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How does the credit card issuer decide my credit limit?

Asked on 13-06-2018 by Anonymous -

Answered by NewsBytes

Your prospective card issuer, at its sole discretion, will determine the Cardmembers' limit and cash withdrawal limit. These limits are communicated to the customer at the time of card delivery. Some key factors that may influence the decision of the card issuer include customer profile, the repayment capacity and CIBIL credit report along with other internal underwriting norms.

What should I do if my credit card gets stolen?

Asked on 13-06-2018 by Anonymous -

Answered by NewsBytes

In case you have lost your card or it has been stolen, the first thing that you should do is to block your card to prevent unauthorized transactions. You should call the card issuer's customer care number and inform them of the card loss/theft so that the card is blocked and they can start with replacement card issue procedure.

How do you pay credit card bills?

Asked on 13-06-2018 by Anonymous -

Answered by NewsBytes

There are various modes of payments available for you when planning to pay off your credit card bill. Some of them are- Net Banking, Cheque/Draft, NEFT/RTGS, and Cash.

How can I use the reward points on the credit card?

Asked on 13-06-2018 by Anonymous -

Answered by NewsBytes

Whenever you make a purchase or shop using your credit card, you can earn reward points on it. The rate of reward point accumulation varies from one expense category to another, as well as, from one bank to another. The accumulated reward points can be exchanged in lieu of a range of freebies and discount vouchers.

I want to apply for supplementary credit cards for my wife and daughter. How many supplementary cards can I have?

Asked on 13-06-2018 by Anonymous -

Answered by NewsBytes

The number of supplementary cards allowed tends to vary from one credit card issuer to another. Although, in most cases, you can apply for up to 3 supplementary cards for family members like your spouse, children, parents, and siblings.

What is an add-on card?

Asked on 13-06-2018 by Anonymous -

Answered by NewsBytes

An add-on card also called supplementary card, refers to one or more credit cards that may be issued to family members of the primary cardholder. Add on cards share the total credit limit of the primary card account and have the same features as the primary card. Any reward points earned through the add-on card(s) are also credited to the primary card account.

How to know I am eligible for a credit card?

Asked on 13-06-2018 by Anonymous -

Answered by NewsBytes

The eligibility criteria for credit cards differ from one issuer to another but there are a few general criteria like- (1)Age should not be less than 18 years old. (2)Either salaried or self-employed (Salary proof/ acknowledge ITR required). (3)Have at least one savings account in an Indian Bank. (4)Have a valid Indian address (5)Qualify the minimum income requirement set by the card issuer etc.

What is the CVV on credit cards for?

Asked on 13-06-2018 by Anonymous -

Answered by NewsBytes

The CVV Number is the Card Verification Value. It is a 3 digit number mentioned on the back side of your credit card on the right side of the signature panel. This 3 digit number is an essential part of the verification process especially in case of online transactions. As a part of precaution, the CVV number should not be disclosed to anyone.

What is the difference between Visa and Master Cards?

Asked on 13-06-2018 by Anonymous -

Answered by NewsBytes

As far as most consumers are concerned, there is as such no real difference between master card and visa cards. They both are global payment technology companies that connect consumers, businesses, banks and governments across more than 200 countries and territories, and enable them to use digital currency instead of cash, checks, drafts, etc.

What are the different types of credit cards?

Asked on 13-06-2018 by Anonymous -

Answered by NewsBytes

Credit cards can be broadly divided into two categories- Standard Credit Cards- these are plain credit cards with basic features and no or nominal fees, Specialized credit cards- these cater to the specific needs of a cardholder like dining benefits, fuel cost saving, travel privileges among others. Other types of credit cards include- General Cards, Reward Point Cards, Cash Back Cards, etc.

What will be the legal punishment for someone who does not pay the credit card outstanding bill?

Asked on 13-06-2018 by Aman Agarwal

Answered by NewsBytes

Credit card payment default can be subjected to legal action in the court of law. The name of the violator would then become a part of the credit card defaulter list in India. This can be made into a civil dispute and the case can be filed in the court of law. For more details, you can check this link.

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