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Buy Now Pay Later (BNPL) is a payment option that allows you to make a purchase without having to pay out of pocket. In most cases, you sign up with a firm that provides this service, and they pay you when you make a purchase. However, after the lender makes a payment on your behalf, you must refund the money within a certain time frame. You have the option of paying it in one single sum or in no-cost Equated Monthly Installments (EMIs). If you do not pay the loan within the specified repayment period, the lender will be required to charge you interest. Any further delay could have a negative influence on your credit score. How does the BNPL system work? The main difference between BNPL service providers is their operational model, which is based on terms and conditions. This is how it normally goes down: Make a purchase at one of the partnering stores. Choose 'Buy now, pay later' as your payment method. Pay a modest portion of the total purchase price as a down payment. The balance will be paid down in a series of interest-free EMIs. Note: EMI payments can be made by bank transfer, check, credit card, debit card, or direct debit from a bank account. Benefits of BNPL The following are some of the advantages of BNPL: Reduces the cost of living Credit is available immediately. Transaction is safe and secure. You have the option of selecting a repayment period. EMI at no cost Process that is simple and transparent Criteria for Buying Now and Paying Later To use the Buy Now Pay Later option, you must meet the following requirements: You must be an Indian citizen. A big tier 1 or tier 2 city must be your home. You must be at least 18 years old. In some circumstances, the maximum age of eligibility is 55 years old. You have to be a salaried employee. You must have a bank account as well as all of the necessary KYC documents.

Amazon Pay Later is a renamed and somewhat modified version of Amazon Pay EMI that was created with the Amazon ecosystem in mind. To use Amazon Pay, sign in and then go to Amazon Pay. On this screen, you should see an option to start registering for the Amazon Pay Later programme. While those who have already completed the KYC process for their Amazon Pay accounts can take advantage of the e-KYC process by simply uploading digital copies of their documents and verifying their PAN, Aadhaar, and phone number information, those who haven't can still take advantage of it by simply uploading digital copies of their documents and verifying their PAN, Aadhaar, and phone number information. How do I complete Amazon Pay's Know Your Customer (KYC) process? To secure the credibility of your account, Amazon Pay requires you to complete a Know Your Customer (KYC) process. It demonstrates to the company that your account is legitimate and that you will not defraud them. The procedures for completing your KYC are straightforward. The steps to complete KYC on Amazon are as follows: If you don't already have it, go to the Google Play store and download the Amazon app. Select 'Amazon Pay' from the drop-down menu. Now select the 'KYC' option. Please upload the necessary KYC documents. The corporation maintains these private, so you don't have to be concerned about your privacy being violated. Schedule a document verification appointment when you've uploaded all of the relevant papers. Again, you have the option of selecting any of the available slots that are convenient for you. Is it possible to utilise Amazon Pay on third-party platforms? Is it accepted across the board? You can pay with your Amazon Pay Balance on a variety of third-party websites and apps. The procedure is straightforward and similar to that of paying on Amazon. The sole requirement is that the website or application accepts Amazon Pay as a secure payment method. All you have to do is enter your Amazon account's registered email address and password. The main issue with using this service is that it does not accept this payment method on many platforms. Though it is gaining popularity, just a few sites and applications, particularly in India, accept it as a reliable payment option at the time.

