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Cibil Score

September 18, 2001 0

How to Improve Cibil Score?

After knowing the factors that affect your cibil credit score let us…

Cibil Score

September 18, 2001 0

How to Check Cibil Score With PAN Card

The most convenient way to access your credit report and check CIBIL…

Credit Card Fraud

January 10, 2020 0

How You Should Safely Make Use Of Your Credit Card On The Internet

I hope you realize that we humans cannot actually live without the internet. I defy everyone to actually try and…

Credit Card

September 18, 2001 0

Credit Card Pros & Cons

Easy to use: Nobody roams around with a stack full of cash all the time; we carry only a small…

Credit Score

September 18, 2001 0

Difference Between Credit Score & Credit Information Report

Both of these things are issued by a credit bureau but they are very much different from each other and…

Cibil Score

September 18, 2001 0

How to Improve Cibil Score?

After knowing the factors that affect your cibil credit score let us talk about ways to improve your credit score.…

Cibil Score

September 18, 2001 0

How to Check Cibil Score With PAN Card

The most convenient way to access your credit report and check CIBIL score is through the website of CIBIL. When…

Cash Advances

September 18, 2001 0

Learn About Cash Advances

Credit Cards give you freedom of taking cash advances. But avail this service only at the time of emergency because…

Credit Card

September 18, 2001 0

Credit Card Pros & Cons

Easy to use: Nobody roams around with a stack full of cash all the time; we carry only a small amount of cash with us. But an emergency may arise…

Credit Card

September 18, 2001 0

How to Get SBI Credit Card?

Since you are here, we believe that you have finally made your decision to get a new credit card. You need to keep a few things in mind to get…

How You Should Safely Make Use Of Your Credit Card On The Internet

January 10, 2020March 1, 2020

I hope you realize that we humans cannot actually live without the internet. I defy everyone to actually try and live without any interaction without the internet for a week. It is actually not possible for people nowadays. Well, that would be because everything is so accessible and it is all very easy online. Especially with the advent of online shopping becoming more significant than ever, people have actually started using their cards to pay for everything on the internet, one sample for that is a form of online betting, where people use credit card to pay-in for credits. We order almost everything on the internet, and we also make use of our credit cards for this.

But, you should also know that there are some sites out there that will want to steal from you and scam you. That is why you should be very careful as to when you would be providing all of your card details on a site. Here are some things that you should have on your mind. Look here

You should only make use of your credit card on the websites that you can properly trust. When you shop with your credit card on the internet, and it is important that you put the details on the sites which are legitimate indeed. You should always avoid clicking on those spam emails, and you should NEVER EVER visit the links provided in those mails and use your card on those sites. If you do that, it is like you are asking to get robbed.
You should never make purchases on the internet making use of a public device, and even if you do, you should make sure that you do not put in the credit card information in these public devices. By public devices, I mean phones and tablets that are kept on display and also the computers in internet cafes as well. These devices are certainly not safe, and they should never be trusted with any sensitive information at all.
You should protect your computer from viruses and hackers as well because your computer will have your credit card details. You should make sure that your computer has a good anti-virus system. This should also be updated to the latest one indeed.
Make sure that there is no one around you that would probably make a note of your card details and you should be sure that no one can peep in and even take a photo of your card.
It would be best if you were certain that your credit card entry page is fully secure as well. Only enter the credit card information on secure sites that will properly protect your information.
Make a note of all of your credit card receipts.

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Credit Card Pros & Cons

September 18, 2001April 12, 2020

Easy to use: Nobody roams around with a stack full of cash all the time; we carry only a small amount of cash with us. But an emergency may arise anytime with requirement of large sums of money. Credit cards come handy in such a situation when you don’t have sufficient balance with you. Credit card is also a handy way to shop online and carry out transactions.

Security: Cash is always prone to theft and if you ever lose cash then it almost becomes impossible to recover it. But that’s not the case with credit cards; you can always get a replacement card if your original card gets stolen. In case your card gets used for fraudulent transactions then you are liable to pay only a few thousand rupees at most. There are also some credit cards that have zero-liability policy under which customer is not liable to pay anything in case of fraud.

Purchasing Power: Having a credit card means that you can always make big purchases without thinking twice. You can pay that amount in easy monthly instalments. Normally, you would have to save for many months in advance before you buy that thing. Better to find out here what’s good for you before buying.

Reward Points: Even if you are not a shopaholic you can still earn cashback and take benefits of other offers by accumulating points on every purchase you made. Reward points are awarded for purchases, flight booking, and other affiliations of the card provider.

Exclusive offers and special rates: Banks keep on announcing special offers with associated companies every now and then. Sometimes, they announce exciting balance transfer rates for new and existing customers.

CREDIT CARD CONS
Spendthrift: This is the first concern of anyone who is looking for a new credit card. A credit card is a double-edged sword, if not handled properly; you could invite debt that will become beyond your ability to pay off. Credit cards are not access to “free money”, and when interest starts to pile up, you begin paying more than the purchase price of your goods.

Multiple Uses: A credit card should be preserved for only one purpose. If you use a balance transfer credit card then you should use it for that purpose only. A credit card with preferred rate for purchases should be only reserved for that. When customers start to use a single card for both types of purposes on their credit card simultaneously, problems start to rise. This, pragmatically, is a conflict of interest. The debt with lower interest rate is paid off first, which means that the debt with higher interest purchases will keep acquiring interest and your repayments won’t have any effect.

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Difference Between Credit Score & Credit Information Report

September 18, 2001January 5, 2020

Both of these things are issued by a credit bureau but they are very much different from each other and one should not confuse them. However, they are related to each other.

In respect to format
A credit score is just a three digit number that ranges from 300 to 900 and is a numerical representation of your credit-worthiness. It can be used to get a quick idea of your credit repayment history and other credit-related behaviours. The score is present in the credit report.

On the other hand, a credit information report is a comprehensive report like a document with all your credit-related activity mentioned in it. It contains details of your current loans, repayment history, all the applications you have made for credit card and loan, settled or written off accounts (if any), your frequency of hard enquiries.

Time Window
A cibil credit score takes account only of your last 24 months. That includes recent activities and credit history.

On the other hand, the credit information report records your history for a time period of years. It usually takes more time to remove any negative remark from your credit report.

Calculations indulged
Your credit score has been calculated after so many statistical algorithms. There is a complex mathematical process indulged in concluding down to a single number.

A credit report is not a number, therefore, there are no calculations included in this. Rather it is a document with all your information related to credit.

