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What is a Unique Idea Credit Card?
A Unique Idea credit card enables cardholders to borrow funds up to a predetermined credit limit to make purchases for goods and services. It can be utilized at point-of-sale terminals and for online transactions. The credit limit is determined by the issuer based on factors such as the applicant’s income, credit score, existing debts, and the issuer’s internal policies.
Your Unique Idea credit card displays essential information including the card number, expiry date, cardholder’s name, and CVV. These details are crucial when registering your card for online payments.
With each transaction, Unique Idea credit cards offer rewards to users such as reward points, cashback, air miles, discounts, and more. Interest charges are not applicable on credit card balances as long as the total dues are cleared on time and cash withdrawals are avoided.
Features and Benefits of Credit Cards in Payment Language
Credit cards offer a plethora of features and benefits tailored to suit different card types. However, there are key features that are commonly found across most credit cards:
- Instant Access to Funds: The credit limit granted to you enhances your purchasing capability and serves as a safety net during financial emergencies.
- Credit Building: Responsible usage of your credit card can boost your credit score, facilitating easier access to loans for significant life investments such as buying a home or a car.
- Rewards on Purchases: Many credit cards offer rewards in various forms, including reward points, cashback, or direct discounts with partnered brands.
- EMI Conversion: Credit cards enable you to convert substantial purchases into manageable EMIs, spreading out the cost over several months.
- Add-on Cards: Additional cards can be issued to family members, allowing them to enjoy the benefits of your primary credit card.
- Fuel Surcharge Waiver: Most credit cards waive the fuel surcharge by a certain percentage when used for fuel purchases, although the specifics vary between cards.
- Airport Lounge Access: Beyond travel-specific cards, numerous credit cards provide complimentary airport lounge visits, with the frequency depending on the card type.
- Insurance Coverage: Certain credit cards offer complimentary insurance coverage for scenarios like air accidents, emergency hospitalization, lost card liability, and travel-related losses, though the coverage terms differ.
- Concierge Services: Premium credit cards often include concierge services, offering conveniences such as travel bookings, gift delivery, and roadside assistance through dedicated assistance desks.
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Why You Might Want a Credit Card
If you’re on the fence about getting a credit card, here are some everyday scenarios where it could be a good idea:
- Building Credit: If you’re starting out with credit and want to establish a good credit history, a credit card can help you do that.
- Learning Responsibility: Want to understand how to use credit wisely? A credit card can be a tool for learning responsible spending habits.
- Extra Spending Flexibility: Need a bit more financial wiggle room? A credit card gives you the ability to make purchases beyond what’s in your bank account.
- Earn Rewards or Cashback: Who doesn’t love a little something back? Many credit cards offer rewards or cashback on your everyday purchases.
Split Big Purchases into Smaller Payments: Eyeing a pricey item? With a credit card, you can spread out the cost by paying in monthly installments.
Have a Question? Find Answers Here!"
To keep your credit card secure, avoid sharing sensitive information like your card number, expiry date, CVV, PIN, or OTPs with anyone. It's also important to monitor your card transactions regularly and report any suspicious or unauthorized activity right away, especially if your card is lost or stolen.
Currently, you can add RuPay credit cards for UPI transactions on Google Pay. This allows you to make payments and transfers using your credit card, even if your linked savings account doesn't have sufficient funds. While other credit card networks aren't accepted for UPI transactions, you can still link Visa and Mastercard credit cards to Google Pay for non-UPI online payments.
With credit card EMIs, you can split your purchase into fixed installments over a specified period, usually 3 months or more. You can choose to convert your purchase into EMIs either at the time of transaction or before the due date for repayment. While EMIs typically incur processing fees and interest rates, these are usually lower than the charges for late payments. The interest is calculated based on the remaining balance each month. You also have the option to close your credit card EMIs early, although this may involve additional charges.
A credit card statement is a summary of all your credit card transactions during a billing cycle. It includes details of your purchases, credits, payments, and any applicable charges. Additionally, it provides information about your credit account such as the credit limit, total dues, payment due date, and minimum payment amount. You can receive your statement either by mail or by accessing it online through your account.
Credit cards function the same way for everyone, including beginners. They offer opportunities to build credit history and improve credit scores, gain insights into card features and benefits, understand repayment processes and fees, and analyze spending habits. Beginners can also explore different types of credit cards to find the best fit for their needs and potentially apply for upgrades in the future.
Several credit cards offer complimentary movie tickets or discounts on movie bookings. Cards like RBL Play and Kotak PVR provide free movie tickets based on monthly spending, while SBI Card ELITE offers up to Rs. 6,000 worth of free movie tickets annually without meeting specific spending requirements.
The credit card number is the 14 to 16-digit identifier printed on the front of the card. It helps identify the credit card network, issuer, and cardholder.
The credit card annual fee is typically charged annually on the same month cycle as when you first activated the card. For example, if you activated your credit card in March, you'll be charged the annual fee each year in your March statement.