Factors that Might Make Your Credit Card Application Waiting

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If you’ve ever applied for a credit card and waited weeks or even months for a response, you know how frustrating it can be. Several factors can delay the approval of your credit card application, and understanding these factors can help you avoid the waiting game and get the credit you need more quickly. We’ll take a look at some of the most common factors that might cause your credit card application to be delayed. Credit score One of the primary factors that credit card issuers consider when evaluating applications is the applicant’s credit score. If your credit score is low or if you have a limited credit history, assess your application and decide whether you are eligible for the card, the issuer might need more time. To avoid delays due to your credit score, check your credit report before applying for a card. Every year, the three major credit reporting agencies will provide you with a free copy of your credit report ( Equifax, Experian, and TransUnion). Examine your re
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Cashback Credit Card: Everything You Need To Know

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Earn money each time you use your credit card to make a purchase. It seems too good to be true, isn’t it? An actual cashback credit card operates in this manner. Besides that, there are some considerations to make when choosing the best option for you. The important information you should be aware of when selecting cashback credit cards has been discussed in this article.

What are cashback credit cards?

One of the most well-liked offers right now is cashback. Consumers who shop online are familiar with how cashback operates. Apps that deliver food, digital wallets, and all e-commerce portals provide cashback offers to encourage customers to spend more money and shop more. Using a credit card with cashback, whether you are online or offline when you tap, swipe, or use the card to make a payment you receive a portion of what you spend as a refund.

There are various kinds of cashback credit cards. While some cards offer the cashback feature all year long, others only do so during certain events, such as festival sales, etc. Usually, the majority of cashback credit cards only provide this feature for certain types of purchases, like fuel, utility payments, or dining and shopping at particular stores. several credit cards today offer cashback on all purchases, regardless of the kind.

How do cashback credit cards work?

Each time you use the card, a portion of your purchases is credited to your account as cashback. For example, if your card offers 1% cashback, then you receive 10 rupees for every 1000 rupees spent. You may receive monthly or yearly payments of cashback into your account according to the type of card you selected.

Most cashback cards add the money you’ve earned to the balance of your credit card, lowering your monthly bills for credit cards as a result. Some credit cards give you reward points as compared to cash. These reward points can then be used to pay for other purchases.

Types of Cashback Credit Cards

There are various tiers of cashback credit cards based on the amount of cashback they provide:

  • Some cards provide cashback at a set percentage, regardless of how much money you spend or where you spend it. 
  • Some cards offer tiers of cashback depending on how much you spend with the card overall each year. For example, if your annual spending is less than Rs. 1 lakh, you earn 1% cashback, and if it is greater than that, you earn 2% cashback. 
  • When selecting a credit card with cash back, exercise extra caution because you might end up spending more than you intended to obtain additional cashback. You might be able to earn 3% for fuel purchases, 2% for eating out, 1% for online purchases, and so forth.

Which purchases are eligible for cashback offers?

It depends on the kind of card you select. Most cashback credit cards today offer cashback for a variety of purchases, including online shopping, payment for utility bills, dining, travel, and more. Lifestyle purchases are also included. To learn the full list of purchases that qualify for cash back, read the terms and conditions of a credit card that offers cashback.

How much can you make using a cashback credit card?

The amount of cashback that each card offers varies. The majority of credit cards provide cashback in the 0.5% to 5% range. Banks occasionally offer higher cashback during promotions that can range up to 50%.

Conclusion

No credit card is superior to the rest in every category or for every person. But by being aware of your options and looking for the right information, the best card for your spending patterns and credit situation can be found. Knowing the various kinds of cashback credit cards, which increase your cashback rewards as you spend more in particular categories.

Additional Reading: Role Of Credit Cards In Building Credit History


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