FACTORS AFFECTING CREDIT SCORE
The most deciding factor is your repayment history; it is accountable for about 30% of your credit score. It’s very obvious as lenders are interested in customer’s ability to repay the borrowed money and they won’t have to settle for something less. If the customer has paid all the payments on time and in full amount, then his/her credit score will be good. Hereby are listed the other factors that impact your credit score.

Frequency of negative marks
There are a number of things that can be denoted in the negative mark, it could be foreclosure, account that yet needs collection due to defaults in repayments, ‘Written Off’ or ‘Settled’ status on previous loans. It holds great weightage in deciding your cibil credit score. A lot of negative marks would make your credit score poor, and restrict eligibility for loans. The significance of a negative mark is that it indicates your inability to properly manage the credit you have taken and warn your potential lenders. Erasing a negative mark from your credit history would take a lot of time.

Timely payments
There’s a direct relationship between your percentage of timely payments and credit score. More the number of timely payments, higher your credit score. As told above, your repayment history has the highest weightage among all. A customer with consistent repayment history is a reliable borrower and almost every lender will grant a loan to such customers. While on the other hand, even one or two late payments also have a bad impact on your credit score. The direct implication comes that you cannot be replied in such a case for timely payments. Thus, it is crucial to make payments on time for a good cibil credit score.

Your credit history length
This factor has relatively less importance than others but can give a much more detailed summary of your repayment history. Let’s consider two cases, first –you have been using a credit card for 10 years, second- you have recently started using a credit card for 2 years. In the first case, lenders have a darn long time to witness your credit behaviour and make a rational decision. While in the second case, the lender does not have sufficient information to make a judgment on your credit behaviour. Hence, you can see that it is not advised to drop using an older credit card. Older credit cards can improve your credit score.

Frequency of hard enquiries made
When you go to a lender for borrowing some money and the lender accesses your CIR for seeing if you are eligible for the loan or not, then it is called a hard enquiry. Even one hard enquiry may marginally drop your credit score. And if there are multiple hard enquiries without any loan being sanctioned, then it only means that you are ‘credit-hungry’. You are applying to as many lenders as you can for securing your chances. A large number of enquiries made in a short span of time can have a significant impact on your credit score.

IMPROVE YOUR CIBIL SCORE AFTER CREDIT CARD SETTLEMENT
What if you ever have to do a ‘settlement’ of your credit card? You will probably be worried about how you can fix your CIBIL score. There are ways by which you can turn around the situation but remember that there is no quick fix. It takes time and you have to be patient. You will need commitment, and discipline as well.

Below are the ways in which you can help your situation:

Turn ‘Settled’ to ‘Closed’ status
It is better to pay off your bill and change your status from ‘settled’ to ‘closed’. While you may think ‘settled’ means you have made the payment but it actually was not a full payment. Settled status will haunt every loan application you will make. Try to talk to your credit card company to agree on an acceptable amount that will let you convert the settled to ‘closed’ account. Make sure the amount is affordable. Your cibil credit score will significantly improve.

Make a vow to never delay payments and pay all outstanding amount
Any outstanding loan can have a bad impact on your credit score. Don’t think it is hard to pay off all the due, talking to your lender may bring both of you on a mutually acceptable amount. You should not wait a lot as interest is going to pile up, waiting will only increase your worries later. Also, when you delay the payments your credit score also drops. There is no benefit in holding up the payments.

Don’t stop the use of credit
When people get burned by their credit they stop using credit. It is no way a good idea. In order to rebuild your cibil credit score, the only thing that can help is your discipline in credit behaviour. The best way is to use less credit and make payments on time and in full.

Set a target score of at least 750. It has to take time and the time depends solely on your credit behaviour.

CIBIL HISTORY
CIBIL stands for Credit Information Bureau (India) Limited. It is for the first time India has got a Credit Information Company or Credit Bureau. The primary work of this organization is to maintain all credit-related activities of many individuals and companies, comprising of loans and credit cards as well. All the registered member banks and other financial institutions send the reports to CIBIL in a specific period (usually per month). The data goes for analysis and on its basis, CIBIL issues a Credit Information Report or CIR (also known as a credit report) and a credit score.

In 2000, the foundation of CIBIL was laid for bringing making the credit space more efficient and transparent. CIBIL’s technical partners are TransUnion International (a renowned global credit bureau), and Dun & Bradstreet (another renowned global provider of credit information). CIBIL holds a mission and that is “To catalyze the growth of Credit in India through solutions that enable well-informed Credit decisions; technology that enables superior information availability; and people that provide high-quality services.” Moreover, CIBIL is an ISO 27001 rated organization that is the highest security standard on the globe.

TransUnion International, ICICI, SBI, IOB, HSBC, Union Bank of India, Bank of India, Bank of Baroda, and Allahabad Bank are the shareholders in CIBIL.

There are two areas where CIBIL focuses: One is the consumer bureau. It deals with consumers’ credit records. The other one is the commercial bureau. This deals with the records of companies and other institutions.

THINGS TO KEEP IN MIND ABOUT CIBIL AND CREDIT SCORE
CIBIL has an information base of about 250 million consumer trades and 8 million commercial trades. The database keeps on stretching as its 175 member base continues to add more and more information on the principle of reciprocity.

The idea to start CIBIL was to integrate all the existing consumer and commercial credit information and then put it in one place so it becomes easier to access it. Every individual and company could have several bank accounts and credits from a number of institutions. This piles up to be a big heap of data. CIBIL does the work of compiling every entity’s credit information for a quick reference.

A common misconception people have is that CIBIL has the name of defaulters only. That’s not true, every member of CIBIL’s network gives data of everyone be it a defaulter or an ardent customer. The data is used to calculate a credit score and the summary report is called the credit information report.

FINAL WORDS
CIBIL score is important for your credit application, lenders shortlist you on the basis of it and then see your credit report for a comprehensive insight into your credit behaviour. If you are thinking about applying for a loan then check your score well in advance.

How to Improve Cibil Score?

September 18, 2001January 5, 2020

After knowing the factors that affect your cibil credit score let us talk about ways to improve your credit score. But remember, there is no quick fix to improve your credit score but significant improvement can be made in the short run.

First, get your credit report
How will you ever know which area to focus without a credit report? Go to the CIBIL branch to apply for a credit report. Once you have the reports in the hands, you should look for any possible errors or mistaken entries that might be affecting your score involuntarily. Examples of such errors are a loan put under your name by mistake or some loan that you have already paid in full but it shows up as active overdue. If any errors are found, then jot them down and file one dispute resolution with the bureau for acknowledging the mistakes as soon as possible. If these negative things are removed from your report then you can expect your cibil credit score to increase significantly.

