Credit Card Balance Transfer in Tamil – Pros and Cons of Balance Transfer | Natalia Shiny
What is the concept of Credit Card?
A credit card is a payment card that allows the cardholder to borrow money from a financial institution (usually a bank) and use it to purchase goods and services. Credit cards also provide users with a convenient way to track their spending, as each purchase is recorded in a statement that is sent to the cardholder every month.
The concept of credit cards has been around since the 1950s, when lenders began offering customers the option to pay for their purchases over time. Since then, credit cards have become an integral part of the modern financial system, with billions of cards in circulation around the world.
The basic concept of a credit card is simple: when you make a purchase with your card, the lender pays for it and you pay them back later. The lender charges you interest on the money you borrow, as well as a fee for the privilege of using their card.
In order to get a credit card, you typically need to have a good credit score and a steady income. Once approved, you will be given a credit limit, which is the maximum amount that you can borrow from the lender. This limit is usually based on your credit score, income, and other factors.
When you use your credit card to make a purchase, the lender will charge you a certain percentage of the total (known as the Annual Percentage Rate, or APR). This is the amount of interest you will be expected to pay on the money you borrow.
You can also use your credit card to access cash from an ATM or over-the-counter at a bank. This is known as a “cash advance” and it is usually charged at a higher rate of interest than regular purchases.
When you use your credit card to make a purchase, the amount of money you owe is known as your “balance”. You will have to pay this balance off in full each month in order to avoid late fees and further interest charges.
Most credit cards also offer rewards programs that allow you to earn points, cash back, or other rewards for using your card. These rewards programs are usually tailored to the type of card you have, such as a travel card or a cash back card.
• A credit card is a payment card that allows the cardholder to borrow money from a financial institution and use it to purchase goods and services.
• Credit cards provide users with a convenient way to track their spending, as each purchase is recorded in a statement that is sent to the cardholder every month.
• In order to get a credit card, you typically need to have a good credit score and a steady income.
• When you use your credit card to make a purchase, the lender will charge you a certain percentage of the total (known as the Annual Percentage Rate, or APR).
• You can also use your credit card to access cash from an ATM or over-the-counter at a bank. This is known as a “cash advance” and it is usually charged at a higher rate of interest than regular purchases.
• Most credit cards also offer rewards programs that allow you to earn points, cash back, or other rewards for using your card.
People Also Ask:
Q: How does a credit card work?
A: A credit card works by allowing the cardholder to borrow money from a financial institution (usually a bank) and use it to purchase goods and services. The cardholder pays for their purchases over time and is charged interest on the money borrowed.
Q: What is the difference between a credit card and a debit card?
A: The main difference between a credit card and a debit card is that a credit card allows you to borrow money from a financial institution, while a debit card is linked directly to your bank account and allows you to spend money from that account.
Q: What is the best way to use a credit card?
A: The best way to use a credit card is to pay off your balance in full each month to avoid interest charges, and to take advantage of reward programs if they are available.
What is the concept of credit card? – Review
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