If you’re considering applying for a credit card, it’s important to ensure you know how they work. In this guide, we answer some of the most commonly asked questions…. 

Q1: How do I choose a credit card?

There are many different types of credit cards available so it can be hard to know where to start when deciding which one is right for you. One of the easiest ways to look at it is to consider exactly what you need a credit card for.

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How much can I borrow?

The amount you can borrow with a credit card will depend on your credit limit, but this is often a few hundred or a few thousand pounds.

Your card provider will decide this based on factors such as your credit score (more on this later), how much available income you have after meeting your regular financial commitments, and whether you have other types of credit, such as a mortgage, loan, or overdraft.

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Q How long does it take to get a credit card?

Many credit card providers now offer instant approval for credit cards when you apply online. Others take around five to 10 days to make their decision.

Once you’ve been approved for a credit card, it should arrive within 10 working days. You will usually need to activate the card once you have received it by calling an automated number. As soon as you have done that and received your PIN, you can start using your new credit card.

Q I change my mind after I’ve applied?

Yes. Once you receive your card you have 14 days (known as the cooling-off period) to inform the provider that you’ve changed your mind and want to cancel the agreement. If you have already used the card, you’ll need to repay the outstanding balance within 30 days.

Q Can I pay off my credit card debt early?

Yes. Unlike with personal loans, there are no penalties if you want to clear your balance early.

Note that if you have a 0% introductory offer with your credit card, it’s important to pay off the balance in full before the 0% deal ends and interest is charged.

Q Can I get a joint credit card?

In a word, no – but you can add additional cardholders who will then have their own card. You’ll share the single credit limit on the account, but the primary cardholder will be responsible for clearing the debt.

Q Can I use my credit card abroad?

Yes, you can, but it may be expensive as many credit cards charge a foreign transaction fee of around 3% every time you spend. You’ll also be charged for cash withdrawals on top, with interest charged from the moment you get your money.

Ready to learn the best ways to pay off your credit card debt? It’s easy to feel stuck when you’re struggling to make minimum payments and frustrated with how far your financial goals seem to be.

However, no matter how bad you think your situation is, there’s a way out that will work for you. Here are 10 practical ways you can quickly tackle your maxed-out cards and take your first real steps towards getting out of debt.

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1. Set a Goal

Start by Setting a Goal You Can Achieve

It’s important to set realistic goals for yourself, especially when they’re about paying off high-interest credit cards or other types of consumer debt (overdrafts, lines of credit, vehicle loans, etc.).afts, lines of credit, vehicle loans, etc.).

2. Put Your Credit Cards on Ice

Yes, We Mean That Literally

This might be hard to hear, but getting out of debt means taking your credit cards out of your wallet so you’re not tempted to use them. Credit Cards, Loans, Mortgages, etc.

3. Prioritize Your Debts

Make a complete list of all your debts (outstanding balances, interest rates, and charges) and list them in order of importance. Mortgage and vehicle payments are at the top of most lists because they provide your shelter and transportation for getting to and from your job.

4. Trim Your Expenses

Free Up Some Cash to Pay Debt Faster

Speed up your debt repayment and get out of debt fast by reviewing your monthly expenses and looking for ways to cut your costs.

Click here to know about Tips For Paying Off Credit Card Debt.

A credit card has become an indispensable part of our lives, with its ease of use and convenient pay-back options. The discount offers and deals that a credit card offers are unmatched by any other financial product and spell a bonanza for the wise user. However, credit cards can become debt traps if not used correctly, or if you spend more than you can repay when the bill comes around. 

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If you’re new to the world of credit, here’s a list of the advantages and disadvantages associated with your little plastic card. 

Benefits of Credit Cards:

1. Easy access to credit:

The biggest advantage of a credit card is its easy access to credit. Credit cards function on a deferred payment basis, which means you get to use your card now and pay for your purchases later. The money used does not go out of your account, thus not denting your bank balance every time you swipe.

2. Building a line of credit

Credit cards offer you the chance to build up a line of credit. This is very important as it allows banks to view an active credit history, based on your card repayments and card usage. Banks and financial institutions often look to credit card usage as a way to gauge a potential loan applicant’s creditworthiness, making your credit card important for future loans or rental applications.

3. EMI facility

If you plan on making a large purchase and don’t want to sink your savings into it, you can choose to put it on your credit card as a way to defer payment. In addition to this, you can also choose to pay off your purchase in equated monthly installments, ensuring you aren’t paying a lump sum for it and denting your bank balance. Paying through EMI is cheaper than taking out a personal loan to pay for a purchase, such as a television or an expensive refrigerator.

Credit card processing is a complicated thing. And it’s just one of the dozens of complicated things that small business owners have to figure out. This means it’s too often put on the back burner or ignored entirely.

While we can’t really blame you for not prioritizing processing, there are some things that business owners should be paying attention to. Remember, processing costs are inevitable, but rates vary and it’s possible to reduce the total amount that you’re paying in processing costs each year.

In this post, we’ll go over some of the basics of credit card processing and look at ways that businesses can save some money and help out their bottom lines.