Maintain low credit card balance
The best practice is to keep the credit card balance as low as possible. Everyone knows the benefit of having a bigger credit limit –keeps your balance low and you have more flexibility for payments. Your score will see a direct impact of this.

Keep the old cards and don’t get new cards
Your focus should be more on improving your score with existing cards. Yes, new credit cards will offer you a higher credit limit but think about the extra spending that you will make. That means you will be risking yourself for not making timely payments. That extra spending can disrupt your budget and credit score, both. Also, try not to drop your old cards because it causes your overall limit to drop. If your credit limit drops then, it will decrease your score. Concentrate on making the least possible use of your existing cards for improving your credit score.

Spend less than 50% of your limit on credit cards
Your credit utilization ratio is another major factor in deciding your credit score. If you keep it low, you keep your credit score as low as possible. Considering that a person has 50,000 INR credit limit then that person should not exceed 25,000 INR benchmark expenses on his card.

Try reminders if you forget dates
Many people complain that they forget the deadlines of bills. Luckily, you are living in the era with smartphones to remind you of everything. Set up reminders of deadlines. Repayment history, as said earlier, accounts for 30% of credit score. Thus, it makes it of utmost importance to make repayments on time and in full. Your bank or respective billers can send you SMS about the payment deadlines. Tech has also enabled automatic payment of bills as well, try that.

These steps can be carried out in a very short amount of time and show some positive effect on your score.

LOW CIBIL SCORE REASON
Most of the times the main cause of low cibil credit score is people’s lack of awareness about how the credit score is calculated. The following mistakes are commonly observed

Late credit card or loan repayments
There are plenty of reasons why people skip or delay them. Mostly, they are unexpected expenses like medical emergencies; children’s might need money etc. you may think that skipping one or two payments won’t make much of a difference if you make the full payment later on. You are wrong if you think the same. Even one late payment can drop your score significantly. Even your full payment won’t compensate anything and can’t do anything to raise your score back.

People also forget the billing date due to oversight. Reminders are the best way to help in such a situation. Banks also have automatic billing option for people like you. If you get the auto-debit arrangement in place then make sure that you have enough money in your bank account. These are some silly mistakes that people can easily fix and also easily commit.

Applying for loan at multiple lenders
Every time you make an application for a new loan to a new lender, the lender carries out a hard enquiry on your credit report. Every hard enquiry drops your cibil credit score. You can avoid this mistake by looking at prospects of various lenders online and then applying for loan or credit card to that lender where your chances of succeeding are the most. Only apply to those places where you think you have a great chance of being accepted as every loan rejection drops your credit score.

Large number of unsecured loans
Those loans which do not require collateral securities are called unsecured loans. The best examples are personal loans and credit cards. Having too many unsecured credits signifies that you have too many monthly repayment obligations.

Spending more than 50% of your credit card limit
Yes, we talked about it above but when you spend more than 50% of your credit limit, then it implies that you don’t have strong spending discipline. This definitely has a negative impact on your credit score. As easy it is to commit these mistakes, it’s of the same difficulty to avoid these mistakes.

WHAT COULD BE THE POSSIBLE REASONS IF YOUR LOAN IS REJECTED EVEN AFTER HAVING A GOOD CREDIT SCORE?
There could be times when your loan application got rejected even after having a good score of 750. While you may think you have done your best, but in actual, there are some areas which could have possibly lead to rejection of your loan.

Some of the previous loans were settled or written off
Having account loans that were not repaid in accordance with original terms of the loan, warns the future lenders of your lack of financial responsibility. This is a clear indication that you were unable to pay the loan, and you are not a responsible even if you have paid all the recent loans fully.These types of loans leave a bad impression on your lender and you become a risky customer in their eyes.

You were a guarantor for a defaulted loan
It may come strange to you but if you have been a guarantor for a loan that was not paid completely, then your credit score also suffers.

Maybe you are mistakenly marked as a defaulter
You may not know about this, but if you have recently shifted to a new house that was occupied a defaulter previously, then you will be considered a defaulter. Banks will reject your application right away because your address will match that of a defaulter. You can get it fixed it easily though.

Ratio of debt to income
Your loan can be rejected even if you have many current loan obligations. Too many obligations would require a large part of your monthly income to go into maintaining your existing debt. You may have a great cibil credit score because of your timely repayments but it is not worth it because lenders would think you are not capable of maintaining a new loan. There’s a limit to the percentage of your income that can be put into maintaining your loans. After that, lenders doubt your ability to take on further loans. Consider if you earn INR 30,000 monthly and INR 20,000 goes in paying debts, then you are left with only a little amount to spend on personal expenses. Banks would consider that you can’t afford another loan.

High number of unsecured debt
Unsecured loans (those without collateral security) are not good for your credibility. Their impact won’t be visible on credit score but it matters. You should have more of secured loans than unsecured loans.

Live in only some particular postal codes
This may sound very odd to you but sometimes your loan could be rejected just because you live in a place which is considered ‘high-risk’ locality by your bank. Banks describe some localities as highly risky with the help of statistical data. It depends on incidences of default from the localities. Even your good credit record can’t help you in such a case.

CIBIL score for Home Loan

In order to qualify for a home loan, your credit score should be above 700. Closer your score is to 900, better chances your application has of being approved. A higher credit score will attract offers like lower interest rate, more amount on loan, easy documents, and longer repayment periods. You can loan up to 80% of total cost of the property.

CIBIL score for Car Loan

There is no fixed minimum required to qualify for an auto loan. However, chances of rejection are high if your score is less than 750. People also get an auto loan with a low credit score as the automobile itself can work as the collateral security.

You can even get the loan without CIBIL score because the bank will take your car into custody if you can’t pay the bill. Though, it’s a tardy process.

Effect of Education Loan on CIBIL score

Education loan is like any other loan; you have to repay the loan completely to keep up with good credit score. There is a leniency in it that it can be paid after the borrower gets employed or completes his course of study.

A lender looks at an education loan as any other loan and like any other loan; information about its payment is shared with credit bureaus. All the information is reflected in the borrower’s credit report. Non-repayment of education loan will surely affect the credit score of the borrower.

Education loan with low CIBIL score

Generally, it is difficult to avail any type of loan with a low credit score. But education loan is a bit different as the lender can consider the performance of borrower in academics, the reputation of the college, placement prospects of the college and annual income of the family. You can also put some collateral security. If you have more chances of withdrawing a handsome salary then you have higher chances of the loan being accepted.

