Different Types of Credit Card Services

Many people are unaware of the myriad ways a credit card can improve their financial lives. While credit cards let you borrow money to make purchases within a limit, there’s a lot more to them than that. As a financial tool, credit cards are often misunderstood and underutilised. There are several credit card services available that cater to the growing needs of cardholders. From making purchases with credit to managing subscriptions, these credit card services help users get the best out of them.

Types of Credit Card Services

1. Apply for a Loan On a Credit Card

A loan on a credit card is a type of personal and pre-approved loan. This type of loan does not require you to go through extensive paperwork, making it quicker than most other loans. Since you are not required to submit any collateral, it makes it feasible for people who do not wish to risk it.

2. Convert Large Expenses to EMI

Certain card issuers provide the option to convert your purchases into EMI. This feature can be accessed in different ways, with the business you are shopping from offering you an EMI option, for one. Some cardholders may also allow you to convert transactions above certain limits into EMI. For example, with One Credit Card, transactions greater than ₹2500 can be converted to EMI. Lastly, if you are unable to pay the entire bill amount by the due date, you can choose to convert your credit card bill into EMIs, of course accruing a certain interest rate.

3. Credit Monitoring and Identity Theft Protection

Credit monitoring is a service that shows your credit report and helps you with information regarding your new credit inquiries. Therefore, it not only helps you maintain a good credit score but also protects against identity theft. Hackers and credit card fraudsters prey on personal data so that they can make illegal transactions in your name. Some credit card providers offer services like card protection plans to protect you against such scams. Additionally, some credit card issuers provide the option to temporarily block your credit card for a specific period.

4. Digital Wallet and Contactless Payment Services

Digital wallets and contactless payment services have transformed how we use credit cards, offering unprecedented convenience and security. By using a virtual card or linking your credit card to a digital wallet such as Apple Pay or Google Pay, you can make purchases using just your smartphone, thus, eliminating the need to carry a physical card. Contactless payments are not only faster but also more secure since your card details are not shared with the merchant, reducing the risk of fraud.

5. Add-On Card for Your Family

Certain credit cards allow you to add on cards for your family members at no additional cost. The add-on cards share the same limit, and a single bill is generated for all. However, every card gets separate reward points. Any family member owning the supplementary card can claim offers on movies, dining, and much more.

ALSO READ: Why Get Add-On Credit Cards For Your Family

6. Online Account Management

Many credit card issuers give you the ability to view transactions, make payments, and manage account settings through their website or mobile app. Through apps like One Credit Card app, you can not only control things like your transaction limit and domestic/international use. But also manage subscriptions and recurring payments. Streamlining these processes through this credit card service puts you in control of your finances.

7. Rewards and Loyalty Programs

Who doesn’t love a good reward? One of the biggest selling points of credit cards is the reward programs they offer. Learning how to utilise this credit card service smartly can generate impressive savings in the long run.

In summary, understanding and exploring these credit card services will unlock your credit card’s full potential. These services not only provide convenience and security but also unlock various rewards that elevate your everyday transactions.