The following are some of the plus features of credit card in India:
• Hotel discounts
• Travel fare discounts
• Free global calling card
• Lost baggage insurance
• Accident insurance
• Insurance on goods purchased
• Waiver of payment in case of accidental death
Household insurance
Some facts of credit cards:
• The first card was issued in India by Visa in 1981.
• The country's first Gold Card was also issued from Visa in 1986.
• The first international credit card was issued to a restricted number of customers by Andhra Bank in 1987 through the Visa program. after getting special permission from the Reserve Bank of In¬dia.
• The credit cards are of definite shape and size, as specified by the ISO 7810 standard. It is generally of plastic quality. It is also sometimes known as Plastic Money.
FAQs:
• What does Grace I Interest Free Period Mean?
• What is implied in Cash Advance?
• How to make payments from Dubai to the already \ existing Citibank cards in India? How to avail of the statements to know the current bank balance of each card? Is online facility aVailable?
• Can I use my Global credit card on the net to pay some US company for web hosting charges or I have to obtain permission from RBI? If any per¬missions are needed, how to get them?
• How will I know if my Credit Card application has . got approved?
• How will I know if my Credit Card application has got declined?
• What to do if Credit Card is lost or stolen?
What does Grace / Interest Free Period Mean?
The number of days given to you on your card be¬fore the card issuer starts charging you interest is called grace period. Generally the grace period is the - number of days between the statement date and the due date of payment. Grace periods on credit cards
, are usually 2-3 weeks. However, there is likely to be no grace for balances carried forward from previous month and fresh purchases thereafter if any.
What is implied in Cash Advance?
Cash advances on Credit Cards are convenient and the easiest facility to utilise. Majority of the banks in India charge a transaction fee as-well as service feel interest charge on cash advances. This service fee ac¬crues from the date of the advance (as soon as you receive the cash) to the date of full payment. The charges varies from banks to banks. Cash advance facility is a part of the overall credit limit assigned to a card holder .. The limit of cash advance is always lesser than the borrowing limit or the credit limit.