You may need at least 700 CIBIL scores to apply for an education loan.

CIBIL score for personal loans

Personal loans are unsecured loans i.e. they do not require any security for acceptance, therefore, the acceptance of such loans solely depend on your credit information report. They are different from auto loans or home loans as in such cases the vehicle or home can work as the collateral security. So, lenders do extensive background research of the applicant to judge his reliability. The borrower should apply if his score is above 750 and banks are strict on this one.

Other factors affecting personal loan

Personal loans are hard to be sanctioned; lenders also look at the annual income of the borrower, company profile, and present loan obligations.

What is a personal loan used for?

As the name suggests, personal loans can be used for any personal expense. These can range from wedding expenses, hospital expenses, or home renovation or a vacation. The loan amount comes with no restriction on how you spend it.

Interest rates on personal loans

The rate of interest on personal loans differs from lender to lender. While in respect to other loans (home loan, auto loan, business loan etc.), personal loans have the highest rate of interest. The reason is, obviously, no collateral security. The credit history of borrower and amount of loan also decide the rate of interest.

How to Check Cibil Score With PAN Card

September 18, 2001January 5, 2020

The most convenient way to access your credit report and check CIBIL score is through the website of CIBIL. When you log on to the website you will have to provide some personal details and then enter your PAN details for verification. There will be questions about your credit history to answer and another personal ID may be required. If you are checking your CIBIL score for the first time then you don’t need to pay any fee as it is completely FREE for the first time.

Once you have submitted all the required details, they will email your credit report.

HOW IMPORTANT IS CHECKING YOUR CIBIL SCORE BEFORE APPLYING FOR A LOAN?
Experts recommend that you should at least check your credit score once a year to avoid any surprises at the time of applying for the loan. If you are considering applying for a loan then you should check your score one year before applying so that you have enough time to improve your CIBIL score, if required. As good credit score improves your chances of getting accepted for loan and lets you enjoy low interest rate.

HOW CIBIL CREDIT SCORE IS CALCULATED
We know that CIBIL (or any other credit bureau) has a collection of data that yields comprehensive details about the applicant. The major components of it are:

Your repayment history
Available credit balance from all sources
The number of your loans and their age
With all this information in hand, CIBIL uses a complex mathematical formula to calculate your credit score.

WHAT’S THE CIBIL SCORE REQUIRED FOR LOAN?

Similar to a credit card, there is no minimum cibil credit score that guarantees acceptance of your loan. Every bank follows its own norms to approve an application. But as a general rule, a cibil score of 750 or above significantly increases your chance of acceptance. Don’t think it’s a completely bad news forc those with less than 750 scores, some banks offer loan to even such prospects.

SHOULD YOU APPLY FOR A LOAN WITH POOR CREDIT SCORE?
A bad score would be anything less than 750 and yes, it is possible to get a loan even with a poor cibil credit score. But, the only difficulty is that the process might take longer than usual and the lower your score; the difficult it becomes to get a loan. You would be a risky customer to the lenders with a low score, the lender might even put some strange terms and conditions on your long. Not only you may face longer processing time but maybe your lender would grant you a loan at a higher rate of interest, or even more number of documents. Moreover, a lower amount of loan and shorter repayment period. That is why it is advised and highly recommended that you have a CIBIL score of 750 or more.

MINIMUM TIME REQUIRED TO IMPROVE YOUR CREDIT SCORE
Generally, it should take somewhere between 4 to 12 months to improve your score. This also one of the reasons for why you should check your CIBIL score at least 12 months prior to applying for a loan. In this way, you have enough time to improve your score if your score is low. It should take less time if you are closer to 750 and vice-versa.

check_CIBIL_score

GETTING LOANS WITHOUT CIBIL SCORE
CIBIL score is not mandatory to apply for a loan and you can apply for a loan even without it. However, the process will be difficult; more documentation will be required, longer processing time, and obviously higher risk of rejection.

Is there any Defaulter or Negative list?

People too often have this misconception but let us break the myth that no credit bureau maintains a list of defaulters. Credit bureaus collect information from all the banks and financial institutions of every payment, irrespective of whether it is defaulted or paid on time. Information of every type of customer is collected by the bureau. So, you can be sure that CIBIL (or any other bureau) does not keep a tab just on defaulters. However, your credit score may segregate you as a defaulter or a reliable borrower.

Role of CIBIL score in your approval process

CIBIL directly has no control over your approval process and it holds no responsibility for approval domain. CIBIL only provides the information that might be useful to the lenders in making decisions about the applicants. The credit report saves time and money of the lenders on carrying out background checks.This makes the process more transparent and convenient for both the parties. The cibil credit score helps in making a quick decision about the applicant. Once shortlisted the lenders make a complete judgment by looking at the credit information report.

WHAT’S A GOOD CIBIL SCORE?
Usually, lenders consider a score of anything above 750 as a good score. CIBIL score is a three-digit number which ranges from 300 to 900. This cibil credit score is mentioned in your CIBIL report along with all the comprehensive information about you.

Benefits of having a good CIBIL score

If your score is above 750 then it means that the applicant has a good repayment history. With such a score chances of your loan application being accepted rise manifold.

Faster Approvals
Your goof CIBIL score will expedite the acceptance process and rather than taking months or weeks; it will get done within days.

Lower rate of interest
A high score means that the customer is reliable and banks would like to deal with such customers. Banks may even offer you a lower rate of interest to allure you as their customer.

Repayment tenure might increase
Your good credit score makes the lender confident that you will repay the amount and thus, it may even offer you a longer time to repay your loan.

Higher credit limit or loan amount
HOW MUCH CREDIT SCORE IS SUFFICIENT TO APPLY FOR A CREDIT CARD?
mean
credit_card_approval_process

A score of 750 and above is considered sufficient to apply for a credit card. Banks, NBFC and credit card companies consider such customers as low-risk borrowers and thus, your application process is expedited. However, one must not think that it is some threshold which has to be met.

PEOPLE WITH CREDIT SCORE LESS THAN 750 ALSO GET CREDIT CARD
Lenders approve credit cards to even those borrowers who have less than 750 credit score.

But as a general practice, most lenders don’t approve credit card applications with a lower credit score that is less than 750. However, not all customers with low credit score have poor credit discipline. There could be many other reasons for low credit score, like a medical emergency which might have gone hefty of your pocket leaving you with almost no money for repayments, or you don’t have sufficient credit history to judge as you don’t have much credit, even then your credit score would be low.

