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You can opt to avail the moratorium for your SBI Bank credit card dues. The moratorium means that it’s just a deferment of payment and your credit dues will continue to accumulate interest and other charges(other than Late Payment Charges and residual GST). So it is advised to make card payments regularly, to lessen the burden from accumulation of outstanding amounts. The moratorium has been extended till August 31, 2020.
Due to the coronavirus pandemic, RBI has allowed banks to push the billed credit card dues between 1 March,2020 and 31 May,2020. This is not a waiver that is provided on the repayment amount. If you plan to opt for the EMI holiday(moratorium), your credit scores will not be affected during the 3 month period. However, the interest rates will continue to be charged at current rates or as specified by your credit card issuer. For credit card dues, billings will be restored on 31st May, 2020.
Owning a car makes travelling easier. You don’t need to use public transport everywhere you go. Financing a car becomes easier when you avail a car loan. Banks and other financial institutions provide car loans at easy Equated Monthly Instalments(EMI). If you are looking forward to buying a new car or a pre-owned car, there are lenders that offer car loans for both. When you apply for a loan, you would have to make sure you fit the eligibility criteria set by your lender.
You can draw cash or make purchases anytime using your credit card and pay for them later. But paying over time will come at a cost. If you take more than a few weeks to pay off your balance, you would have to pay a fee in the form of a finance charge. It is possible to avoid having to pay finance charges on your credit card. Paying your full outstanding amounts before or on the due date will help you avoid finance charges.
Credit cards are beneficial in many ways if used judiciously. If circumstances have pushed you to default on your credit card bills and loan repayments, getting an unsecured credit card later can be an uphill task.
Credit card issuers approve card applications based on factors such as income, employment and past credit history. If there is any inconsistency with regards to the past repayments, the card issuer is likely to reject your application. 550 is clearly a low credit score which may make it difficult for you to qualify for a credit card. However, the odds can be overcome by opting for a secured credit card.
Any credit score of 750 and above is a good credit score, and banks are willing to issue credit cards to individuals with good credit health. Income and credit score are the two important factors that play a decisive role for a credit card approval.
Bad credit is an indication to the lenders that you have been inconsistent with your financial responsibility in the past. With a bad credit score, it is unlikely to qualify for a loan or credit card as lenders consider your profile risky. However, with a collateral to recover in case of defaults, it is possible to get a secured credit card.
You can apply for a Kisan Credit Card online or by visiting your lenders nearest branch.
Kisan Credit Card scheme was started with the aim of providing short-term formal credit to farmers. Farmers can avail loans to meet their agricultural needs under this scheme and that too at affordable interest rates. The government has also made the application process easier to increase interest among farmers. The repayment has also been simplified and dependent on the harvesting season, reducing the farmers’ debt burden. The features associated with the card are mentioned below:
Amazon in association with ICICI Bank launched Amazon Pay ICICI Bank Credit Card that makes your shopping more rewarding by providing a reward rate of up to 5% if you are an Amazon Prime member.
You can pay your IndusInd credit card outstanding bills online anytime from the comforts of your home or office. You would just have to go to IndusInd bank official website and follow a few steps for making a payment online
You can get a credit card with a salary of Rs. 12,000, but you would have limited options. Each lender would have their own criteria of qualifying for a credit card. Lenders would want to know if you will be able to pay your credit card bills on time every month. To know about your repaying capabilities, your credit history will be checked. Having a good credit background would get you better chances of qualifying for a credit card even though your choices may be limited. But having a bad credit background can bring down your chances of getting a credit card.
You can get a credit card with a salary of Rs. 10,000, but you won’t have a wide variety of options when it comes to picking the credit card you want. You might not even be able to get a credit card from a specific lender that you prefer. Only a very few lenders will have credit cards for people who have a salary of Rs. 10,000. Apart from your salary, your credit history will also be checked, if you want to qualify for these credit cards. If you have a good credit score, you have a better chance of getting approved for a reasonable credit limit.
You can now get a credit card in India even if it is less than Rs. 20,000 per month. Most banks offer an exclusive credit card for people with low income. The card holder can upgrade the credit card or increase the credit limit on the card once the income goes higher. Following are some of the popular credit cards that will best suit the needs of low income individuals.
Bank of Baroda offers four types of credit cards to their customers namely Easy, Select, Premier and Prime. Among the four credit cards, Easy and Prime are best suited for low income earners. Following are features and benefits of the cards.
Krazybee Student Paycard works just like a credit card. You can easily transfer money from this card to Paytm under the credit card option. Moreover, the card can be used at e-commerce portal such as Amazon, Snapdeal, Myntra and Jabong.
Yes, you can pay your ICICI Bank credit card bill through Google Pay. Following are the steps to be followed.
Google is a payment facilitator which can be used to make payments via bank accounts that is connected to the application. For Indian users, as of now, there is no provision to transfer money from credit card to Google Pay or add a debit or credit card to the app to make payments.
Google Pay is a payment application that facilitates payments from one bank account to another. Currently, there is no provision to pay your SBI credit card bills via Google Pay.
Usually, an applicant with a bad credit score doesn’t get approved for a good credit card. Even if you get approved for a credit card, you wouldn’t get one of the best cards. Plus, the interest rates that you would have to pay will be very high.
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