credit cards for beginners

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If you would like to improve your credit score, there are a number of simple things that you can do. It takes a bit of effort and, of course, some time. Here’s a step-by-step guide to achieving a better credit score. 

Click here to get full information about How to Improve Your Credit Score

Why Does a Good Credit Score Matter?

A good or excellent credit score will save most people hundreds of thousands of dollars over the course of their lifetime. Someone with excellent credit gets better rates on mortgages, auto loans, and everything that involves financing.

1. Review Your Credit Reports

To improve your credit, it helps to know what might be working in your favor (or against you). That’s where checking your credit history comes in.

2. How often should you check your credit score?

You should check your credit score regularly to check for errors, but make sure that you are doing so through soft inquiries so that your score isn’t dinged. 

1. Check your credit score to see why it is low.
2. Pay down your revolving credit as much as possible to lower your credit utilization percentage.
3. Have any inaccurate things removed (especially late payments).
4. Be added as an authorized user to an old account with perfect payment history, ideally with a low utilization rate. Ideally, this is done by a friend or relative, and they do not even have to give you the card. You can also pay certain credit repair services that will broker a deal between you and a stranger to do this.

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If you’re a frequent shopper, then here are five reasons you should have a Credit Card:  

• Credit score: The major benefit of having a Credit Card is it helps you build your credit score. If you are making a timely bill payment, it creates a positive impact on your score. Further, a healthy score is key for making you eligible for loans.
  
• Cashbacks rewards points and discounts: Every time you make a purchase using a Credit Card, you earn a reward point or a cashback or discount offer. To make the best use of the benefits, you should choose a card that suits your lifestyle and spending pattern.  

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• Avail Personal Loan: If you have a Credit Card, you can avail a Personal Loan, instantly. If you’re already an existing Credit Card user at ICICI Bank, the Bank offers you a loan on the card after evaluating factors like spending, transaction pattern and payment history.
  
• EMI facility on cards: In case you are making a big-ticket purchase, you have the flexibility to make a Credit Card bill payment through EMIs. For instance, ICICI Bank offers No Extra Cost EMI on ICICI Bank Credit Cards, for big or small purchases.
  
• Protection cover: Credit Cards offer protection cover that saves you from unpredictable losses. The insurance cover can be used in the event of a theft, loss, fraud or an emergency. The premium amount and cover features, differ from card to card. 

The benefits of owning a Credit Card are many but you also need to be responsible while using it. Frequent usage of the card can lead to unwanted debt. If you have a Credit Card, you must have the discipline of paying your bills on time; else you could face penalties and high interest charges. 

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Every time a person uses a Debit or Credit Card for a particular transaction, the Debit or Credit Card company earns an ‘X’ amount called an 'interchange' fee. This fee is received from the merchant outlet. It often varies from 1% to 2.5%, and the outlet can also choose to negotiate a lower fee if the volumes are high.

Reward Points are basically used to encourage you to make greater use of Credit Cards and Debit Cards. Once you accumulate specific points, you are given a reward or certain benefits. These benefits are often in the form of discounts or cash-backs. 

How to redeem Reward Points?

Once you win specific Reward Points, it is important to redeem them. Usually, Reward Points are easy to redeem. They can be redeemed online, following an easy procedure.

Some banks also allow you to accumulate the Reward Points earned on the Credit and Debit Cards, belonging to the same bank, in one pool and you can redeem them together.

If you want to redeem your points with HDFC Bank, here are a few steps to follow-

• Log into your NetBanking Portal/Account on the HDFC Bank website.
• Once logged in, click the ‘Cards’
• Then click on the ‘Enquire’ tab in the Debit Card section.
• Once you are taken to the next page, click on the ‘Cashback Enquiry and Redemption’ tab.
• Select the account number for which you want to redeem the points and Voila! You can redeem the Reward Points.

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With a credit card, you can also save a good sum of money every month in the form of discounts and other deals. But, to enjoy these benefits, you need to select a card tailored to suit your needs. IndusInd Bank is an institution that offers credit cards that meet all your needs and aid your financial wellbeing. With its new Easy Credit Card, the bank delivers an even superior experience to its customers.

Click here to know why you should choose Induslnd Bank's easy Credit cards.

