Tuesday, March 20, 2018

What Is Credit Cards , Advantage and Disvantage of Credit Card

A plastic Card issued by bank or any financial institutions to their costuemrs for make purchases goods and other services or make a payment to Merchants.

Yes, Debit Card Also works as like as credit card, we can make purchases goods or services through debits cards, but credit card is different to debit cards

When we make any payment through debit cards, money deducts from linked bank account instantly, But Credit Card can be define as token to borrow money.

when we make a payment from credit card payment never deducted from any account. All payment adds on a bill and on a particular day bill'll Generate after bill generated credit card gives us 20 days to pay.

If you Pay in time period there is no any issue, But If you are not paying Money in time you have to late fee fine or interest or penalty with 18% GST.

Applying for Credit Card is Good Idea But before applying you Should Keep in Mind Advantages and Disavantages of Credit 

Advantages Of Credit Cards:-
  1. Convenience:- Credit Card Saves our time when we have no money in our pocket or bank account and we want money. And it is very easy to carry.
  2. Tally Our Purchases:- All transactions are digitaly, So we can keep all records of purchases through credit card statements
  3. Easy Loan:- Crredit Card is token for taking Loan for Short period.
  4. Reward Points:- On Every Transactions We get Reward Points Which can Reedemed as Money or can be reedemed in purchasing.

Disvantages Of Credit Cards:-
  1. Have to Pay Interest:- If you are not paying bill of credit card on time you have to pay Interest, Fine or Penalty.
  2. Over Use:- When Some People do shoping without paying money they thought that they are getting all in Free, they keep Shoping and Shoping but at the time of payment they feels that they cross the limits.
  3. Annual Fees:- Credit Card is not Free, for keep Credit card you have to pay annually Fees.
Thus, We Can Say that very useful but If you are Using Credit to keep Control on your yourself.

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