Which Credit Card Reward Program is Good for you

Paperless transactions are becoming very popular nowadays because our world is moving towards technology advancement and credit cards are one of the reasons for such popularity. Credit card eliminated the need of carrying physical cash. The card is safe to use and you can pay for goods and services simply swipe your credit card. That is why credit cards are more preferable over cash transactions. Almost all the banks and NBFCs offer a Icici credit card. The credit card issuer pays money to the seller on your behalf, which you repay in future.

Some of the popular types of credit cards are Travelcard, Shopping card, Fuel card, Entertainment card, etc. All the cards have their own benefits and the reward points by spending on them. There are some benefits of using credits cards. It can build and improve your credit score. It offers attractive reward points, cashback etc. The first step to apply for the credit card is to ensure that you meet the eligibility criteria like your age should be above 18 years, you must have a stable source of income, your credit score should be good etc. You cannot rank any credit as the number one because different credit cards have their own benefits. The best credit card is the one which can fulfill your requirements and gives you maximum benefits.

Different types of credit cards?

There is a mind-boggling variety of credit cards available in the market. When one decides to take one, he/she finds it very difficult to select a card amongst various cards available. Credit cards are very useful in reducing the cost of your purchases due to attractive reward points it offers. Also, it helps in building and improving your credit score. If you carry an Icici credit card, you don't have to carry cash everywhere.

To make your credit card selection process easy let's discuss types of cards available:

Reward credit cards offer reward points in the form of payback points, discounts etc. on all credit card spendings. Small business credit cards are designed especially for a small business owner to reduce their cost of purchases as they get special discounts on using these cards for office purchases. Co-branded credit cards are issued in partnership with specific retail partners, travel websites or sports league partners. There are fuel credit cards using which you get discounts on your fuel bills and waiver on fuel surcharge fees.

For frequent travelers, credit card issuers have a special range of travel cards which helps in reducing the cost of air travels and hotel stays. You can choose any of these cards matching your spending pattern. A card opposite your spending pattern will be of no use to you.

Also Read:- What are the different types of credit cards?

Arrange funds in medical emergency?

There always comes a time when no matter how well you plan and save for the future, an unexpected expenditure shows up at your doorstep. Emergency expenses such as a major medical bill can put a significant financial burden on you and your family. However, there are ways through which you can address unexpected costs and turn them into something less problematic. First thing is to start saving as early as possible. Get into the habit of making regular deposits into your savings account. Whether it is bi-weekly, weekly or monthly, create a schedule and stick to it. Next, you can make use of a credit card. Apply ICICI Credit cards function on a deferred payment basis which means you get to use your card now and pay for your expenses later.

The money used does not go out of your account, thus not denting your bank balance every time you swipe. In case of any medical emergency, you also have the option to apply for a personal loan. Personal loans are unsecured loans which means you are not required to pledge any collateral or security to avail it. You also have the flexibility to choose a tenure which suits you best. Lastly, you can choose EPF. It acts as a saving tool for employees. You can withdraw total corpus or six times the monthly salary (whichever is lower) from the provident fund for the medical treatment purpose. Hence, in case any medical emergency arises, you can choose from the above-mentioned ways. These are the best ways to meet any unfortunate circumstances and get you out of trouble.

ALSO READ:- How to arrange funds in medical emergency?

Strange Reasons You May Be Denied For A Loan Or Credit Card

Lack of awareness while applying for the loan or credit cards can lead you to a debt trap which, in turn, may severely affect the future of you and your family. Hence, you must be aware of all the reasons that might lead to rejection of your application. If you have not paid your ICICI Credit Card bills or EMIs on time, it will show up on your credit report and may result in your loan application being rejected.

Hence, it’s always advisable to check credit score before applying for a loan or a credit card. Switching jobs on a frequent basis may not be very well received by your lender. Same is applicable to your residential address. Further, your application could get rejected if you do not meet the minimum income criteria set by the bank you wish to apply with. If you already have multiple loans running and the total EMIs you pay is more than 50% of your monthly income, you risk being denied a loan or credit card. Apart from income documents, banks also review your bank statements to understand your banking behavior. If the crediting of your salary is untimely or inconsistent, then there are chances that your loan application might get rejected. The lenders also initiate physical verification of your home and workplace to ensure your stability and standard of living.

If there is any wrongful or misleading information, your application may get rejected. Lastly, banks or other financial institutions always do the valuation of the property before sanctioning the loan. You are also required to provide the complete chain of titles or property documents before you get the approval of your mortgage loan. Now that you are aware of all the reasons for rejection of your loan application or credit card, you may want to be diligent and wise about your choices.

These Few things You Should Never Put on a Credit Card

Cards are popularly known as plastic money and used paying for the transactions. The ‘buy now pay later’ concept make it very popular. You can get an ICICI credit card by simply applying for a card in the banks or NBFCs.

Though you can get credit card easily, you should avoid certain expenses on the credit cards because putting certain items on your card leads to huge fees and higher interest rates. You should never revolve your credit card unless it is absolutely necessary because availing that option would incur charges.
The charges are 3% to 4% of the outstanding balance per month and it multiplies to up to 50% in a year.
You should always try to avoid cash withdrawal by using a credit card because bank charges a higher rate of interest on the cash withdrawal amount.
Never pay medical bills or college tuition fees by using credit cards because they run in lakhs and thousands. Financial institutions charge a higher rate of interest on that.
You can go for another option like ask school or college authority for low-interest students loan, grants, scholarships or work-study programs that might be available to help pay your education costs.
So, these are the things should never do with your credit card. Always use your credit card wisely and try to maintain a good credit history.

Additional Reading:- 6 Things You Should Never Put on a Credit Card