Credit card is a very convenient option to make payments for goods and services that you may require on a day to day basis. Most shop keepers or service providers will not charge anything extra just because paid by credit card and not in cash. What's more the credit card company will give you a free credit period after which you have to pay off the full amount.
Free credit period is not available on cash withdrawals and interest on such cash withdrawals start from the day of withdrawal till payment date. Off course this financial magic is explained by the fact that most shoppers shop for higher amounts when they pay by credit card than if they were paying in cash.
rate of Interest is calculated by the simple formula listed below: Interest calculated = (outstanding amount x 2.65% per month x 12 months) * no. of days / 365
3 month credit card rate trends-
Types of credit card
Silver credit cards are meant for those who love to indulge in shopping, dining, holidaying, etc. These are basic cards, being offered to people to making the cash handling easy.
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The Gold Credit Card offers high credit limits and other benefits to support your lifestyle.
The platinum credit card that offers you the lowest interest rates and the highest rewards at places where you spend the most.
Titanium cards give higher reward points, more privileges and discounts.