An alternative can be a ‘secured’ credit card. Such a credit card works the same as a normal credit card but you have to open a fixed deposit account in the bank to be eligible for that. Additionally, your credit limit will be only 80-90% of the amount you have in fixed deposit. In those cases when you are unable to make the repayment; the bank will automatically deduct the amount from your fixed deposit account. Banks have zero risks of losing money in such a case. You can build your credit score by making timely repayments on this credit card.

WHAT DO YOU MEAN BY A CIBIL CREDIT REPORT?

In layman terms, a credit report is a document that encloses details of someone’s borrowing history and repayment record. The document provides a comprehensive insight and helps the potential lenders have a detailed picture of that person’s (or company’s) credit-worthiness.The decision is made on the basis of the past and current credit behaviour. Lenders can make right decisions with the report as it is a quicker way to have accurate information of the applicant. They get instant access to so much information that it expedites the lending decision and maintains transparency while making decisions.

If you have ever borrowed money from Banks,NBFCs, or credit card companies, then your credit-related behaviour is always being tracked. All your transactions (only related to credit) are sent to the credit bureaus, including CIBIL, and over there it is maintained properly and taken care of. The information passed on to credit bureaus include details of all your loan and credit card repayments including the details of late or missed payments; details of all the things inquired by the lenders on loan or credit card applications made in the past; all of your current loans and currently running credit cards; total credit limit provided to you; and other coherent credit-related information about you.

Thus, the credit report is just a single document that serves as a compilation of your credit history across all the different lenders you have ever interacted with in a significant period of time. Here’s a list of the things that are included in your credit report.

Personal information such as name, age, gender, and correspondence address.
Details about your employment.
All the hard enquiries ever made by potential lenders on receipt of your loan/credit card application.
Everything related to your previous and presently going on loans, including your payment records.
All ‘settled’ loans, if any
Credit Utilization Ratio, it is your credit limit and the percentage of your consumption out of it
Credit card payment defaults, if any
The most important component, Credit Score.
CIBIL REPORT IS IMPORTANT
As we know, CIBIL Report is a documented briefing of an individual’s or firm’s creditworthiness. It holds great value because of several reasons and here we are mentioning them.

It is a single document with a comprehensive report of the customer’s past and ongoing borrowings with the history of repayments.
Potential lenders can literally scrounge through every aspect of customer’s spending discipline and ability to fulfil debt.
It provides customer’s credit strengths and their weaknesses. The customer can also use it to make smarter focused decisions to improve credit health.
Transparency is maintained. It also streamlines the loan approval process. This is because the customers and lenders share the same information for credit. Customers can clearly witness the reason for being rejected and lenders make quick decisions on customers. Lenders also save money on field verification and checking background.
Detailed description of a CIBIL report

We have already discussed the overview of your CIBIL report but now we will go in depth of it. A usual credit report has the enlisted demographic and identification data on the report.

Date of birth
Current and previous address
Email ID
Telephone number
PAN number
Passport Number
Income per annum
Driver’s license number
One should make sure that this information is up to the mark as this can cause a number of problems while applying for a loan. A good practice would be to check the CIBIL report at least once every year. In case, if there are issues in details, then get them resolved by coordinating with the lender or the credit bureau.

The next thing is the details of every loan that you have taken so far. There will be a list with particulars such as name of those lenders, type of loan (personal, credit card, auto loan etc.), date of disbursing the loan, the amount of loan, current outstanding balance (if any), rate of interest, time period of loan, monthly EMI installments, current profile of loan, 36 months repayment history behavior, etc. If you have made late payments then their recorded DPD or Days past due, every overdue payment recorded, and a status field for signifying the presence of negative status- like if it was settled, or it is in write-off status, whether the loan is current or if some legal suit has been filed. This information holds considerable sphere in deciding your credit score. Thus, it is crucial that this area is completely accurate all the time.

The last section has the number of times you have applied for loan or credit card- the section is called Credit Enquiry. If there are a number of credit enquiries but a corresponding loan has never been passed then it leaves a bad impression on the lender and affects your score. Such a customer is considered ‘credit hungry’ and holds a negative impact on credit score.

Learn About Cash Advances

September 18, 2001April 12, 2020

Credit Cards give you freedom of taking cash advances. But avail this service only at the time of emergency because cash advances are levied with charges, which you start paying from the day you have cashed out. There is no grace period on cash advances. Learning how to spend money wisely is one way of taking care of yourself in the future. You should spend some time on Health Blog CosmoBC to learn some ways to take care of yourself.

SEE HOW INTEREST IS CALCULATED
Each credit card has different interest rates for different types of transactions, such as regular purchases, balance transfers and cash advances. The interest rate you’ll often see in advertising is the purchase interest rate, which is the rate you’re charged on purchases if you don’t pay your balance in full by the payment due date on your statement each month.

In case of unexpected expenses, it is better to talk to your credit card provider and explore different options that you can take advantage of, such as availing low interest credit options. This way you can save on the amount you repay.

MAXIMISE THE BENEFITS
From complimentary international travel insurance to emergency assistance and extended warranty on purchases, there is a range of benefits that may come with a credit card. Different types of cards have different benefits. So choose a card only if it has the benefit you’re after. Remember, cards with lots of perks are likely to have higher annual fees and interest rates than other card types.

KNOW YOUR MONTHLY SPENDING LIMITS
You’ll want to avoid overspending and getting yourself into debt beyond your means at all costs. Before taking out a credit card, use budget planner to assess how much disposable income you have each month that could be used to repay a credit card. Online credit card repayment calculator can help you figure out how long it would take to pay back your balance, based on what you can afford to pay.

You can choose to repay anywhere between your minimum due payment or your full balance each month, but the more you pay off the less interest you will be charged.

SBI CREDIT CARD CUSTOMER CARE NUMBER
Any queries regarding credit cards, be it payment schedule, reward offers, statement issuance, fees and charges or others, all are sorted out at the helpline numbers 1860 180 1290 and 1800 180 1290. The customer care representatives are patient and courteous; they will do their best to give you the most plausible solution.

In case of complaints about the staff or service, the SBI credit card customers can fill the grievance form. The form can be found on sbicard.com

KEEPING YOUR SBI CREDIT CARD SAFE
The users of SBI credit card can enjoy the convenience of shopping with the card because they don’t need to worry about misuse or fraudulent activity on their card. There are features like lock, block, limit that allows you to keep a tight check on how your credit card is being used –lock out international payments and contactless payments. You can block it for cash advances and put limit on every transaction.

We have listed up some safety steps you can take to reduce your chance of being scammed.

