What is a credit card | credit card information in English

What is a credit card: This question may have come to your mind many times. Older, younger or students all have bank accounts, so the word credit card is often heard.

As you know, the bank provides facilities like internet banking, ATM card, mobile banking, check book, etc. to enable your account holders to make financial transactions in less time. Banks are providing facilities that will benefit the account holders to the maximum.

Banks offer a number of facilities for account holders, one of which is that the bank lends to account holders. Yes, the facility of bank lending to its customer is operated with the help of credit card. The customer is given a fixed time to repay the loan given by the bank. This facility is provided using credit card. It will be useful for you to know exactly what this feature is. So in today’s post we will look at Credit Card Information in Marathi.

Credit Card Details | Credit Card Information in English

Credit Card Details | Credit Card Information in English

Digital banking is a facility provided by the bank to the customer. This facility has made it possible to make financial transactions online in less time. To provide this facility, the bank has introduced two cards namely debit card and credit card. A debit card is a link to a person’s savings bank account. Payments made using a debit card are deducted from the person’s savings account. Credit cards are the opposite, so how? Let’s see this below.

What is a credit card? – What is Credit Card in English

Physically, it is a card that looks like an ATM card. A credit card is a thin plastic card issued by a financial institution that allows you to get a loan from a bank for a fixed period of time. In short, this card allows you to get a loan from a bank for a fixed period of time, which you have to repay on time, otherwise you have to pay interest.

The credit card bill has a pre-determined time from the bank and the amount has to be repaid. Credit cards are not given to everyone by the bank, so the bank takes all the financial information of the person, it is difficult for a normal person to get a credit card but it is easily given to a person who has a job. This card is issued only if the person in front is financially able to pay the credit card bill.

Even if you do not have money in your savings account, you can pay with the help of Credit Card Information in English. The credit card limit is fixed and you can spend only a certain amount on any purchase with the help of this card. A credit card is a bank loan from which you can make a purchase and you have to repay the loan to the bank every month.

How Does Credit Card Works?

As we have seen above, Credit Card lends a certain amount to its users which can be used in many places. Credit Card operates in collaboration with Merchant and Provider Bank. Whenever a person takes a credit card from a bank, the bank gives the prescribed credit to that person. Let us see How Credit Card Works to see how this credit is used.

As seen above, credit cards are used to make purchases or pay bills online or in stores. You have to swipe your credit card over the merchant ‘s POS machine to make the payment after purchase. After swiping the credit card, the merchant’s bank is notified and your credit card information is sent to the merchant’s bank. The merchant’s bank then sends instructions to the bank that provided your credit card to approve the transaction.

Now your credit card provider bank checks the credit card information and approves the payment if all is correct. After the payment is completed, the money is credited to the merchant’s account. When the payment is successful, the POS machine generates a receipt, which contains information about the payment you made.

You have to pay the credit you used during the month at the end of the month. At that time you get a list, which contains the details of all the payments you have made in a month. You are given some extra time to pay the bill. If you are late in paying the payment, interest is charged at a fixed rate.

Types of Credit Cards

Credit cards are used in many places. This card is used for many activities like airline ticket, train ticket booking, cab booking, etc. This leads to certain types of cards that are designed for specific functions. So let’s look at Types of Credit Card.

1) Travel Credit Card

This card is for people who like to go for walks in different places. This card is discounted for Travel Tickets. If you pay with this credit card for booking of train booking, airline booking, bus booking, etc., you will get a certain amount of discount, cashback, redeem points.

2) Fuel Credit Card

This credit card is affordable for people who are in the transportation business. If you pay with Fuel Credit Card while refueling the vehicle, you get cashback, redeem points. Petrol pumps also offer offers for credit card holders, which you can take advantage of.

3) Shopping Credit Card

This is a special card for shopping lovers. This card should be worn by people who love shopping. It offers you extra discounts, cashback, redemption points for shopping. There are also vouchers that you can use later.

4) Secured Credit Card

People who have a bad credit score or are likely to have a bad credit card should use this card. Using it does not lower your credit score, so if you get into debt early, you are more likely to get a loan.

5) Balance Transfer Credit Card

This card is required if you want to transfer your credit. This credit card will not incur any interest or penalty as it takes 6 to 21 months to repay the credit. One Time Balance Transfer Fee is charged for one credit transfer which can be up to 5% of the amount to be transferred.

The above are some of the popular types of credit cards, in addition to the many types of credit cards available in India. We will see their details in a later article.

Benefits of Credit Card

Credit Card has many advantages, the more cleverly you use Credit Card, the better. Credit Cards offer a number of offers for transactions, which can benefit you if used properly. Some of the important benefits of Credit Card are explained below

1) The biggest advantage of a credit card is that the money used does not pass through your bank account. This amount is deducted from the amount of credit given to you by the bank. All you have to do is restore the credit at the end of the month.

2) It creates a credit score for each person who uses it which is useful for a person to get instant loan from any bank. If the credit card is repaid on time, the credit score stays good and if it is late, it decreases.

3) If it is a card, you can buy any large value item on EMI i.e. installment. This keeps the amount in your bank Savings Account the same. You can pay in monthly installments without paying a lump sum.

4) Most offer credit card users. From the time you swipe your card until it is repaid, you are given some redemption points that you can use for the next repayment.

5) The period given for repayment is interest free, during this period you are not charged interest. If you repay within 45-60 days, your chances of getting further credit increase and your credit score stays good.

6) A record of all payments made on credit card within a month. When repaying you are shown all the lists and you also get alerts when you swipe the card. This leaves you with no doubt.

7) Credit card fraud is less likely to happen and if it does happen then you have to file a claim with the bank. If the claim is true, the bank will not charge you for the purchase.

Credit Card Disadvantages

There is a risk of loss if you make a mistake while using a credit card. In today’s world of fraud, credit card users need to be careful. We have explained below some important disadvantages of Credit Card

1) Credit cards give you a large amount of credit. Because of this, many people buy more than they need to. Because of this you are more likely to fall into debt trap.

2) These cards are considered completely secure but in today’s online world credit card fraud is also taking place. Fraudsters can steal and misuse your credit card information. The bank needs to be notified within three days if any fraudulent transaction is made from your card.

3) If there is a delay in repaying the credit card amount, the interest rate is very high, so you need to pay back carefully.

4) If you use a credit card for fuel like petrol, diesel or for payment of train booking, you will have to pay some extra charges.

5) There is a charge for credit card withdrawals and some interest is also charged.

6) In addition, some annual rates apply to credit cards such as annual credit card fees, foreign transaction fees, cash withdrawal fees, etc.


In today’s article you have understood Credit Card Information in english and I hope you all are well aware of this information. Using a credit card is always beneficial, you do not need to withdraw money from a bank savings account. With credit card credit you can do all the shopping, bill payment, ticket booking, etc. Just be careful not to delay repaying after one month otherwise interest is charged.

If you have any doubts about Credit Card Information in this post, you can ask in the comment box below, we will try our best to solve your problem as soon as possible.

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