FAQ Category: Utility of Credit Cards

A p-card is a special card issued by companies to their employees for purchasing goods and services on the company’s behalf. With a p-card, employees can buy what they need without going through the usual purchase request and approval process. These cards are also called purchasing cards or procurement cards. They simplify the buying process for businesses and make it more efficient for employees to make necessary purchases.

A balance transfer is when you shift the amount you owe on one credit card to another card with a different provider. It helps you consolidate all your debts into a single place. Sometimes, the new card may offer a special lower interest rate for a limited time to help you save money on the transferred balance.

A balance transfer and purchase card is a type of credit card that allows you to transfer existing debts from other credit cards or loans to consolidate them into one place. It can also be used for everyday purchases, just like a regular credit card.

Money transfer credit cards work differently from regular credit cards. They allow you to transfer money from the credit card directly into your bank account. This lets you use those funds to pay off high-interest debts, like an overdraft, personal loan, or payday loan. You can also use the transferred money to make a big purchase, like buying a new car. It’s a useful option to manage your finances more effectively and save on interest costs.

Supplementary cards are like extensions of the main credit card and are mainly used to share the principal cardholder’s credit benefits with their loved ones. These individuals might not be eligible for their own credit cards because they are too young, have a poor credit history, or don’t have a steady income. With supplementary cards, they can enjoy the convenience and advantages of using a credit card, benefiting from the creditworthiness of the main cardholder.

A contactless credit card uses a special technology called RFID to make payments faster and easier. Instead of swiping or inserting the card, you can simply hover or tap it over the card terminal. The card sends out short-range electromagnetic waves with your credit card information, which the payment system captures and uses to complete the transaction. It’s a quick and convenient way to make purchases without needing to physically insert the card or enter a PIN.

A Credit Card Insurance Plan provides financial security to the cardholder in case of unexpected situations like loss of income, disability, injury, or death. If the cardholder faces these difficult circumstances and cannot repay their credit card bills, the insurance plan helps cover the payments on their behalf, offering peace of mind during challenging times.

Officials mentioned that the discounts offered on debit cards and other digital payment methods will remain in effect for the time being. The discount of 0.75% on transactions made using credit/debit cards, e-wallets, or mobile wallets resulted in a savings of approximately 50 paise per litre on petrol and diesel purchases.