When you are online

• When making payments online, always look at the padlock icon in the address bar of your browser and use only website with ‘https’ as they are more secure.

• Avoid clicking on hyperlinks in emails from unknown senders.

• Don’t reveal your personal data to anyone who makes contact with you with a prospect of some transaction. If you receive an email by someone or are contacted via social media, find out their company name and research the company before providing any personal details.

• Whenever you are on a public computer try your best not to enter sensitive information such as credit card details because there are so many hackers who are in the hunt of such valuable personal details. Never leave the public computer unattended, log out of all the accounts you logged in and don’t save any details in it.

When you are in store

• Set a PIN that is hard to guess –avoid using personal information such as birth year or your name.
• Never share your PIN to anyone.
• Always cover the keypad with hands whenever entering your PIN.
• Always keep your credit card in your sight when transaction occurs.

When you are travelling

• Tell SBI beforehand where and when you will travel overseas so they don’t put a hold on your card for security reasons.
• You should not keep all your cards together in a single case or purse. Keep the cards that you use close to you and other cards in a safe place.

If you ever notice a suspicious activity on your card

You should keep all your information up to date with the Bank officials, in case there is any suspicious activity takes place. Block you SBI card immediately. You can do this by using SBI Card app, or by calling 18601801290/39020202 (prefix your local STD code). Alternatively, SMS BLOCK XXXX (where XXXX is the last digit of your SBI Credit card) to 567679.

Forgot where you put your card?

There are instances when we forget the place where we last put our card and we are sure that we have only misplaced it and it’s not stolen. In such scenario, you should instantly temporarily block your card through SBI Card app until you find it.

If you can’t find it for a long period then you need to tell SBI immediately about the matter so that they can cancel the card and order a new card for you. Once you do this they will typically send you the card and other add-on card cardholders within a few business days.

When the new card arrives, you will have to activate it and establish a new PIN –you can do this via SBI Card app.

SBI CREDIT CARD PIN GENERATION
You can change your SBI credit card PIN by generating a new PIN online by visiting their website. All you need is to login to your SBI account online and then click on ‘My Account’ on the left side of the menu. After this, you will need to follow these steps:

1. Click on Manage PIN
2. Select the card
3. Click on “Generate OTP” tab
4. Input the OTP
5. Enter and re-enter the new PIN
6. Click on “Submit” button

How to Get SBI Credit Card?

September 18, 2001January 5, 2020

Since you are here, we believe that you have finally made your decision to get a new credit card. You need to keep a few things in mind to get your credit card application accepted. First of all, let’s figure out if you are eligible for an SBI credit card.

SBI CREDIT CARD ELIGIBILITY
Applicant should be an Indian
Minimum age is 18 years
Should have good credit score
SBI CREDIT CARD DOCUMENTATION
1 passport sized photograph.
Address proof like passport, electricity bill, or Aadhaar card
PAN card
Last 90 days salary slips and ITR statement

BEST SBI CREDIT CARDS (2018) – APPLY ONLINE AND CHECK ELIGIBILITY
Credit cards are notorious for their high interest rates, annual fees, and making people spend money on extravagant things. However, if you are smart, you won’t complain about them. In 2018 alone, I’ve saved more than ₹23,000 by taking advantage of my SBI Air India Platinum Card. I am not even including various perks that I got to enjoy because of my SBI credit card. A credit card has many advantages. It can save a good chunk of money throughout the year and pay its renewal fees as well.

If you understand your needs and liabilities, you can exploit credit card in your own favour rather than let your bank make money of you.

State Bank of India has credit cards for all individuals and corporate needs. Credit cards from SBI come with plethora of features and privileges like balance transfer at relatively lower rate of interest.

I’ve listed up 10 State Bank of India credit cards from various categories like Travel, Lifestyle, Shopping, Fuel etc that I personally find good value for money. You should choose one of the following credit cards as per your requirement. If any question, do comment at the end of this post. I’ll do my best to help you.

Remember, the goal of getting a credit card is to save money and enjoy its exclusive benefits rather than get into the debt.

SBI PRIME
Joining Benefits

Get E-gift Voucher worth ₹3,000 for one of these brands – Yatra.com, Shoppers Stop, Marks and Spencer, Pantaloons, Bata, and Hush Puppies.

Rewards

Earn 20 reward points per ₹100 on making Utility bills payments.
Earn 15 reward points per ₹100 on shopping at Reliance Fresh, Reliance Trends, Reliance Footprint, Reliance Smart, Big Basket, and Sahakari Bhandar stores.
Earn 10 reward points per ₹100 on paying bill for Groceries, Dining, Departmental stores, and Cinema.
Milestone Perks

Love pizza? Card members can avail Pizza Hut e-Voucher worth ₹1,000 on spending ₹50,000 in a calendar quarter.
Get renewal fee waived off on annual expenditure of ₹3 lakhs. The benefit extends to E-Gift Voucher worth ₹7,000 on annual expenditure of ₹5 lakhs.
Lounge Visits

You and one companion get access to International Priority Pass Lounges (Abroad) 4 times every quarter and domestic VISA/MasterCard Lounges (India) 8 times every quarter.
Club Vistara Membership

Cardholder gets Club Vistara Silver membership, Lounge Access voucher and one Upgrade voucher.
The cards earns you 9 Club Vistara Points/₹100 spent on tickets purchased from Vistara.
MasterCard/Visa Privileges

Your card gets you exclusive perks over 900 luxury hotels worldwide.
Fees

Annual Fee (one-time): ₹ 2,999 (Welcome gift benefit worth ₹3,000)
Renewal Fee (per annum): ₹2,999
YATRA SBI CARD
Joining Perks

Yatra.com vouchers worth ₹8,250.