1. Ease of application:

Don’t want to visit a branch or submit hefty paperwork for getting your credit card? Why should you! With IndusInd Bank, you can apply for a card online in easy steps.

2. Higher limits:
As a credit card offers an interest-free loan for a fixed period, several individuals look for one with a high spending limit.

3. Diverse perks and privileges:

Other than completing payments seamlessly, you can use your credit card for a number of other purposes.

4. International Acceptance:

The IndusInd Bank Easy Credit Card is a globally accepted card. You can use it for all your foreign transactions.

5. Relaxed eligibility criteria:

IndusInd Bank offers its credit card on easy terms and conditions. All you need is a permanent residential address and a stable monthly income.

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1. Activate your card

The first step is activating your card, which is an easy 2- to a 3-step process. You must simply call the given number & authenticate your details. These days you can also receive an OTP on your registered mobile number to set your card PIN. 

2. Destroy old cards

In case this new credit card is an upgrade from the bank or opted by you, destroy the old card by cutting through the magnetic strip.  

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3. Read the rules & regulations

Apart from the blessed document that holds your card & its limit, there are other documents that are a part of the kit. Ensure a thorough read through them all as they enlist the rules & regulations that you are liable to follow.

4. Spend within your limits to pay within your comfort

However high your credit limit may be, make sure that you hold your horses on the expenditures. To make sure that your credit score is not hampered, make full payment of your credit card dues every month.

5. Check your credit score

Conduct regular credit checks to know how your score has progressed & what measures you must take to repair it, if needed. 

Click on this link to know more: https://www.mediafire.com/file/uqdolrliz3qr0ft/diif._Credit_Cards_ppt.pptx/file

Mentioned below are the top Gold credit cards available to customers in India: 

• SBI Gold & More Credit Card
• SBI Student Plus Advantage Credit Card
• SBI Advantage Plus Credit Card
• BMB Gold & More Credit Card 

Click here to get full information about different credit cards in India.

• HSBC Bank Gold credit card
• PNB Global Gold Card
• Canara Global gold credit cards
• Bank of India Navy Gold
• Bank of India visa Gold Card
• Bank of India Visa Gold International Card

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Here’s why you need to get another credit card:

1. Better credit management:

You can divide your expenses between two or more Credit Cards. That way, none of your cards will be maxed out. You can also pay the bill of one Credit Card with another, to manage your Cards better.

2. Business Credit Card:

If you run a business, you can easily keep track of personal & business expenses by using separate Credit Cards for each. That will make bookkeeping easier for your business. 

Click here you will get information about India's top best credit cards 2022.

3. More rewards:

We all know that Credit Cards come with rewards. Different Credit Cards come with different benefits. While some cards give you rewards for shopping, others offer rewards on fuel or entertainment.  

4. Improve your credit score:

That’s right. Your credit utilization ratio is likely to improve if you hold multiple Credit Cards. It’s simple math. Your credit utilization ratio is a ratio of the sum of all your debts to the sum of credit limits of all your accounts. 

5. It’s good to have a backup:

Have an emergency but your credit card has hit its limit? Need your card immediately but it is stolen or lost? In such scenarios, getting a new Credit Card issued from your Bank could take a few days or even weeks. 

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When it comes to credit cards, every individual has a different purpose, and to fulfill that, you need to choose a card that suits you the most. There are credit cards best to pay your bills, others for a nice bargain on a shopping website. With the right choice, you can save money on your transactions.

Axis Bank Ace Credit Card. 

Flipkart Axis Bank Credit Card.

SimplyCLICK SBI Credit Card.

HDFC Millennia Credit Card.

American Express SmartEarn™ Credit Card.

HDFC Regalia Credit Card.

SBI SimplySAVE Credit Card.

SBI Card PRIME. 

Click here to get detail about India's Top Best Credit Cards In India.

Rating

1. Cashback: Half a star to credit cards providing cash back and half a star where the system of credit is not complicated and easy for the customers to understand.

2. Annual Fee and joining fee: Half a star to credit cards without any annual fee and half for no joining fee. Any credit card without any annual fee and joining fee will get a full star, but a joining fee of INR 500 has been considered equivalent to no annual fee.

