Credit Card Status

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How to Apply and Check Your Credit Card Application Status

What is the Credit Card?

The Credit card characterizes a payment mechanism that enables consumer and commercial payment transactions that include for goods purchases, cash advances, and allied services. The credit card generally functions as the alternatives to cash for the users. The card are used for extending payment on the behalf of the card holder, who is a borrower technically.

The borrower needs to pay a part of the outstanding borrowed amount in every payment cycle with the interest to the card issuer. It will be on the lines of pay-back terms decided and written in an agreement between the card-issuer and the borrower. It allows you to make payment for a restaurant bill or a flight ticket. But additional interest will only be chargeable after the payment is delayed, even after the 25-30 days ‘grace period’.

The card issuing agency is the bank, it creates a revolving account and extends a line of credit to the cardholder. A credit card is dissimilar to charge card where full outstanding is paid every month or cash card that is used as the currency. The credit card is a tripartite system that involves card issuer, borrower the card holder and third one who sells to the cardholder. The payment is made through the card issuer and the credit is extended to the cardholder.

In physical form the credit card is a thin rectangular plastic card that fits the wallet easily. The series of the numbers in front generally called card number depict bank, account, and network. A magnetic tape fixed on its reverse contains digital accounts information.

History– Interestingly, credit cards now must have evolved from the 1930’s charge coins. Those had different shapes with a hole in it to put it in the keychains. The coins carried the name of the vendor, customer, and his account number. Those were used at different department stores to access their already existing charge accounts.

Advantages & Disadvantages
Technology brings with it advantages on the platter of some disadvantages. Same way Credit card has both, and it is important for all to know whoever is looking for it.

Advantages

Handiness– Having a credit card gives you easy access anywhere. No need to search for ATM or having the risk of keeping cash in your pocket.

Help keep the record– The statements of the credit card enable you to keep track of your money spent. Some cards provide the extra facility of yearly summaries that helps in filing the return.

Ready cash– You can use cash when you want it, with the ready cash facility you can diffuse an emergency.

Easy loans at low price– The revolving credit can help you today if your cash supply is due after a few days. Several schemes of perks are related to the credit card from time to time. The card companies associating with any supplier extends perks on the amount of business.

Support for purchase– As per the individual policies, the card companies can handle purchase related issues with the seller. There are issues sometimes when merchants ignore the complaints about some faulty goods the credit card companies can contact them and address this issue.

Credit positives add up– The limited use of credit card and timely payment adds up to your credit score that works in the longer time in the shape of various benefits.

Disadvantages

Card Overuse– Its ease with revolving credit instigates the impulse and spending goes beyond payback limits.

Tallying account– There would be a monthly drill of checking the payment receipts with the statements received from credit card company. It’s to ensure that no undue charge is there.

Interest addition– Higher interest rates on cash borrowing can expand a small debt.

Benefits outpoint interests– The high-interest rates and annual charges add up to make the benefits offered look small.

Teaser rates tease– Introductory offers are made attractive by credit card companies with low-interest rates, that exhaust soon and you are hooked and land up paying more and in more debt.

How to find the best credit card

Depend on Spend – Think before you focus on any credit card think about the purpose of the card that you want to use that for.

If you will be paying off the due amount every month – The interest rates will hardly have any significance to you, if you will be paying the due amount in full every month. In that case look for the card with no annual charges and longer grace period.

In the situation you will carry a balance forward – In this case of carrying the pay-off balance forward to next month, then look for lowest interest rates and an attractive introductory offer.

When you use your card to buy everything- Then you should look for the card that has a substantial credit limit and reward plan.

In case, it’s usage is for the Contingencies – Then don’t look beyond low-interest rates and low fees.

The rate of Interest– When you look for a credit card offer the interest rate can be seen as APR or annual percentage rates. Optionally, its rates can be fixed or variable. The fixed rate is straight with the rate of interest applied monthly wise. Although that can also have variation owing to late or over the top buying. A credit card with flexible interest rates will have variable up or down rates. The bank can change the option and rate of interest, as per your credit score.

Charges and penalties Find a card with the lowest fees on balance transfer, no transaction fees, 0% interest for a year. Shun extra amount for rewards programs, although there are many card issuers that do not ask for it.

How to apply for the credit card online

When you have ascertained which credit-card fits your bill perfectly, then it’s the time to apply to your preferred card issuing bank. Although the traditional option is visiting the bank branch to apply with all the necessary formalities. But the easy way out is applying online. Just by clicking on the issuer’s website and following the instructions. Characteristically, few details must be furnished in the form.

  • Your name, Address and contact number with proof and a photograph
  • Bank account information, type of account
  • AADHAR/ Social Security number
  • ID proof PAN card, Voter’s card etc.
  • 2-3 month’s Salary certificate and IT return documents
  • Credit record verification through the bank statements.

Every credit card issuing bank or agency could be having some different requirements in documents, but mostly these are same as above. The terms and conditions in fine print would be available, go through with it, then sign so you are aware of all norms & conditions and rate of interest etc.

How to track your credit card application status

Credit card application filing online along with the documents required by the card issuing bank is the step one. After all the formalities are done, the step two is to begin checking the status of the application online. Normally total process till delivery of the card takes three to four weeks. Keep the information handy when visiting the card issuing bank’s site such as application number, PAN card, application form number and date of birth etc.

Steps to follow for checking application status online

  • Open the card issuer’s website
  • Look for a tab informing ‘Track application status’ or similar
  • On application, status fills up details in required boxes of application forms, PAN number etc.
  • Enter once all details filled. The interface will display the status of the application form.

Read:

How to Check Your HDFC Credit Card Status
Apply and Track ICICI Bank Credit Card Status
How to Apply and Check SBI Credit Card Application Status
How to Apply and Track Axis Bank Credit Card Status
How to Check RBL Bank Credit Card Status
How to Apply and Check Citibank Credit Status

How to Check your credit card balance

You always can’t remember the balance whenever you try making payment for any purchase. What if there is not enough payment available on your credit card? This tight situation can be avoided by knowing about how to check the balance available.

Use of Internet– Availability of smartphone and internet almost everywhere to check the balance is not very difficult thing to do. The credit card issuers extend their services through online banking, bill payment facilities, or any other related issues such as transfer of funds online. Download the company’s app or through the website to do it.

Online account– If you don’t have an online account, sign up on the website with complete details such as credit card number, date of birth, billing address and other identity detail. Get a username and password for the online account, try to use a different set being used on the other sites. The password should be unique and easy to remember. Most would verify the account by sending a link to your email account. Click on the link and you are open to knowing about the balance in your account.

Login your account with the username and password, check the ‘balances’ option and click on it. Several options would open such as account balance, recent transactions and anything else that would be hampering the available credit balance to get through.

Use of Phone– If you don’t have access to the online service, get a phone to call the operator to know your balance. sometimes the problem may ariseof waiting for longertime and having all the transactions record readily available to you. The phone number is available on the back of your card. In most of the cases, your call will route through automated machines, where it would ask for the details to be filled up to get you your required query.

Through Account statement– You can get the account balance through downloading the statement when you have availability of online services on your phone or a printer to get a paper statement.

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