Travel Perks

The card saves you ₹1,000 on all domestic flight ticket. (Min. trxn of ₹ 5,000)
Save ₹4,000 on international flight ticket. (Min. trxn of ₹40,000)
Get 20% off discount on domestic hotels. (Min. trxn – ₹3,000. Max. Discount – ₹2,000)
Reward Benefits

Earn 6 reward points/₹100 spent on paying bill for Groceries, Dining, Departmental stores, and Cinema.
Earn 1 reward points/₹100 spent on everything else.
Complimentary Lounge Access

Access to high-quality MasterCard airport lounges.
Enjoy stay at domestic airport lounge two times every calendar quarter.
Complimentary Air Accidental cover

Card member gets Air Accident cover of ₹50 lacs on booking ticket via Yatra.com
Fuel Surcharge Waiver

Get rid of paying 1% fuel surcharge at any petrol pump in India.
Fees

Annual fee (one time): ₹499 + applicable taxes
Renewal Fee (per annum): ₹499 + applicable taxes
Get renewal fee waived off on annual expenditure of more than ₹90,000.
SBI CARD ELITE
Sign-up Bonus

Gift Card worth ₹5,000 from one of these brands: Yatra, Hush Puppies/Bata, Marks & Spencer, Pantaloons, and Shoppers Stop.
Free Movie Tickets

Get movie tickets worth ₹6,000 every year.
Milestone Perks

You can earn up to 50,000 bonus reward points every calendar year worth ₹12,500.
You can also earn 10,000 bonus reward points every calendar year on annual expenditure of at least ₹3 lacs.
ELITE Rewards

Earn 5X Reward Points on Grocery, Departmental stores, and Dining purchases.
The card gives 2 Reward Points/₹100 spent on anything else.
International Lounge Program

Enjoy 6 Complimentary Global Airport Lounge Access (2 visits every quarter).
Get Priority Pass Program complimentary membership.
Complimentary access to thousands of airport lounges worldwide.
Domestic Lounge Program

Complimentary access to domestic airport lounges, twice every quarter.
Club Vistara Membership

The card entitles you to Club Vistara Silver membership.
Earn 9 Club Vistara Points for every ₹100 spent on tickets purchased from Vistara.
Exclusive concierge service.
Enjoy discounts at luxury Spa’s and Lifestyle Stores.
Lowest Forex Markup

The card offers lowest Foreign Currency Mark-up Charge of 1.99% on International usage.
Earn 2 Reward Points per ₹100 spent on transactions outside India.
Trident Privilege Red Tier membership

The cardholder gets Trident Privilege Red Tier membership.
Fees

Annual Fee (one-time): ₹4,999 (Welcome gift worth ₹ 4,999)
Renewal Fee (per annum): ₹4,999
SIMPLYCLICK SBI CARD
Sign-up Bonus

Welcome Amazon.in gift voucher worth ₹500.
Online Offers

The card offers 10X Reward Points on online purchasing at – Amazon / Foodpanda / UrbanClap /Lenskart / BookMyShow / Cleartrip
Card also offers 5X rewards for other online spends.
Milestone Benefits

Spend ₹1 lakh online in a year and get e-voucher (worth ₹2,000).
Fuel Reward

Get freedom from paying 1% fuel surcharge on transaction between ₹500 – ₹3,000.
Freedom from Annual Fee

Spend ₹1 lac in a year and get your annual fee (₹499) reversed.
Annual Fee (one time): ₹499
Renewal Fee (per annum): ₹499
SIMPLYSAVE SBI CARD
Earn While Spending via SBI Reward Points

Earn 2,000 bonus Reward Points on spending ₹2,000 in first 60 days.
Earn 10 Reward Points (RP) for every ₹100 spent on Movies, Departmental Stores, Dining, and Grocery purchases.
Earn 1 Reward Point for every ₹100 spent on all other things. (4 RP = ₹1)
Fuel Reward

Get freedom from paying 1% fuel surcharge on transaction between ₹ 500 – ₹3,000.
Freedom from Annual Fee

Spend at least ₹1 lac in a year and get your annual fee (₹499) reversed.
Annual Fee (one-time): ₹499
Renewal Fee (per annum): ₹499
BPCL SBI CARD
Joining Perks

BPCL SBI Card is currently offering a sign-up bonus of 2000 Reward Points. That’s equivalent of ₹500 and can be redeemed at BPCL outlets, and Shop n Smile.

Other Perks

The card earns 5X Reward Points per ₹100 spent on Movies, Dining, Groceries, Departmental stores, and Utility Bills payments.
Also earn 1 Reward Point per ₹100 spent on everything else (except fuel).
Fuel Rewards

The card offers 13X Reward Points as you spend at any BPCL petrol pump. That’s the equivalent of 3.25% cash back.
Get additional 1% Fuel surcharge waiver.
Maximum surcharge waiver = ₹100 per month.
Fees and charges

Annual Fee (one-time): ₹499
Renewal Fee (per annum): ₹499
(Renewal Fee reversed if annual expenditure is at least ₹50,000)

IRCTC SBI PLATINUM CARD
Joining Benefit

IRCTC SBI Platinum Card is currently offering a sign-up bonus of 350 Reward Points if you spend ₹500 within 45 days getting of the card.
Get additional ₹100 cashback on ATM cash withdrawal within 30 days of card issuance.
Shopping Perks

Earn 10% cashback as Reward Points on tickets purchased from irctc.co.in for any AC class. (1 Reward Point = ₹1)
The card earns 1 Reward Point per ₹125 spent on all other purchases except fuel.
Travelling Privileges

Enoy1.8% transaction charges waiver on train tickets booked via www.irctc.co.in
Also enjoy discounts at airline tickets on IRCTC website.
Fuel Rewards

You no longer need to pay 1% fuel surcharge at any petrol pump across the country with your IRCTC SBI Platinum Card.
Trx. amount should be between ₹500-₹3,000.
Fees

Annual Fee (one-time): ₹500
Renewal Fee (per annum): ₹300
BANK OF MAHARASHTRA – SBI CARD
Welcome Offer

Earn 2,000 bonus Reward points after you use your new card to make ₹2,000 in purchases within first 2 months.

Rewards Earning

The card gives you up to 10X Reward Points for each ₹100 of eligible purchases made at Grocery & Departmental stores.
Earn 1 Reward point per ₹100 spent for all other purchases. (4 Reward points = ₹1)
Fees

Annual fee (one time): ₹499
Renewal fee (per annum): ₹499
(Renewal fee will be reversed if annual expenditure is more than ₹90,000)

DOCTOR’S SBI CARD
Indian Medical Association

Doctor’s SBI Card is the only credit card that is associated with Indian Medical Association (IMA).
Professional Indemnity Insurance

The cardholder gets Professional Indemnity Insurance Coverage of ₹ 10 lacs.
The cardholder is entitled to reimbursement in case of legal & defence expenses.
Sign-up Bonus

Enjoy e-Gift Voucher from Yatra.com worth ₹1,500.
Reward Earnings

Receive 5X Reward Points in specific categories such as Travel Bookings, Medical Supplies & International purchases.
Earn 5X Reward Points on all purchases made on Doctors’ Day (1st July).
Get 1 Reward Point for every ₹100 spent on all other purchases.
Additional Perks

