Who doesn’t wish to have credit Card?
Hoping in future you’ll introduce : Credit Card and Fixed Deposit
Summary
As per my knowledge :
There are mostly 3 Types of Card -
-
Prepaid Card :
Prepaid card is not linked with Your Bank Account , so before use you’ve to add money in Wallet.
Example : Dhani Card, Mobikwik Blue Card ( prepaid Amex Credit Card ) , Paytm wallet debit Card etc .Pro :
-
safe to use ,
-
No hesitation to use ,
-
No fear of showing main card ,
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No charge on issuance ,
-
Virtual is free ,
-
Free replacement on virtual card.
Cons :
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Extra charges on usages upto 2.7% somewhere.
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Not useful for general user,
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Not acceptable at many Sites/Places.
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Can’t use to clear Bill of PayLater , loan dues etc.
-
Debit Card :
This card is linked with Bank Account .
It’s > “Old is Gold” type .Pros :
-
Acceptable at all place and every country.
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No Extra charges on every platform.
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Virtual is free,
-
Free replacement of virtual card .
Cons :
-
Yearly maintanence charge ,
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Mostly physical card only ,
-
Replacement charges.
- Credit Card :
Credit card is not linked with your existing account, on general you can say there is no bank account is inherent with your credit card .
But technically , for calculation , maintenance and repayment is has virtual account which cannot use anywhere.
Credit Card is type of Loan , and it reflects in your Credit Score .
Pros:
- EMI Available.
- Upto 50 days® intrest free.
- Improve credit Score if repayment on time.
Cons :
- Addict to use for EMI (mostly Unbalance monthly saving) .
*Heavy anual charges ( some cards are free). - To cash out takes upto 3% charges (Negative). * * Loading in wallet is also chargeable.
- Can’t use to Pay loan/PayLater bills .
There are 2 types of credit card -
-
Secured Credit Card : Need certain amount of " Fixed Deposit " .
-
Unsecure Credit : No need to any " FD" . You can use freely as upto limit .
Note :
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Don’t use more than 30% of your credit card limit , this may bad impact on Credit Score/CIBIL .
-
EMI Card , PayLater , Loan Card :
These are not credit card ( Called Credit Line instead)
so it act as " Personal Loan " which may small negative impact on Credit Score.
Example: UniCard , Bajaj EMI Card, Dhani Freedom card etc.