Having credit has become a valuable part of the everyday modern life of a consumer, and one of the most common ways to have credit is by owning and using credit cards. And even with plenty of events reminding us of the economic and financial uncertainty (millions of Americans having lower credit scores, rise of identity theft crimes), you still need credit to get by in life.
So, here are some things you need to know in order to start your credit line.
First of all, you need to prepare a few documents before you go to an issuer to apply for your credit card.
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(Reuters) – Stocks fell in the year’s lightest volume on Monday as worries about the pace of economic recovery overshadowed data showing a rise in consumer spending and income.
The uncertainty weighed more on sectors associated with growth, including banks and consumer discretionary stocks. Bank of America (BAC.N) fell 2.5 percent to $12.32 while specialty retailer Nordstrom Inc (JWN.N) tumbled 5.2 percent to $28.72.
U.S. consumer spending rose at the strongest pace in four months in July while a smaller rise in incomes was less than forecast.
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Private sector lender, Kotak Mahindra Bank has introduced a new credit card in its kitty, namely the Kotak NRI Credit Card.
The card would be applicable against term deposits of Rs 1 lakh or more. Credit limit in such cases can be as high as 80% of the term deposits.
Features associated with the card include four times reward points on international purchases, fuel surcharge waiver, choice on redemption of reward points and no charge EMI for three months.
The card would also bring the facility of allowing the customer to purchase and pay in rupees.
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Have you ever had the strong urge to give your hard-earned money to someone strumming “Dust in the Wind” out of key at a vacant intersection? Well, neither have I. But London-based issuer Barclays hopes our apprehension will disappear with its new approach to street charity: a wireless, touchless, credit card accepting guitar.
The financial institution unveiled the instrument Thursday, Aug. 26, in London during a publicity stunt promoting its “contactless technology.” People passing by a street musician — known as a “busker” in the UK — were handed prepaid cards loaded with £5 and were instructed to wave it near the head of the guitar.
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If used correctly and the outstanding balance is cleared monthly, credit cards can be a free form of short-term finance. MBNA has recently introduced a great option for people who are looking to reduce their debts. Remember that credit cards do not have an automatic repayment mechanism, and try to not fall into the trap of reusing an overdraft facility to its limit shortly after existing debt has been transferred.
MBNA offers a zero transfer fee card
MBNA has introduced a new credit card that has no handling fee on balance transfers or money transfers made within the first 90 days of the account being opened.
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