Spend ₹5 lacs in a calendar year and get E-Gift Voucher worth ₹5,000 from Shoppers Stop/Bata/Yatra.com
Renewal Fee reversed if first year annual expenditure is ₹2 lacs.
International Lounge Privileges

Enjoy priority boarding privileges with Priority Pass Program worth $99.
You get complimentary access to more than 1,000 airport lounges worldwide.
As a cardholder, you’re entitled to 4 complimentary International Airport lounge visits each calendar year (twice per quarter).
Domestic Lounge Privileges

The card offers you access to Domestic Airport Lounges (max. 2 visits per quarter and 8 visits in a calendar year).
Fuel Rewards

Spend b/w ₹500- ₹4,000 on fuel purchases at any petrol pump in India and get 1% fuel surcharge waived.
Fees

Annual Fee (one-time): ₹1,499
Renewal Fee (per annum): ₹1,499
AIR INDIA SBI SIGNATURE CARD
Welcome Offer

The current sign-up bonus is 20,000 reward points after new applicants pay joining fee.
Card membership automatically entitles you to Air India Frequent Flyer program – Flying Returns membership.
Additional Perks

Earn 4 Reward Points per ₹100 spent on anything. You can earn up to 1 lakh points in a year.
Redeem your Reward Points into Air India miles. *1 Reward point = 1 Air India Air mile*
Get 5,000 Reward Points as anniversary bonus.
Earn every time you fly

Earn up to 30 Reward points per ₹100 spent on tickets purchased for self from airindia.com/AirIndia app.
Get 10 Reward Points on booking tickets for others.
Luxury Lounge Access at Domestic and International Airports

As a cardholder, you’re entitled to over 600 International Airport lounge visits.
Enjoy priority boarding privileges with Priority Pass Program which is worth $99.
The card offers you access to Domestic Airport lounges with complimentary Visa Lounge Access Program.
Fees

Annual Fee (one-time): Up to ₹4,999
Renewal Fee (per annum): ₹ 4,999
SBI CREDIT CARDS BENEFITS
• SBI credit cards have zero loss liability. This means that if your card ever gets lost or stolen, then you have no liability on any fraudulent transactions.

• The bank has worldwide presence so the card will work at every place.

• Cardholders can turn any costly purchases made into easy monthly instalments.

• Rewards: You can earn reward points on every purchase that you make with your SBI credit card. These reward points can be redeemed against special offers and offers.

• Exclusive Privileges: Additional perks like utility payments via cards, deals on travel, shopping discounts, cash advance facility and balance transfer on EMI are also offered.

HOW TO GET SBI CREDIT CARD?
Since you are here, we believe that you have finally made your decision to get a new credit card. You need to keep a few things in mind to get your credit card application accepted. First of all, let’s figure out if you are eligible for an SBI credit card.

To apply for an SBI credit card, you need to visit official website page here – https://www.sbicard.com/en/eapply.page

You will be asked to fill in the following details:

Name

City

Occupation

Date of Birth

Qualification

Annual Income

PAN Number

Email id

Mobile Number

OTP (One Time Password will be sent to the applicant’s mobile number)

After filling the form, you don’t need to do anything. Bank will check your eligibility and other details. They will inform you within a couple of days whether your credit card application is accepted or rejected.

APPLYING FOR SBI CREDIT CARD OFFLINE
One can apply for SBI credit card offline. All you have to do is to go to the nearest branch of SBI. The official will check your eligibility for the credit card and upon verification; you will be given an application form. You’ll have to fill the details and submit the application form along with required documents like your Identity proof, address proof, and income proof.

The bank representative will go through your form and verify details and documents you provided at the time of filling application. Once the representative is satisfied, you will get the credit card.

This is not the only offline option, the applicant can contact State Bank of India by calling customer care service at 39 02 02 02 (prefix your local STD code), or 1800 180 1290 (toll free). These helpline numbers work 24×7.

5 TIPS FOR CHOOSING YOUR FIRST CREDIT CARD
A credit card is a handy tool. It can be used worldwide, help you build your credit rating, cover cash flow shortages and be a valuable source of funds in an emergency.

It sounds good knowing all the benefits that can come with a credit card. However, it’s also important to be aware of the conditions attached to a card. Credit cards come with legal contracts. Hence, it is important that you understand terms and conditions when applying for a credit card.

Knowing the benefits, fees, charges and interest rates will help you choose the type of credit card that best suits your needs. Here are some tips to help you make the most of your credit card.

FIND A CARD THAT SUITS YOUR NEEDS
Different types of credit cards have different benefits and may be better suited to different patterns of spending and repaying. Broadly, credit cards can be grouped into three categories:

Low fee: These cards can be suitable for those who are looking for convenience of a credit card with a low annual fee and who are confident that they would regularly pay off their balance in full. Low-fee cards attract higher interest rates than other types of cards.

Low rate: These may best suit those who carry a balance over from month to month and want to minimise the amount of interest they pay on purchases. Low-rate cards have a higher annual fee than rest of the cards.

Awards: These cards may be suitable for those who intend to pay off their balance in full each month and who want to make the most of their credit card spending by earning awards points. Awards cards attract higher interest rates and annual fees than other cards.

EXPLORE FEATURES AND LEARN ABOUT T&CS
Please read your credit card application carefully to know about your card’s features and associated Terms and Conditions. The information mentioned in small prints may have big impacts on your fees, charges and usage conditions. While some T&Cs are similar on all cards, there are many others that may be particular to the ones you are applying for, so we recommend that you go through all of them.

UNDERSTAND LIABILITIES
If your card has multiple users, know about the liabilities shared by secondary users. Also, if you have applied for Add-on cards, understand the added responsibilities that come with them such as who will manage the cards, pay bills and debts, etc.

KNOW HOW TO CANCEL YOUR CREDIT CARD
Knowing how to cancel your card is as important as knowing how to use it. When you decide to close a Credit Card, make sure all payments have been made and there are no pending dues. Avoid closing cards that still have outstanding balance to be cleared or those that make a significant amount of your credit history. Cancelling such cards impact your credit score.

Best SBI Credit Cards(2018) Apply Online & Check Eligibility

September 18, 2001January 5, 2020

Credit cards are notorious for their high interest rates, annual fees, and making people spend money on extravagant things. However, if you are smart, you won’t complain about them. In 2018 alone, I’ve saved more than ₹23,000 by taking advantage of my SBI Air India Platinum Card. I am not even including various perks that I got to enjoy because of my SBI credit card. A credit card has many advantages. It can save a good chunk of money throughout the year and pay its renewal fees as well.