Tired of heavy wallets – Get yourselves Credit Cards

A credit card is usually a small plastic card which is issued to the borrower from a credit card issuance authority such as banks. The issuers pay for the products and services round the globe at millions of locations at a significant interest rate, on the borrowers promise to pay it back to the credit card issuer with in a pre-mentioned span of time. Basically, the issuer provides a grace period of around 25 days to its customers, during which the payment can be returned without any interest. But after the expiration of grace period, the buyer have 2 options either to pay full amount at once so as to avoid interest or he can pay it in installments with significant interest on the amount.

There are many credit card products in the market, namely HDFC Bank credit card, ICICI Bank credit card, Axis Bank credit card etc. The 2 most common brands of credit card in India are Mastercard and Visa. Basically there is no difference between the two brands as they operate on same lines and are widely accepted in more than one hundred and fifty countries world wide and there is very little chance of finding a place where one is accepted and other is not.

The credit card issuers provide several different options to their customers for choosing the credit cards, as per the needs of an individual. The services offered by the issuers are different and is entirely dependent on the credit history and credit score of the customer. The issuers provide a variety of cards with different credit limits and operations. For example: Axis Bank credit card offers several different purposes and operations with its cards like Axis Bank Corporate credit card – widely known for its streamline payments and savings on online bookings, Axis Bank e-Shop card – famous for its total security and anywhere acceptance, Axis bank Gold Plus Credit Card – in limelight for its comprehensive cover and cash advance facility etc.

On the other hand one can take an example of HDFC Bank credit card like HDFC Gold Credit card – which offers 5% cash back on air and train ticketing and greater reward points, HDFC Silver credit card – which comes with zero liability on lost card coupled with up to 3 add on cards, HDFC Platinum Plus credit cards – which offer discounts at more than 28,000 hotels and resorts worldwide and 0% fuel surcharge etc.

The main advantage of having the credit card is convenience. This also provides the facility of gaining small-term loans quickly without worrying about the remaining balance before every transactions as compared to debit cards and cheques. The only thing to mind is that the total charges should be within the credit limit provided to the customer and the customer should make note to pay back all the amount to issuers with in the grace period to avoid any interest on the amount the person has borrowed.