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What Is Credit Card Processing?

Credit card processing is also commonly referred to as merchant services. This provides businesses with the ability to accept credit and debit card payments. Such payments might be swiped on a traditional credit card machine, dipped into an EMV portal, keyed into a physical machine or eCommerce payment portal, or tapped on a contactless credit card reader.

Credit card processors facilitate communication between all parties involved in this process. They also ensure adequate security for the transaction.

Businesses must pay a fee for this service. Processing fees are assessed with each transaction and deducted from the payments received by the merchant.

What Parties Are Involved in Credit Card Processing?

Customer: Without the customer, no purchase is made.

Merchant: With the merchant, the customer has nowhere to make a purchase.

Processor: The credit card processor is responsible for setting the merchant up with PCI compliance and making sure that all communication of every transaction is seamless.

Card networks: Also known as card associations, these organizations are responsible for setting and assessing the interchange rates. The card networks are familiar names: VISA, American Express, etc.

POS system: The POS system provides the merchant with credit card terminals and point of payment hardware to allow businesses to make a physical transaction.

Issuing bank: The customer’s bank determines if any transaction is legitimate or not.

Acquiring bank: The merchant’s bank accepts the final payments after everything has been batched.

Online bill paying allows you to view, schedule, and pay your bills right from your computer or phone. Learn more about what online bill pay is, how it works, and its pros and cons.

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What is online bill pay?
Financial institutions and bill-pay services partner to offer this service to allow you to pay your bills without writing checks. Most online bill pay options are linked to a checking account and offer three payment types:
Immediate one-time payments
Future one-time payments
Recurring payments
Many financial institutions offer online bill pay as a part of their online services. However, some may charge an additional fee to use the service.

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Benefits
One advantage of online bill pay is that it automates your payments. Bills that are the same amount each month, like your mortgage, rent, or car payment, can be scheduled as a recurring payment.
 
Scheduling payments in advance can help you avoid late or missed payments, even for bill amounts that vary from month to month. 
 
In addition, online bill pay can help you consolidate your payments into one place. You can log in to your online banking portal and pay all of your bills instead of having to visit separate websites for each of them.

If you own a Cashback Credit Card, then you will be eligible to earn cash rewards, every time you swipe your card, to purchase anything. Read further, to know what Credit Card cashback is, and how it works.

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One of the greatest benefits of using a credit card is that you get to avail yourself of offers across categories like travel, shopping, fuel, dining, entertainment, and more. You, get the flexibility to earn cash every time you shop for anything. Sounds profitable, right? Cashback on a Credit Card is the latest offer, which is gaining popularity on e-Commerce portals, digital wallets, and food delivery apps.

What is a Cashback Credit Card?

Typically, a cashback credit card gives you the opportunity to earn a certain amount from the amount you spend on shopping or purchasing anything. It can be either in the form of reward points or cash, that gets credited to your account. A majority of Credit Cards provide cashback offers on expenditures related to lifestyle, electronics, online bill pay, groceries, online food delivery, entertainment, etc.

For instance, if you are using an ICICI Bank Credit Card, you get to save on money through cashback offers on well-known and trusted brands like Samsung, LG, Wakefit, Blue Star, and many more.

Considering the consumer demands, the State Bank of India offers its customer a long range of Credit Cards to choose from. Below are the long-range of credit cards provided by the State Bank of India for each and every need and demand of its customers.

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How to apply for a State Bank of India Credit cards

you can easily apply for State Bank Of India Credit Cards through Dial bank. 

You just have to follow the simple steps listed below. First, visit the Dial a bank website.

Fill out the application form.

Fill in all the necessary details like residential address, contact no., monthly income, etc.

Find your preferred State Bank Of India Credit Card. 

Check if you are eligible or not. If you are eligible then you can complete your online application process.

Features and Benefits of Top SBI Bank Credit Cards

1. Priority Pass membership is complimentary and gives you access to over 700 airport lounges.
2. In India, you will get a 15% discount at high-end restaurants.
3. On annual spending of up to Rs.6 lakh, you can earn up to 7,500 reward points.
4. Per calendar year, you are entitled to eight free visits to a domestic lounge. Both overseas purchases are subject to a 2% foreign currency markup tax.
5. Accidental mortality in the air, emergency hospitalization, and credit responsibility are all included for free.

A Credit Card has become a necessity for most of us now. The reason why a lot of us have started getting these cards is not because of our needs, but because of the various benefits, offers, and rewards offered by these cards. In the long run, you are not only saving money, but you are also getting more and more discounts on very common items. Whether it’s buying a plane ticket or a movie show ticket, Credit Cards can actually help save a lot of your hard-earned money.

Click on this link to know more about the top best 5 Sbi Credit cards.

SBI is one of the most trusted banks when it comes to Credit Cards and hence, many people tend to choose an SBI Credit Card, depending on their need.

Here is Five Best SBI Credit Cards Available in India:

1. SimplySAVE Credit Card

2. Yatra SBI Credit Card

3. SBI Card ELITE

4. SBI Card Prime

5. Air India Signature SBI Card