Credit Cards – An Easy Way to Make the Payments

Credit cards are actually a small plastic card that is issued by the financial organizations to the users to buy anything on credit bearing the promise to pay the money along with a certain amount of interest to the organization within a stipulated period of time. Most of the credit cards are issued to the user by the local banks or credit unions. Their shape and size will be ISO/IEC7810 standard as ID-1.

Credit cards are issued after an account has been approved by the credit provider, then only the card holder can make the transactions. At the time of purchase, the credit card holder signs a receipt which includes the card details and the amount that is to be paid. The user is given a PIN number which they have to give at the time of making the purchase.

Every month, the credit card user is sent a statement indicating the purchases undertaken with the card, any outstanding fees, and the total amount owed. After having received the statement, the user if in case of confusion can seek any clarification over the expenses or any charges that are stated to be incorrect. If there is no dispute, the card holder has to pay a certain proportion of the bill by the due date or else he/she will have to pay the same charges but with penalty to the entire amount owed.

There are certain financial institutions that make some arrangement for the automatic payments option, by which the amount will be directly deducted from the user’s bank accounts, which actually avoids the late payment.

There were various banks that issue credit cards like the Kotak Mahindra bank and Canara bank credit cards. The Kotak Mahindra credit cards are issued in two Visa Gold Cards, Visa Signature Cards and Visa Platinum card. The Kotak credit cards operates on four basic principles in order to target different strata of customers like salaried, self employed, mass affluent and affluent. The basic feature of this card is that it is the first vertical card design launched in India, moreover, its charges are very simplified in nature. It also gives 10% cash back on dining and purchase of movie tickets round the year. They also have a very rich credit card portfolio that include the likes of Trump Visa gold card, Fortune Visa Gold card, League Visa Platinum card and Royale Visa Signature Card.

On the other hand Canara bank also provides various credit card facilities. Credit cards provided by the Canara bank is named as CANCARD, which is a widely accepted card that features under the principal membership of Visa International and Master card International. It also provides free insurance cover to its user. As per the bank criteria, the individual should have a minimum amount of Rs.60,000 deposit in bank. Moreover, there is no maximum limit for the accumulation of cash and the individual can get bonus points by using this card.

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