3. Availability for all income groups: Half a star if the services of the credit card are available for all income groups, and another half if services extend to multiple geographies and not just major cities.

4. Value for welcome gifts: Half a star for welcome gifts and half a star for easy usage of those gifts. Here if the intrinsic value of the usable gift at least covers the annual fee, the credit card will get a full star.

5. Additional benefits: Half a star to credit cards providing additional benefits and a half to the credit cards in which these additional benefits are more user-friendly. For example, if a card offers a fee waiver to a user who will spend INR 3 lakh in one year, it is unlikely all cardholders may want to spend that much in one year. This makes the feature redundant for certain cardholders.

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Importance of the wealth manager

Wealth management is an important practice, but not all investors have adequate knowledge of wealth management. Most investors perceive the wealth management process to be a smooth ride. This is very different in reality, of course. Markets do not move in a straight direction, and unexpected factors usually get in the way of savings. This is where the expertise of a wealth manager can be put to use.

Wealth managers take advantage of their experience and knowledge, and regularly update and change their client’s investment profiles based on where they are in their life cycle, with respect

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The three cards to have

The three AMEX cards you need to have are

• American Express Platinum Charge Card
• American Express Platinum Travel Credit Card
• American Express Membership Rewards Credit Card.  

Click here to know about 5 reasons you should know about AMEX CREDIT CARDS.

All the above three have fees associated with them - however, if you sign up for the Platinum Charge card, you do not have to pay for your other cards. Sweet, isn't it? You can also check out individual reviews for the above cards simply by clicking on the above hyperlinks.

How many points are on each card

You can earn about 1,10,000 MR points minimum on the Plat, 32,000 MR Points on Plat Travel by spending a minimum of INR 4,00,000 and 12,000 MR Points on the Membership Rewards CC.

Referral Earn

One of the ways I earn a little more top-up is by asking people to use my referral code whenever they want to apply for a new card. 

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• Age: To apply for a Credit Card, one needs to be at least 18 years old. However, since a large majority doesn’t start earning by 18, most banks issue a Credit Card only after the applicant has attained the age of 21. Just like the minimum age, the maximum age differs for every bank, with most banks issuing Credit Cards till the age of 60.
• Annual salary: Credit Cards offer credit for a short period of time. One has to pay his/her pending dues at the end of every month. Banks take into account the servicing ability of the applicant before issuing a card. 
• Nationality: A wide variety of banks cater to the Indian market that includes domestic as well as foreign banks. Citizens, residents, and non-residents can apply for a Credit Card, but some banks issue Credit Cards only to Indian nationals. It is imperative to check the exact Credit Card eligibility with the specific banks before applying for a card. 

Click here you will get full information about the General Eligibility For Credit cards.

These are the basic conditions to apply for a Credit Card. However, there are certain factors that have an impact on the issuance of Credit Cards: 

• credit score: With the emergence of digital payments and tools, it has become easier to track the spending patterns of customers.  
• Existing debt: When you use a Credit Card, you essentially take on debt. If you already have a lot of debt, it doesn’t make sense for the bank to provide you with a tool for additional debt. 
• Employment: No bank would like to trust an applicant who doesn’t have a stable source of income. 
• Residence: While you can apply for a Credit Card online, certain banks take the place of residence into consideration. Some Credit Cards are only available to people residing in a particular city or region. 

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Set a Budget

A credit card is a convenient way to make purchases and earn rewards, but it shouldn’t be used to buy things you can’t afford. Having a realistic idea of the amount you can spend and pay off at the end of the month will keep you from getting in over your head. 

Keep Track of Your Purchases

Calculating the amount you can afford to spend is the first step. After that, be diligent about tracking your purchases throughout the month, potentially with the help of your credit card’s mobile app or website. Once you’ve met your monthly spending limit, avoid using the card until you’ve paid off the balance.  

6 tips to know about first-time credit card tips for the student.

Set Up Automatic Payments

It can take time to get used to paying a bill each month. Protect yourself from late credit card bills by scheduling automatic payments ahead of your due date. Be sure the scheduled payment is more than the minimum payment—ideally, for your full balance—and that you have enough funds in your checking account before the payment is scheduled. Otherwise, you may be charged a late fee or a returned payment fee. 