Cash Withdrawal from a Credit Card In India, credit cards have transformed the way individuals think about getting loans and other forms of credit. A credit card has numerous functions, one of which is the cash advance feature, which offers cardholders with instant liquid cash. Unlike other loans, the credit card cash advance option does not necessitate any additional bank permissions or documentation. What is a Cash Withdrawal from a Credit Card? The technical term for a credit card cash withdrawal option is a credit card cash advance. It allows credit cardholders to withdraw cash from the bank's ATM using their credit cards. Because credit cards are commonly used for card transactions, the ability to withdraw cash is a bonus feature provided by the banks. Cardholders who use the service can withdraw cash up to a certain limit and must refund it together with interest and other fees. The feature may not be accessible on all credit cards, and the cash withdrawal limitations and finance charges may differ from one card to the next. As a result, all credit card users must be informed of the terms and conditions that apply to their card. What is the difference between a credit limit and a cash advance limit on a credit card? While a credit card's credit limit is the maximum amount that can be spent on it, a credit card's cash limit is the maximum amount of money that can be withdrawn with it. A credit card's cash limit is usually included in the credit limit allowed. Most banks provide a cash limit of 20% to 40% of the total credit limit. For example, if a card's entire credit limit is Rs. 1 lakh, you can withdraw up to Rs. 20,000 to Rs. 40,000 in cash. The remaining funds should only be used for card transactions. The monetary limit on a credit card is usually announced to the cardholder when the card is issued by the bank. The cash limit may not be the same for all of the bank's credit card types, therefore it differs from card to card and from customer to customer. The cash limit on a particular card is not set in stone and can be changed at any time at the bank's discretion. Banks may adjust the limitations on a regular basis or based on a variety of factors such as card usage trends, cardholder repayment behaviour, default payments, and other credit information obtained from credit bureaus. Customers will be notified of any such adjustments by messages or e-mails. What is a Cash Advance Fee on a Credit Card? A credit card cash advance fee is applied to each cash withdrawal transaction conducted using a credit card. A cash advance fee, which is often a percentage of the withdrawn amount, is levied every time a credit card is used to withdraw cash. Typically, banks impose a credit card cash advance fee of 2.5 percent to 3% of the withdrawn amount, with a minimum of Rs.300 to Rs.500. The charge will appear on your next billing statement. A financing charge equal to the rate paid on the withdrawn amount is added to the cash advance fee. It will be charged from the date of withdrawal until the entire amount is repaid. Even if you make many cash advance transactions in a single day, you will be charged for each one based on the amount you withdraw. Charges for Using a Credit Card to Make a Cash Withdrawal Credit card cash advances are also subject to financing charges. The interest is calculated at a monthly percentage rate and will be charged from the date of transaction until the loan is fully repaid. All cash advances are normally charged a monthly interest rate of 2.5 percent to 3.5 percent by banks. The rate changes from one bank to the next and from one card variation to the next, and the cardholder will be informed of the rate when the card is issued. Furthermore, the rates are dynamic and may alter at the bank's discretion. Aside from the external factors that influence the overall interest rate on cash advances, such as card usage, frequency of purchases, repayment behaviour, and so on, there are also card-specific elements that influence the interest rates charged on a certain credit card. How to Make a Cash Withdrawal with a Credit Card Withdrawing cash from an ATM using a credit card is as simple as withdrawing cash with a debit card. To get the money, simply stroll into any of your local ATM kiosks with your credit card and follow the cash withdrawal instructions. Cash withdrawals with a credit card can be made at any bank's ATM, regardless of the credit card's originating bank. A few banks, however, may charge a separate cash advance fee if you take money from another bank's ATM. A few banks may additionally impose a limit on the amount of money that can be withdrawn per ATM transaction or per day. As a result, before using the cash advance feature, you should familiarise yourself with the terms and restrictions that apply to your card, as well as the fees and charges that come with it. It's also vital to know the card's available cash limit before withdrawing money to avoid going over the limit. The bank will levy an overlimit fee in addition to the finance charges if the overlimit transaction is executed. Impact of a Cash Advance on a Credit Card on a Credit Score Credit card cash advances will not be reported to the credit bureaus separately. The total amount owed and the failure to pay it will be reported as a whole. As a result, taking a cash advance on your credit card could not have a negative influence on your credit score. However, you may find it difficult to keep up with monthly payments due to the high interest rates (accrued daily) and additional penalties and levies applied on credit card cash withdrawals. Failure to pay even the minimum amount due has a negative impact on your credit score and will appear on your credit record. Cash advances will have no affect on your credit score as long as you make timely payments.

