Credit Card Information and Advantage that We Should know.

Credit Card Information and Advantage that We Should know..

A credit card is a credit facility that is provided by banks to those qualified customers with an assigned credit limit amount to avail, with a condition that cardholders should pay back the borrowed money, plus interest, as well agreed charges found on the application, either in full by the billing date or over time.

The credit limit that is provided by the banks to the cardholders is based on some factors like income of the cardholders. Credit Card enables customers to make purchase transactions on goods and services as well as cash withdrawal within its credit limit.  Credit cards often offer perks like cash back, discounts, or reward miles to encourage the cardholders to use it more. Credit card remains one of today’s most popular payment methodologies for buying consumer goods and services.

Credit card companies offer a grace period of at least 21 days before interest on purchases can begin to accrue. To avoid interest charges or penalties always pay your total total amount due on or before it due date. Not paying the total amount due on time, or paying after the due date will be subjected to interest and penalties as agreed in the registration.

Having a credit card is a great help during cash crisis. It allows you to access funds, make purchases, pay essential bills including hospital bills, and repayment of the amount used at a later stage. The best feature of the Credit card is that widely accepted by all merchants, including hospitals, schools and banks.

Information’s found in the credit card includes, the Credit Card Number, Cardholders number, Expiration Date, the CVC code, the hotline number for some inquiries,

Advantages of having a credit card.

1. Widely accepted – credit card is accepted worldwide, use as  most common mode of payment across the world
2. Emergencies Back Up – a standby savings that can be used during emergencies
3. Cash Withdrawal in ATM Machine– credit cards can be use in withdrawing cash from the ATM Machine.
4. Hassle-free / Cashless shopping experience – Credit card can be used as payment in your shopping sphere to the last cents of you credit limit
5. Rewards, cash back, and offers –  Credit card comes with offers, cashbacks and rewards for every use such as  frequent traveler offer and many more.

CREDIT CARD STATEMENT

Every month credit card companies will send statement to its cardholders. Credit Card statement is a summary of the Cardholders transaction for a certain period.

Information found in the Credit Card Statement of Account:

1. Name of the Cardholder
2. Credit Card Account Number
3. Credit Limit – is your assigned credit limit
4. Available Credit Limit – is the remaining credit limit as per statement date
5. Cash Advance Limit – is the amount of cash that can be withdrawn thru ATM Machine
6. Interest Charge – the Percentage of Card interest rate
7. Credit Card Account Summary
   • Statement Date – the date of the statement cut off
   • Payment Due Date – The deadline date for payment
   • Previous Balance – The unpaid balance as of last stetement
   • Purchases for the Period – Current purchases for the period
   • Payments Made – the amount paid for the last statement
   • Fees and Charges – The amount of interest charge on your account
   • Total Statement Balance – total amount due to the Card holder company
   • Minimum Payment Due. –

How to Apply a Credit Card:

1. Go to Banks with Credit Card Service
2. Filled up all information found in the Application Form – Provide an active contact number for you, your references as well as the your Company Representative for  CI or (Character Investigation)
3. Attached the following in your application
   • 2 Valid ID
   • Certificate of Employment with the Salary Figures
   • Attached 2 months latest pay slip
   • Attached previous year Income tax Return
4. Submit your application together with your attachment to the bank of your choice.
5. Wait for the bank to call your for an interview.

Read also: What is a GCash

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