Use as Little of Your Credit Limit as Possible

It can be tempting to max out your credit card—that is, charge up to your credit limit—but it’s crucial not to. Credit utilization, or how much of your credit limit you’re using, is the second biggest contributor to your credit score. 

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Top Axis Bank Credit Cards in India 2022

Axis Bank Credit Cards are designed to provide benefits across travel, shopping, rewards, cashback, etc. Based on your requirement you can check your eligibility and apply for the best Axis Bank credit card. Here are some of the top credit cards offered by Axis Bank. 

• Indian Oil Axis Bank Credit Card 
• Axis Bank Vistara Credit card
• Axis Bank Vistara Signature Credit Card 
• Axis Bank Vistara Infinite Credit Card
• Axis Bank Aura Credit Card

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You can have a great experience through the Union Bank of India Credit Card by using it at different outlets in India and Outside India. It gives you various privileges and the opportunity to earn reward points. You can even enjoy an interest-free period for 50 days on the Union Bank Credit Cards. So, let’s explore the types of credit cards offered by the Union bank for their features as well. 

Features of Union Bank of India Credit Cards

Joining and renewal fees of the Union bank credit cards are nominal and can be waived off.

Earn thousands of reward points through credit cards and redeem them for free.

Get a credit limit of up to 20% of your salary.

Enjoy Free Credit Period for 50 days without any interest.

Flexi Payment option is also available on the credit cards.

Pay the bill of the Union bank Credit cards online.

Enjoy Discounts on the fuel surcharge at all the refilling stations.

Convert the transactions into EMIs for the period of 3, 6, 9, 12, 18, and 24 months.

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SimplySAVE SBI Card

Earn 2000 bonus reward points on spending ₹2,000 within the first 60 days of the card issuance

Striking Features at a Glance

Accelerated reward structure in the offing with 10X rewards on every ₹100 you wish to spend on movies, groceries, departmental stores and dining

The gift of annual fee reversal is up for grabs on spending ₹90,000 in a year

Get a fuel surcharge waiver on your vehicle refill with transactions worth between ₹500-3,000

Annual Fee – ₹499

Why Should You Go for It?

One of those very few best credit cards in India that would appeal to almost every segment of the Indian shoppers then SimplySAVE SBI Card is the one to pouch as early as possible.

It has accelerated rewards for moviegoers, grocers, diners, etc.

Annual fee reversal with ₹90,000 yearly spends

BPCL SBI Card

Enjoy 4.25% value back, equivalent to 13X reward points on fuel spent at BPCL petrol pumps and a 1% surcharge waiver on refilling the vehicles for every transaction of up to ₹4,000 

Top 5 best American express credit cards.

Striking Features at a Glance

Earn 2,000 activation bonus reward points worth ₹500 on the joining fee payment

Reward points earned can be redeemed instantly for BPCL vouchers, fuel purchases at BPCL outlets, or at Shop n Smile rewards catalog

Enjoy 4.25% value back, equivalent to 13X reward points on fuel spent at BPCL petrol pumps plus a 1% fuel surcharge waiver on refilling the vehicle with every transaction of up to ₹4,000

5X rewards for every ₹100 spent on grocery, departmental store, dining, and movies

Annual Fee – ₹499

Why Should You Go for It?

The card ranks among the fuel cards in India by giving 13X reward points on fuel spends at BPCL outlets along with the 1% fuel surcharge waiver on vehicle refill

Welcome benefit of 2,000 activation bonus reward points worth ₹500 on the payment of the joining fee

Accelerated reward structure with 5X rewards on grocery and several other retail spends.

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While financial experts recommend you start building credit as young as possible, not all beginners are the same. 

Below, Select rounds up seven (perhaps surprising) tips for newbies no matter how old you are.

1. Your first step in building credit may require you to make a deposit

2. Shop around before you apply

3. Pay your bill on time, in full (not just the minimum) and you’ll never pay interest

4. Use up very little of your credit limit

5. Constantly review your credit card charges

6. Don’t be afraid to actually use your credit card

7. Think twice about ever canceling your credit card — especially your first one  

For more details click here