Everything about Selecting the Best Credit Card Offer

Credit cards have taken a very important position in our life these days. There are barely any earning people in the urban population who do not possess any kind of credit card. In recent times, even farmers are being provided Kisan Credit Card India. This shows the dispersion of Credit cards in our lives.

A credit card in India has revolutionized the approach towards the way we shop today. It has brought about reflective changes not only in the cash-less transactions but also in purchasing online. Moreover, online shopping would have been possible, only with credit cards.

Credit cards work by offering a definite limit of credit to the customer. The Customer can use this credit limit for purchasing products or services from a suitable company. Bank will pay for the products or services bought by the credit card users. A refinement period of 45 days is provided to consumers, during which time, the client or user will have to pay back the sum of the amount to the concerned bank. The rate of interest is charged on the unpaid sum of the amount.

Nowadays, nearly all banks provide the facility of a credit card. Therefore, you can apply for credit cards by applying online (www.dialabank.com). Bank clients can apply for the credit card. However, prior to applying for a credit card, one must know about the terms and conditions of the concerned bank associated with the credit card.

A number of such terms and conditions comprise the refinement period that is offered. On a universal scale, refinement or grace period is of about 30 days to 60 days. But, if the bank provides a refinement period of 30 days, then it means that the client has to repay any outstanding amount within a period of 30 days. Therefore, the universal rule of thumb is that the larger the grace period, the better it is for customers.

One more thing that decides whether the bank is offering the finest credit card facility is the interest that is charged on the outstanding amount. The smaller the interest rate, the better it is for credit card users because if at all due to unexpected circumstances, if the user or consumer is not able to pay back, interest will enhance the burden. So, a credit card, which charges a low rate of interest, is more effective.

The Other criteria to select the best credit card is through offers like money back offers, festival discounts, discount on using credit cards from certain banks can also be of interest to customers.

One can consider those as the most excellent credit cards in which there are no hidden fees or costs. Information about hidden overheads can be found in the mentioned terms and conditions of the concerned bank.

Banks offer online applications to make it easy for customers. You can fill and submit these applications in very less time. This saves plenty of time for customers as the customers would not have to go to the bank actually and use their precious time in submitting the easy online form.

To save customer’s time, banks have started services such as AIP that refer to Approval In Principle. This service was first initiated by Standard Charted Bank. With this service, an online request for a credit card is registered or reviewed immediately, and the concerned client or user is given feedback about his / her credit value, and it also comprises details that whether a customer is eligible or not. This service is helping both banks and credit-card users in saving their time while at the same moment, speeding up their card approval process.

The customers have to note that AIP or Approval In Principle, is the primary step while applying for a credit card as it gives very essential details about consumers’ credit value.

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