Everything you need to know about Credit Cards :
The Frist credit card was launched in 1958 By American Express. The card named Dinner card. A credit card is almost similar in size & shape to other ordinary cards, usually built in plastic to avoid getting damaged easily. As the name suggests, Credit Card gives users a certain credit limit, under which one can use it to make payments in return for goods or services. A credit card is a card which is issued by the bank to the eligible customers. to use a Marchant for Good and services. A credit card is also known as Plastic Money or Pay Card.
Credit cards are almost identical in appearance to Debit Cards but you don’t need to load funds to use it. Bank itself sets a usage limit based on the customer’s credibility & credit history.Thus Credit Cards are the powerful tool in low economic situations.
A credit card can be used world wide
A credit card provides extra facility to the card holder. A credit card can be used world wide. where as cash currency can’t be used Internationally.You need to convert them to local currency t use them.
Credit Cards gives customer grace period to pay the minimum balance amount for the month. You don’t need to pay the total bill. However, A user has to pay the credit charge every month along with the minimum balance. Credit Charge is calculated based on the outstanding amount for next month. In short, Credit Card allows the feature of breaking the entire bill into EMIs.
The Great Thing about credit card is, It comes with the Signup bonus. so that every time when a customer applies for any credit card. The issuing bank gives signup bonus to his customer. through that customer get extra purchasing power and He/ she can save money as well.
Reward point is also a unique Feature in which customers get points for all the transaction they make using the card. They can easily redeem their points once enough such points gets accumulated & make further purchases. However, reward point value varies from bank to bank and Credit card type. No other card types give such facilities to motivate their customers to use Credit Card for frequent purchases.
It’s Rectangular in shape and holds Card Holder Name, Unique Card Number, Expiration Date & CVV printed on the card. The rare side of the card holds a magnetic stripe that stores all the sensitive information to proceed with the ATM withdrawal or shopping transactions. Modern credit cards have a computer chip embedded in them as an additional security feature.