Finance Care in India - Credit Card, Credit Score, Fixed Deposits

A credit score is a three-digit number that portrays your creditworthiness to the lender. Before sanctioning you a loan, your lender looks at your credit score to evaluate how creditworthy you are and whether you will be able to pay the loan or not. It ranges from 300-900. The better the score, the more are your chances of loan approval. But are you aware if you have a low credit score , it can affect your relationships as well apart from the rejection towards loans and credit cards? 1) The rate of interest on your loan is decided based on your credit score itself. You will be offered a low rate if you have a good score and a higher one if you have a poor rating. 2) It might also influence your relationship as well if one partner is managing the total expenses, and the other is not. 3) You might not get a loan or even a credit card if you have a low or poor credit score, an especially personal loan which requires a good score above 7...

A fixed deposit is one of the most loved avenues of investment among investors. They are considered better as they offer safe and guaranteed returns as compared to savings or current account. By opening an FD account, you can earn higher returns on your investment. There are two types of fixed deposit accounts: Bank FD and Company FD. Investing in company fixed deposits is better than bank deposits because they offer many benefits as compared to bank fixed deposits like: 1) You get a higher rate f interest on your investment nearly 9.00% per annum 2) They have good credit ratings assigned by top-notch credit rating agencies like ICRA, CARE or CRISIL 3) Make sure that you check the company before starting investment in FD accounts 4) In company fixed deposits, you also get several interest pay-out options like monthly, quarterly, half-yearly as per your requirement 5) Make sure that you do not withdraw before your fixed deposit matures otherwise you would have to pay ...

Credit cards are a quite convenient option as compared to debit cards. This is because they enable you to transact easily without the need of carrying cash in your pocket which you could not enjoy using your debit card in which you need to maintain specific savings in your account to make the transactions. Not only this, but best credit cards also come with great benefits like attractive discounts, cash back offers and fuel benefits, etc. But most of the people have lots of misconceptions about credit cards regarding their eligibility, process, approval, etc. Let’s have a look at some of the common myths: 1) Credit card application is a complicated process It is not correct as nowadays most of the enders are accepting the application online, provided that you need to be eligible to get a credit card. 2) You need to be rich to get a credit card from your lender You don’t need to be rich or wealthy to own a credit card. If you have a good credit score, you may apply fo...

Nowadays, credit cards have become extremely popular as it allows an individual to pay for goods and services using the credit available against a Credit Card Offers . The amount used as credit is paid back the credit card issuer on a later that, if not then it will attract some sort of penalty charges. We have a plethora of credit cards available today across categories like travel, dining, movies, lifestyle etc. No card is good or bad, it depends on the lifestyle you own and the type of credit card you want. For example, the person who loves shopping would like to own a credit card which offers attractive discount and cash back offers while doing online shopping. And, if you are an avid traveller, then you would be looking for a travel credit card to maximize benefits on hotel and travel booking using your credit card. Let’s have a look at some of the best credit cards which you can apply for along with its benefits. 1) For shopping: SBI’s Yatra card and SimplyCLICK SBI Car...

Credit cards come with certain benefits and even earns you reward points for every transaction. This feature encourages you to hold a number of cards. But do you really know how to take maximum advantage of credit card benefits? Here are some tips to manage your credit card application and enjoy maximum benefits. 1. Make a budget and stick with it – Credit card might tend you to overspend and lead you in debt trap. So make a budget and limit your credit card spending to it. 2. Pay the bill in full and on time – Each month instead of paying just the minimum amount choose to pay the bill in full otherwise from next month the remaining balance will attract interest along with all further transactions. 3. Have multiple credit cards? Be careful! - With multiple credit cards, you must keep track of your payment dates. A better option is to put it on auto pay so that your credit card bill gets paid automatically and on time as well. 4. Use points wisely – Keep close t...

There are a variety of credit cards that are available today. The variety of credit available with us today are rewards cards, cashback cards, travel cards, balance transfer credit cards, co-branded credit cards, etc. All of these credit cards have their own pros and cons as they are put to use for meting different uses. Let’s have a look at some of the credit cards below: 1) Reward credit cards These credit cards help you to earn payback or reward points on your every purchase which can be redeemed later on. 2) Cashback credit cards The cashback ards help you to get cashback on specific terms on your purchase. Cashback points are available in the form of gift cards. 3) Small business credit cards these credit cards are best suited for all the small business owners. They usually get attractive reward points when they purchase goods and supplies from stores. 4) Fuel Credit Cards With these credit cards, you will earn amazing cashbacks and reward points every time you pu...

Any individual needs to save money for any future situations. They aim to save money but ends up spending it all if proper budgeting is not done. There are multiple ways to save money like mutual funds, investing in the stock market and many more but they all are subject to market risks. However, Fixed deposit , on the other hand, is the most secure form of investment where the investor deposits all the amount at one go for a certain fixed period and gets a fixed return including interest after maturity with no risk. There are multiple reasons which attract the customer to invest as it offers a higher interest rate than usual savings bank account. The money invested here is for a long tenure which cannot be closed in between, however, if needed, can be closed with premature withdrawal penalty. You can also use it as collateral to avail loan or credit card. It also exempts tax up to a certain limit. Fixed deposits are one of the best forms of investment. Read full info: How...