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5 Frequent Asked Credit Card Questions

By Expert Author: Neha Sharma

A credit card is a form of banking card that is issued by a bank or financial institute that offers the consumer or holder the option to borrow funds at the point of sale. These funds are normally repaid by the borrower with a pre set interest rate. If you are planning to apply for a credit card, you will have several questions regarding it. In this article, we give you the common questions that are asked.

How to apply for a credit card?

Normally, each banking institute has different offers and rates for the credit card they offer. Once you have decided on the bank which offers you sufficient and rewarding offers, you will be guided to the online credit card application page. You can also visit the branch of the bank for online application process. Normally you will have to submit a set of documents as proof of your identity, residence, financial stability, photographs, etc. once you have submitted these documents, you can either have the credit card delivered to your home or you can have the bank contact you to come and collect it.

What are the benefits of a credit card?

Your credit card records all your expenditure and repayments records. Thus is contributes in some way to your credit score history. Depending on your responsibility and monthly repayment you can build up your credit history for the future. You can also transfer any outstanding amounts to your credit card thereby reducing multiple payments to one overall payment at a combined interest rate which is considerably lower.

Is the credit card secure?

Yes. Credit cards are protected with a PIN that is known only to you and the bank officials. You can secure your credit card by linking it with your mobile to send you constant alerts and updates on any transactions. Most of the banks also provide additional offers like credit card insurance claims, lost card liability and online fraud protection.

What are the rewards attached to the credit card?

Most banks have several reward programs attached to credit cards which allow you to use it for different reasons and collect reward points. In this way, you can redeem these reward points for more items. Most rewards programs are based on the issue of credit cards; therefore if you apply for cards like the gold, silver or platinum credit card, you can get higher credit points and redeem it for high value items.

Can the credit card be used overseas?

The credit card can be used overseas, at an additional interest rate. Also, if any transactions are taken place in another country, you will be charged on the value of the conversion rate.

Author Bio :- Neha Sharma is a finance student who loves to write about credit card. She is delighted to offer information that will be helpful about credit card to those who are interested in applying for it at a banking or financial institute.

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