Credit Cards - All You Need to Know
A Credit Card may seem like just another tool which helps you make purchases, but it for sure can do so much more! If used responsibly, a Credit Cardcan help you build a good credit history, also allowing you to get loans at favourable Interest Rates. It also helps you earn reward points on your everyday purchaseswhich can be redeemed for Gifts, vouchers, flight tickets etc. Credit Card also has host of offers on various categories like Travel, Dining, Shopping, Bill payments etc. Credit Card is safer for Online & Store purchase as the transactions are authenticated using PIN or OTP

However, most of us use Credit Cards in our everyday lives, but fail to know how exactly our Credit Card works. Here’s a quick guide to the 5 things you sure need to know about your flexible Credit Card.

• Understanding the Annual Percentage Rate (APR)
  The APR is a source that tells you how much interest you would be charged on your Credit Cardoutstanding every year. Most Credit Card companies like to show a monthly Credit CardInterest Rate, but in order to make it simple, they have to show the annual Credit CardInterest Rate. This involves a compounding effect, i.e., showing the interest paid, on the interest from previous months.

• Balance Transfer Fee
  A balance transfer fee is the amount that you will be charged for transferring balance from one Credit Cardto another. This amount generally takes the form of a percentage of the amount being transferred.Currently HDFC Bank charges 1.10% as balance transfer fee.
• Late Payment Fees
  As a Credit Card holder, if you do not make the minimum payment on your Credit Card which is 5% of statement balanceby stipulated date or time on your bill, you will be subjected to a late payment fee. This late payment fee is largely standardised across the industry. This may not sound much but these frequent late payments may affect your Credit Card rating; thus, making your Credit Card provider reassess your creditworthiness, leading to a reduction in your Credit Card limit and may increase the Credit CardInterest Rate.

• Minimum Repayments
  Minimum repayments as the name suggests, is repaying the very least amount on your debt each month which is 5% of statement balance. A failure to this payment will lead to a late payment charge and you might run the risk of damaging your Credit Card rating

Easy EMIs
Buy a wide range of products and services with your HDFC Bank Credit Card and pay in Easy Monthly Instalments (EMIs).
HDFC Bank presents the Easy EMI program to make your credit card usage more convenient and hassle-free. We have tied up with a number of merchant establishments to bring you this program.

Features:

• Pay in Equal Monthly Instalments
• No documentation required
• On-the-spot approvals
• Earn Regular reward points even on EMI transactions

How does Easy EMI work:
First, choose an outlet which is part of the Easy EMI program. Visit the outlet and choose the products or services you wish to buy. At the time of making payment, inform the cashier of your intent of purchasing the product or service on EMI through your HDFC Bank Credit Card.

Processing Charges:
You may be charged a processing fee on the transaction as a one-time charge or/and charge advance EMIs. Please check at the Merchant outlet counter for details.

Repayment tenure:
Please check at Merchant outlet counters for repayment tenure options. Armed with this knowledge, you could go forth to find the best Credit Card for yourself. Alternatively, also check out other options and benefits, in order to learn more about the favouriteCredit Cards in the industry.

Armed with this knowledge, you could go forth to find the best Credit Card for yourself. Alternatively, also check out other options and benefits, in order to learn more about the favouriteCredit Cards in the industry.

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