Akhil's Blog

There are two ways credit card companies can profit. One is the fees they impose on merchants, eateries, and other providers of goods and services when you pay with your card. The interest and fees they charge you are the other. Here's how interest on credit cards works and how to pay less of it. How does Credit Card interest work? APR establishes the amount of interest that a borrower must pay on carried balances. The APR for your card is influenced by your creditworthiness. When compared to those with poor credit, those with excellent credit typically have low APRs. Low-score individuals receive higher interest rates because credit card companies see them as higher-risk customers.   Interest rates and APRs are separate fees for mortgages and auto loans. However, interest rates and APRs are unchanged when it comes to credit cards. Although the APR is stated as an annual rate, credit card companies charge interest with a compounding effect on average daily balances. Your m...

You will typically be required to make a monthly deposit on your credit card balance at the end of each billing cycle. It is strongly advised that you pay off your full balance every month to avoid paying interest that you make these payments on time. Thus, a late or missed payment can financially affect you in three different ways and they are as follows: ●        You might receive late payment fees ●        You might have to deal with your credit card’s interest rate is increased to the penalty rate. ●        Your credit score may be impacted by your late payments, which will likely be recorded in your credit history. Fees for late payment When you pay your monthly statement late, the majority of credit card agreements impose specific fees. Depending on the size of your balance, the charge will usually be between Rs. 500 and Rs. 1000. This can represent a sizable portion of your balanc...

State Bank of India (SBI) is one of the largest and most trusted banks in India, offering a range of credit cards to meet the needs of its customers. Whether you are a frequent traveler, a shopping enthusiast, or simply looking for a way to manage your finances more effectively, an SBI credit card offers a range of benefits and features to help you make the most of your money. Benefits of having an SBI credit card Rewards and Cashback One of the key benefits of having an SBI credit card is the rewards and cashback options it offers. Cardholders can earn rewards points for everyday purchases, such as shopping, dining, and fuel, and redeem them for a variety of benefits, including discounts on flights and hotels, free movie tickets, and more. Additionally, some SBI credit cards offer cashback on selected categories of purchases, allowing cardholders to save money on their purchases. Easy EMI Options Another advantage of having an SBI credit card is the easy EMI options it prov...