Credit cards are more than just a convenient method of payment, but there is various nitty-gritty related to a credit card. Initially, people were hesitant about applying for a credit card, as they were skeptical about all the terms and conditions that were attached to them.
From not knowing about APRs to being wary about losing their cards, there were certain apprehensions that made individuals prefer debit cards over credit cards. However, the scenario is slowly changing in India.
The number of credit card users in India is on the upswing. People are slowly shifting towards credit cards as they understand the perks of being able to make purchases on credit. Additionally, individuals are also busting various myths surrounding credit cards.
In 2020, India recorded 57.4 million active credit card users, and the number is only expected to increase in 2021. In such a dynamic and crucial time, it is essential that people are aware of the role that credit card customer care plays.
These are trained and informed individuals who not only hear your grievances but also give you solutions to your every problem. They can provide all the information you need to make informed decisions about your credit card.
We highlight the benefits of communicating with your credit card customer care, and how they can allay your worries.
Know about your credit limit and available credit
Your credit limit is the maximum amount you can borrow using your credit card. This is usually dependent on a lot of factors — mainly your credit score and income. On the other hand, your available credit is the amount of credit left in your account after subtracting the total sum of all your purchases.
As a responsible credit cardholder, it is important that you never go beyond your credit limit. This not only lowers your credit limit in the future but also entails an over-limit fee.
Even if you don’t run the chance of going over your credit limit, it is advised to maintain a credit utilization ratio of around 30%. This helps you maintain a good credit score and portray yourself as someone not heavily dependent on credit.
In a fast-paced world, keeping track of your available credit can be difficult. But thanks to customer care services, you can know your available credit in just a few seconds. You can then make purchases accordingly.
For instance, if you are a Bajaj Finserv RBL Bank SuperCard holder, you can either get in touch with the RBL Bank customer care executive or dial the Bajaj Finserv credit card toll-free number to speak to a Bajaj Finserv representative to know about your available credit.
Know about your credit card dues
Sometimes, individuals might put off paying the entire outstanding amount due on their credit cards. The reason could be financial or personal exigencies or problems with cash inflow for the month. In such cases, cardholders are allowed to continue using their cards by paying just a minimum amount.
This minimum amount is only about 5% of the total outstanding amount. The rest of the balance amount is carried forward with an added interest. This interest is known as Annual Percentage Rate or APR.
The calculations to know the APR can be quite tricky, and some people might not have the time to know just how much the accrued outstanding balance amount is. However, if you call customer care, you can immediately know about your account balance and dues. This way, you can prepare yourself to pay your dues on time.
Report errors on your credit card billing statement
Your credit card billing statement contains all the information about the transactions. That would have taken place in the last billing cycle. It contains a detailed account of all your transactions, including your purchases, loans against the credit card, and rewards redemption. Even though they are mostly accurate, there can still be discrepancies.
If you find an error in your credit card statement. You can report it to customer care within 60 days of the charge appearing on your statement. The customer care representatives will take care of the official procedure and will guide you through the process.
Block your missing credit card
Missing credit cards can cause quite a lot of hysteria among cardholders. However, if you notice your card missing immediately, you don’t have to worry too much. Credit cards have high levels of security protecting them from being misused. After noticing a missing credit card, all you need to do is inform your bank’s customer care. They will block the card immediately to avoid fraudulent transactions.
All the best credit cards in India provide you with 24×7 assistance to solve your credit card-related problems. All you have to do is call the lender’s helpline number and keep a few essential details ready. The representative might ask you the last four digits of your credit card number, your date of birth, or any such details to identify your account and confirm the authenticity of the report. Thus, by communicating with customer care. You can know about your credit limit, dues, balance, or even raise a complaint if necessary.