For security reasons, your session has been timed out. To continue, Please login.
The Housing Development Finance Corporation Limited (HDFC) was the first one to receive an approval from the Central Bank to set up a bank in the private sector during the year 1994. As a part of Reserve Bank of India’s liberalization policy of the Indian Banking Industry, the RBI started to give approval for private players to set up banks as per the set rules and regulations.
International transactions are sometimes difficult to carry out with Debit Cards. While travelling abroad, you may find merchants reluctant to accept Debit Cards even if they are backed by reputable banks. Even for some domestic transactions, paying with a Debit Card can be difficult. For instance, companies in the car rental and hospitality businesses prefer Credit Cards as they can easily charge customers for any damages.
Why carry wads of cash around when you can pay with a simple swipe of your card? A Credit Card is one of the simplest ways to pay for anything – no more counting out change or writing cheques, just present the plastic! You can even link your card to your digital wallet, which allows you to scan and pay without even having to carry your card in your wallet.
In the event of a Credit Card fraud, money is not instantly debited from the account. The cardholder is expected to intimate the Credit Card company so that they can resolve the matter. However, in the case of a Debit Card fraud, it takes considerable time and effort to reverse a fraudulent transaction and restore the amount into your account. During this time your credit score can be impacted due to a bouncing cheque or penalty for not maintaining sufficient funds.
While Credit Cards are great for one-time payments, you can also set it up to automatically make recurring payments such as your phone, electricity or gas bills. No more will there be a chance of forgetting to pay bills on time and facing penalties or disconnection.
One of the biggest Credit Card benefits over cash is the ability to pay for a wider range of online services. For example, you can’t buy flight tickets or recharge your mobile phone with cash on delivery. You can easily pay for them through a Credit Card.
Credit Cards come with many ‘welcome aboard’ perks. Applicants with a good credit score are given signup bonuses or plenty of redeemable Reward Points. CashBack offers are another bonus that can earn you a refund of a certain percentage of the amount swiped, regardless of the item purchased or the place of purchase. You can also get additional benefits such as airport lounge access, gift vouchers on lifestyle brands, Redeemable Reward Points for flights and hotel stays amongst many others.
Most people are not aware of this, but a Credit Card benefits your credit score. Organisations like CIBIL give credit scores to individuals depending on how prompt they have been in their payments. Using a Credit Card and repaying on time provides a boost to your credit score. A good credit score means you will be able to obtain Loans and Credit Cards quickly in the future. It’s one of the Credit Card benefits cash or cheques cannot offer!
A Debit Card payment instantly deducts the amount from your bank account but in case of Credit Cards, the account balance is debited only when the Credit Card bill is paid. The benefit of holding the money for longer is twofold. First, the cardholder need not keep a continuous check on the account balance. Second, the interest earned on the period for which the money is held in the account is an additional income. Moreover, the benefit of the grace period can also be availed of, during which no interest is charged on the overdue amount.
A Credit Card comes with a grace period between purchase and payment (could be up to 50 days) during which the bank does not charge any interest. This is a perfect example of buy now and pay later.
Responsible use of Credit Cards can be beneficial in restoring your credit score. A Credit Card often comes with a host of customer protection features, ranging from vehicle insurance to health insurance.
From fuel surcharge waivers to great online shopping deals, your HDFC Bank Credit Card opens the doors to a host of CashBacks offers and Reward Points, especially with selected offline and online merchants.
The HDFC Bank Credit Card makes your travel a more pleasant experience with free access to exclusive airport lounges, priority check-in and boarding, extra luggage allowance, etc.
Credit Card statements are a great way to track your expenses every month since it provides you with an itemised account of your expenditure.
One of the benefits of Credit Card in India is that it’s much safer than carrying large amounts of cash around. You don’t have to worry about dropping the money somewhere or having your pocket picked. If you lose the card, you can get a replacement after you notify your bank.
FundsTiger can arrange loans from almost all the banks. You can apply for an attractive offer with best possible rate of interest and terms for Personal Loan, Business Loan , Home Loan and Car Refinance Loan.