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A credit card is a payment card, usually issued by a bank, allowing its users to purchase goods or services or withdraw cash on credit. Using the card thus accrues debt that has to be repaid later.[1] Credit cards are one of the most widely used forms of payment across the world.
A regular credit card is different from a charge card, which requires the balance to be repaid in full each month or at the end of each statement cycle. In contrast, credit cards allow the consumers to build a continuing balance of debt, subject to interest being charged. A credit card differs from a charge card also in that a credit card typically involves a third-party entity that pays the seller and is reimbursed by the buyer, whereas a charge card simply defers payment by the buyer until a later date. A credit card also differs from a debit card, which can be used like currency by the owner of the card.
Credit cards can be used to make purchases online or in stores and pay bills. When you use a credit card for either one, your card details are sent to the merchant’s bank. The bank then gets authorization from the credit card network to process the transaction. Your card issuer then has to verify your information and either approve or decline the transaction.If the transaction is approved, the payment is made to the merchant and your card’s available credit is reduced by the transaction amount. At the end of your billing cycle, your card issuer will send you a statement showing all the transactions for that month, your previous balance and new balance, your minimum payment due, and your due date.The grace period is the period of time between the date of a purchase on your card and the due date listed on your statement. During this period, if you pay your bill in full by the due date, no interest charges accrue. But if you carry a balance month to month, your card issuer can charge you interest. Your credit card’s annual percentage rate (APR) reflects the cost of carrying a balance on an annualized basis. Your APR includes both your interest rate and other costs, such as an annual fee if your card has one.Most credit cards have a variable APR that’s tied to the prime rate. This means that your card’s APR can change over time, though the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 sets strict guidelines on when credit card companies can and can’t raise your rate.
Everyone who have a fixed income source.
There are mainly 2 types of credit card.
1. Secure credit card (Credit card against FD or similar securities). 2. Unsecure credit card ( Credit card based on client profile)
Normally it take max 15 Days after approval.
No interest or no extra charge upto payment date. If you missed the payment date or can’t make full payment of bill, then it will charge penalty and interest. Charges are depends on card issuer policy.
There are No expiry.
Getting a Credit Card from FinoFriend is easy, especially if you have your documents are in order and you have a good credit track record. You have to just fill-up our Credit card application, then all processes will be completed by our side.