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You must be aware of the important factor in determining creditworthiness. When applying for including credit score, credit score plays an important part "generally emphasize having a strong credit score.    Credit mix that affects the credit score How does credit mix affect your credit score Common activities to improve credit score are also widely emphasized. An analysis of the credit mix is ​​one of the various factors that play an important role in determining credit score. Loan mix: There are many types of loans like home loan, car loan, education loan, personal loan, credit card loan. Isn't it? A person's credit report includes multiple types of credit, which is called credit mix. Credit Impact: Generally having multiple types of credit is viewed favorably in the credit worthiness score. This is because managing multiple loans is considered the ability to handle multiple loans. This can affect the credit rating. New Credit: Although having multiple ...

New Norms on Card Utilization RBI has issued new norms regarding utilization of credit cards in excess of the permitted credit limit. credit card What are the new rules for credit card The RBI has said that the consent of the beneficiary is required to allow the use of additional amount beyond the credit limit in the card usage. This protocol has been introduced to avoid fraud in card usage. It has also been informed that customers should be given the facility to disable or enable the feature of using the amount beyond the credit limit. Therefore, card companies cannot allow usage beyond the credit limit without the customer's permission and cannot impose a penalty. Similarly, users' approval is required to issue new cards. However, if a new card is issued without the card being claimed, it must be returned within one week if the customer keeps it unactivated. Similarly, the Reserve Bank has said that the facility of choosing card distribution companies should...

A few credit cards offer a variety of benefits, and the cashback offers that we get when we make purchases through the card sometimes come in handy. Cashback based on points or set as cash. By effectively handling this offer, you can get extra benefit in using the card. Especially since there are different types of credit cards and the cashback benefits offered by them also vary, it is important to use them properly. credit card Choose the right card Cashback type that suits your spending habits: Choose the card that offers the most cashback on your spending like travel, dining, shopping etc. Annual Fee: Cards that offer high cashback may have an annual fee. Evaluate your spending levels and choose a card that offers more cashback than the annual fee. Transaction fees: Some cards may charge fees for withdrawals and foreign transactions. Be aware of these charges. Use the card correctly Take advantage of high cashback offers: Many cards offer high cashback at certain stores...

There is no limit on how much you can spend on a credit card in a financial year. They can spend as per the credit limit offered by the credit card companies to their customers. However, spending beyond the credit limit will incur interest and charges. credit card risk. What happens if I spend more than my credit limit? In India, the credit limit offered by credit card companies to their customers ranges from ₹2 lakh to ₹5 lakh. However, some companies also offer credit limits of ₹10 lakh or more to their customers. While spending through credit card, it is better to spend according to their financial status. Spending beyond the credit limit will attract interest and charges, which can lead to financial hardship. Here are some things to keep in mind while spending with ...

Rules for withdrawing money through credit card ATMs have been published. Do not withdraw money from credit card from ATM. It is said to cause great loss. Credit card What happens if you withdraw money from an ATM with a credit card When they run out of cash at the end of the month, or have a sudden need for cash, people often turn to their credit cards when they have no other option. Banks don't just give you credit on cards, now just like debit cards, credit cards also have a cash advance facility. Credit Card, You can withdraw money from a credit card by going to an ATM just like you can withdraw money from a debit card, but if you're worried about your credit score, read on first. Your credit score depends on many factors. In simple words, withdrawing money from an ATM with a credit card will not cause your credit score to drop. But it can definitely cause the score to drop. I mean, it doesn't have a direct impact, but some things happen, causing your...

Axis Bank has announced a number of changes to its Magnus credit card, effective September 1, 2023. These changes include:Increased annual fee: The annual fee for the Magnus credit card will be increased from Rs. 10,000 to Rs. 12,500. Axis Bank's Magnus Changes credit card New rules for Axis Bank Magnus credit card Changes to reward points: The number of reward points earned per Rs. 200 spent will be reduced from 12 to 10 for the first Rs. 1.5 lakh spent in a year. Beyond this threshold, the number of reward points earned will be increased to 35 per Rs. 200 spent. Changes to the annual benefit voucher: The annual benefit voucher worth Rs. 10,000 will be discontinued. Changes to the fee waiver criteria: The fee waiver criteria for the Magnus credit card will be changed. New customers will need to spend Rs. 25 lakh in the preceding card anniversary year to qualify for a fee waiver, while existing customers will need to spend Rs. 1...