When to Use your Credit Card during an Emergency

Money is the core of all financial activities. When an individual uses a credit card, they can do transactions as they want to which can amount up to a predefined limit. The amount is billed as a credit to the user and the user is liable to pay the amount within a specified period without any extra charges. People have been using this card for their daily expenses and even as an emergency backup. A credit card can be obtained by any individual clearing the basic eligibility criteria.

Some basic eligibility criteria for the card are -

• The individual should be of or above the age of 18.
• The individual should have a stable source of income. Self employes, Salaried employees, Student, Retired, homemakers, and even business entrepreneurs, are eligible.
• Indian citizenship or even NRI’s (Non-Residential Income) are eligible for the card. Some cards may be exclusive to Indians only.

If the individual clears the eligibility criteria he/she can avail of a credit card facility at the nearest financial institute. The application process of availing of a credit-card credit card is simple and nowadays completely online. The first step for the application required inquiring about the right card. There are a variety of cards offered by banks with various uses and benefits. Choosing the right card as per needs is very important. Different cards have different maintenance charges as well as usage limits. The policy of credit cards is mostly the same. One can use the money and pay it back within a specified time. If the user fails to settle the credit before the tenure period interest could be charged by the banks. If the user can pay on or before the tenure ends no extra amount is charged. This facility of credit cards proves to be very helpful in case of emergencies. The card can be used for paying medical bills and other expenses. The amount is billed after the usage period ends and is to be paid by the end of the billing date. It has no cap on how and on what the card credit is to be used. Another good feature of such a card is that the amount payable at the end of tenure as the bill can even be converted in EMI’s ( Equated monthly installments) which is easier for the user to pay. Credit cardholders also get exclusive benefits for having such cards as exclusive lounge access at the airport or special discount offers by various E-Commerce vendors. As there are several credit card providers in the market choosing the right card can be a tough task.

Credit-card/Dena-bank-credit-card Dena Bank Credit Card is provided by Dena bank. The bank offers some of the longest payback periods for credit cards with low-interest rates in case of default in payment on time. The users can also avail cashback benefits on transactions at partner outlets. The card also has a special chip for security which can provide protection from fraudulent activities take place. The card has a dynamic limit that can be changed by the user according to the need. The user can use the card and earn loyalty points which can be used to avail exclusive offers with the bank and partner outlets. The bank also offers 24/7 365 days customer service to help the user in an emergency. Thus one can conclude that credit cards can prove to be a life savior, especially in emergencies by providing credit when needed almost instantaneously.

Conclusion

A credit card can not only be used for leisure purposes but also in case of a dire emergency, may it be for medical expenses or urgent travel needs. A person is free to use the card and its credit facility according to their wish. The card can be very useful as it provides a credit on demand which one can pay later on.