Spread the love

A credit card can purchase goods or services in person or online. A potential advantage to using a credit card over paying cash or a debit card is that credit cards can function like short-term loan. By using a credit card, you’ll typically have until the end of the credit card billing period (also known as a “grace period”) to pay back what you charged to the card from your bank account. Must Read: Tomas Von Reckers

You can also earn cash back, travel rewards with some cards, and extras like purchase and travel protections.


Table of Contents

When you purchase a rewards credit card, you’ll earn a percentage back on your spending as either cash back, points, or miles, depending on the type of card and what type of rewards it’s offering. Airline credit cards, for example, will typically earn miles, cash-back cards will earn you cash back, and general-purpose rewards cards may earn points that can be used for things like a statement credit or to redeem for travel, merchandise, or other options. Some rewards credit cards will earn the same flat rate back on all spending, like a card that makes 2% back on every purchase. Others will have tiered rewards where a particular type of purchase, like gas or groceries, may earn at a higher reward rate than other types of investments. Before choosing a rewards card, it’s essential to consider your spending habits and the type of rewards you think you’ll get the most benefit from and then compare that to the various options available to you.


Most credit cards calculate interest using the average daily balance method, which means your interest is compounded and accumulates daily based on your daily interest rate. In other words, each day, your finance charges are created on the balance from the day before. The daily interest rate is determined by sharing your card’s APR by 365 to find the daily notice rate and then multiplying that number by your balance. For example, to control the average daily balance on a card with a $10,000 balance on the first day of the billing cycle and an APR of 17%, you’d divide 17 by 365, which equals a daily rate of 0.0466%. This means the next day, your card would have a balance of $10,004.66, which you get when you multiply the balance of $10,000 by 0.000466. Since the average daily balance is compounded daily, the calculation is based on the day before. Let’s see what happens to a person who doesn’t have an employment opportunity can obtain a credit card.


If you’re not employed, and you have proof of the income you earn from various sources. But, the regular income from dividends from mutual funds and professional fees. Is deposited into the account of bank. Once you have verified all the required documents, the bank will issue your credit card. Banks scrutinize these documents solely to determine whether the person applying can pay for the credit card’s dues in time. Naveen Champdany the Chief Business Officer at Bank Bazaar said that most banks are reluctant to offer credit cards because of the lack of employment. However, credit cards can be obtained by analyzing the income you earn from different sources. If you earn regular income from a business, investments, freelance work, or professional expenses, on this basis, you could apply for a standard credit card.

Read More: Things that directly impacts your car insurance premium

However, you won’t be eligible to make an application for Standard Credit Card online. Standard Credit Card online if you don’t have an occupation. Unemployed people will need to go to the branch of their bank to apply for a Standard Credit Card. A bank official from the top stated, “We usually issue credit cards without a paper trail. Many other banks are the same. This is why you need to go to the branch of the bank. There are not all banks that provide all kinds and types of services for credit cards online. ”


If you’ve deposited in fixed deposit accounts, people who aren’t employed can obtain secured credit cards. Sahel Arora, Director and Group Business Head at Paisa Bazar.com said that with secured credit cards you can enjoy the same benefits as a normal credit card. However, these cards are issued by checking the fixed deposit of the account holder. The credit limit on these cards is usually between 80-90 percent of the deposit fixed. The limit for cash removals can be as high as 100 percent.


Neither Income Proof nor Investment in Fixed Deposit. The only requirement is that the other member of your family has a standard or primary credit card. This kind of card can be particularly beneficial for housewives and students. Credit cards that are added-on are issued by one of the main credit cards. They are usually accessible to the spouse’s parents, siblings, or children cardholder who is the primary. Their age must be higher than 18 years old.

chole bar

Subscribe to our Newsletter

Subscribe to receive the weekly Newsletters from our website. Don’t worry, we won’t spam you.