest-free period for the next cycle if you haven’t cleared all your bills in time.

Credit Card for Loan:

Did you know that your chances of getting a loan approved depend on your credit card usage score? In India the credit card usage score is maintained by an independent agency known as Credit Information Bureau India Ltd. This score is basically a snapshot of your credit worthiness, where a high score depicts that you are highly likely to pay back your loans and a low score that you are not. So, be prompt in handling your credit card bills and get an easy approval on loans. The credit score ranges from 300 to 900 and is constantly reassessed.

Dealing With a Stolen Credit Card:

Finance investment companies in Kalkaji Delhi is of the view that there’s a lot of misunderstanding among credit card users regarding a stolen credit card. Technically the issuer’s responsibility comes in only after your report the loss of your credit card. So, if your card was used to make purchases before you reported it, you would be responsible to pay that money back. Next time you find yourself in such a situation, delay not and dial the number of your issuer to avoid shouldering the expenses that you haven’t made.