Go Through the Credit Card Payment Agreement With Financial Institution Payment Service
The credit card has almost become a necessity in this modern world as it offers short-term credits to meet your emergency expenses. Almost all the retail shops, online stores, hospitals, travel agencies, hotels etc. today accept credit card payments. So, there is no need to carry bulk cash in the wallet. Moreover, it's not at all difficult to get a credit card in your name, you just have to let any bank know that you are looking for a card and in a few days, you will have your card in hand. In fact, financial institutions and banks make outbound calls to earn new customers. So, if you are an average earning person, you are sure to receive numerous calls from banks and financial institutions offering you
cards. But there is one thing that the majority of the people forget when it comes to getting cards. It's nothing but to go through the card payment agreement with financial institution payment service in detail. It's the same long sheet that you blindly sign to get your credit card kit.
As the name says, this document is your agreement with the bank agreeing to abide by all the terms and conditions set by them.
Everyone is aware of the good side of the card but there is a darker side to this payment card as well. If you fail to settle your credit card bills on time, the interest rate may keep on mounting up and you may end up being liable to pay many times more than what you used. So, go through the credit card payment agreement with financial institution payment service and understand the terms and conditions thoroughly before opting to sign the deal. Here are a few things that you need to check.
Interest rate and annual charge
Interest rate is one of the first things that you need to check while signing up for the card. Each one comes with a grace period. If you manage to pay your credit card bills within this grace period, you are not charged any interest. So, check what grace period is offered by the card. The interest rate for the cash withdrawals, credit transfer,card purchase etc. may not be the same. So, scrutinize the credit card payment agreement with financial institution payment service and check the interest rate for each of these activities and make sure that it's something that you can afford to pay. You need to pay a certain amount as annual fee for keeping the card in your name. So, check out how much they charge you as annual fee.
Credit limit and repayment option
Credit limit is the amount that you are allowed to use on your card. You would not be able to use the card after this limit is exceeded till you settle your credit card bill. So, check what credit limit is offered. A lot of cards let you pay your bills in several installments. However, there are cards that do not offer such a facility. You would have to pay the bill in one shot. So, find out the clauses related to repayment options in the credit card payment agreement with financial institution payment service.
cards. But there is one thing that the majority of the people forget when it comes to getting cards. It's nothing but to go through the card payment agreement with financial institution payment service in detail. It's the same long sheet that you blindly sign to get your credit card kit.
As the name says, this document is your agreement with the bank agreeing to abide by all the terms and conditions set by them.
Everyone is aware of the good side of the card but there is a darker side to this payment card as well. If you fail to settle your credit card bills on time, the interest rate may keep on mounting up and you may end up being liable to pay many times more than what you used. So, go through the credit card payment agreement with financial institution payment service and understand the terms and conditions thoroughly before opting to sign the deal. Here are a few things that you need to check.
Interest rate and annual charge
Interest rate is one of the first things that you need to check while signing up for the card. Each one comes with a grace period. If you manage to pay your credit card bills within this grace period, you are not charged any interest. So, check what grace period is offered by the card. The interest rate for the cash withdrawals, credit transfer,card purchase etc. may not be the same. So, scrutinize the credit card payment agreement with financial institution payment service and check the interest rate for each of these activities and make sure that it's something that you can afford to pay. You need to pay a certain amount as annual fee for keeping the card in your name. So, check out how much they charge you as annual fee.
Credit limit and repayment option
Credit limit is the amount that you are allowed to use on your card. You would not be able to use the card after this limit is exceeded till you settle your credit card bill. So, check what credit limit is offered. A lot of cards let you pay your bills in several installments. However, there are cards that do not offer such a facility. You would have to pay the bill in one shot. So, find out the clauses related to repayment options in the credit card payment agreement with financial institution payment service.