Today, plastic money has taken over traditional means of transaction. You no longer need to carry wads of cash wherever you go. Thanks to banking products like Debit and Credit Card, you can access all the funds in your account. Through a simple swipe, you can make any transaction.
Although both cards serve similar purposes, their functions are different. Debit Cards let you spend money from the Bank Account. On the other hand, a Credit Card enables you to use borrowed funds temporarily. It provides a line of credit money from the bank that must be repaid after a specific period. Hence, it operates on a slightly contrasting scheme. Enjoy the following perks with a Credit Card:
- EMI Option
At times, you may not have enough funds to make big purchases. This is when a Credit Card is useful. It provides an Equated Monthly Instalment option, enabling you to afford significant buys through small amounts.
- Loan Facility
Financial emergencies strike when we least expect them. In such cases, you can apply for a Credit Card Loan to compensate for inadequate funds. The bank decides the minimum and maximum amount.
- Easy Approval
Getting a Credit Card is relatively easy, especially in today’s time. Many Online Banking portals provide it through simple requirements. For example, you should have a regular source of income to get a Credit Card. You should also be 25 to 65 years and an Indian national. Here are other relevant documents you may need to present to verify your credibility:
- Identity proofs (Aadhaar Card/Driving License/Voter ID/Passport, etc.)
- Address proofs (Electricity bill/Ration card/Telephone bill/Passport, etc.)
- Income proofs (Latest payslip/Form 16/Income Tax Return)
- Age proofs (Birth certificate/ Passport/ Voter ID Card)
A Credit Card is a safe and reliable digital payment card. It protects your confidentiality through advanced features like multi-factor authentication. It also provides the option of other in-hand security features. They are meant to amplify your security and privacy.
- Easy ATM Withdrawals
You can use the Credit Card to remove cash from any ATM facility. However, you get charged interest and a fee for such transactions. So, it is best to enquire about the rates from your provider beforehand to avoid confusion.
- Access to Rewards & Discounts
Most Credit Card providers offer rewards that you can unlock with consistent usage. They also grant you attractive discounts if you satisfy the same condition.