Numerous Features of a Credit Card
Right now, credit cards have many features and are very versatile. They can be summarized into the following functions:
Credit
The holder could acquire prolonged credit as much as an agreed limit at a published interest rate.
Charge
The holder can repay the entire quantity on the finish of the month, without cost provided no cash advance has been taken.
Cash
On presentation on the applicable banks, topic to check, money will be obtained. In most cases will also be used in ATMs to obtain cash.
Cheque assure
A cheque drawn on a bank could also be guaranteed up to a published restrict offered it is accompanied by a Cheque Assure Card (or in some cases a Visa or Mastercard card) issued by the bank on which discover it cashback‘s drawn.
Cheque encashment
Cheque guaranteed as above could also be used to obtain cash from branches of most banks, though a cost may be levied in sure circumstances.
Worldwide
If the card is a member of Visa International or Mastercard International, you should use your card at many international locations where there are lots banks who’re members of them.
Maybe essentially the most significant fact to emerge from the summary of card functions is that strictly speaking, they are not debit cards. Though they can be utilized to acquire money via ATM, the debit can be made from the credit card account and never from the holder’s bank account.
The credit cards mentioned above are bank cards. Totally different bank cards have completely different card functions. The functions of bank cards really depend on the individual bank itself. Some bank card may have all of the above features and a few could not.
There other credit cards which can be issued by retail stores equivalent to Petrol Card, Quasi Card and Private Label Card which may have some of the above features talked about above.