What is the difference between a credit limit and a credit limit? A credit limit, as the name implies, is a limit on the maximum amount that a credit card holder can spend with that card. On a certain credit card, the credit card issuing business or bank determines the credit limit. Simply put, when a bank issues a credit card to a customer, it establishes a spending limit that the customer cannot exceed. It's vital to remember that credit limits vary depending on the type of credit card and the credit card holder. The credit card limit set by banks and the type of credit card provided to a user are determined by a variety of factors, including the credit card holder's income, financial background, credit score, and credit payback history, among others. What Factors Go Into Determining a Credit Limit? As mentioned below, a credit limit is determined by a number of factors. Annual income of the applicant Age of the applicant The applicant's current debt Amount of credit in the applicant's name The applicant's current employment situation Credit history of the applicant Credit score of the applicant Apart from the aforementioned considerations, you should keep in mind that if you are applying for your first credit card, your credit limit is likely to be limited. This is due to the fact that the bank/credit card issuer is unsure about your credit history. However, you should be aware that if you properly manage your credit card and pay your credit card bills on time, your credit limit may be easily extended. So, with the exception of a few basic factors, your credit limit is entirely in your control! How Can Your Credit Limit Be Increased? As previously stated, a credit card holder's credit limit is solely in his or her control. If you use your credit card responsibly, there's a good possibility your credit limit may be increased. However, you can extend your credit limit by following the steps below: Using your credit card to make purchases or pay bills on a regular basis is one of the most basic things you can do to improve your credit score and, eventually, your credit limit. If you obtain a promotion or a raise in your existing pay, you may want to upgrade your credit card. Increased income would be the direct cause of a credit limit rise. For this, you must present your most recent pay stubs to your credit card issuer. If you ever think you have a good cause to increase your credit limit, don't be afraid to ask your bank for it. If you call your bank, there's a good possibility they'll take your request into consideration and raise your credit limit. Because you now have an excellent credit history, you might want to explore acquiring a new credit card with a bigger credit limit. To boost your credit limit, the most important thing you can do is pay your credit card payments on time. Banks will be impressed with your creditworthiness if you consistently pay your bills before the due date, and your credit limit will be increased.

Various banks and financial organisations issue prepaid credit cards with pre-loaded funds for cardholders as an added benefit to customers. Prepaid credit cards are extremely similar to standard credit cards and operate in a fairly straightforward manner. The only significant difference between a regular credit card and a prepaid credit card is that prepaid cards allow customers to make purchases using monies on the card rather than borrowing money from banks. Prepaid cards, like gift cards and vouchers, allow users to make purchases until money are available on their cards. Let's take a closer look at what a prepaid card is, how it works, and how to obtain one. Features The following items go into greater detail on what a prepaid card is: Prepaid credit cards function similarly to gift cards in that they can be used to make purchases using the funds already on the card. These cards are not like typical credit cards in that they do not require the user to borrow money from banks or credit card issuers in order to make payments. Users of prepaid cards must stick to a spending limit (the maximum amount allowed on the purchase credit card) when making purchases. For issuing a prepaid credit card, banks and credit card firms may levy a small fee to the user. Users are not given prepaid cards based on their credit score. Benefits The reasons for purchasing a prepaid credit card are as follows: One of the most significant advantages of a prepaid card is that it allows customers to conduct transactions without incurring debt or paying interest in the future. Prepaid credit cards are not issued based on a person's credit score. Cardholders can use their cards to pay for both products and services, eliminating the need to carry cash. Some prepaid cards also allow users to withdraw money from ATMs. Customers who use prepaid credit cards can better control their costs because they will know how much money they have available to spend for a given period of time. Prepaid cards are the ideal sort of credit card for people who don't need any additional benefits. Users can easily use their mobile phones to make payments with prepaid cards. Prepaid credit cards can also be used as gift cards or trip cards, and they can be used to make international payments. Certain employers allow employees to transfer their salaries to a prepaid credit card. Prepaid Credit Card Types Prepaid credit cards are available in the following varieties: Once the current balance on the card has been utilised, reloadable credit cards allow customers to add more funds. Non-reloadable credit cards work in the exact opposite way that reloadable credit cards do. This means that once the current balance has been depleted, these credit cards do not allow consumers to add money to the card. Open system credit cards, sometimes called as open looped credit cards, are labelled with the network to which they belong. As a result of this partnership, all of these cards bear the affiliate's logo and are exclusively issued by a select banks. These cards are accepted by all stores and locations because they are open looped. Closed loop credit cards, in contrast to open loop credit cards, are only accepted at associated merchant outlets. Gift cards are typically only issued to closed loop credit card holders. Credit cards with a semi-open loop- Semi-open loop credit cards are a hybrid of open looped and closed loop credit cards that are accepted by different merchant outlets that are linked with the card. The majority of credit cards are only provided by retail chains or shopping malls, and they can be used at any establishment with linked brands. Disadvantages of Using a Prepaid Credit Card Take a look at the disadvantages of a prepaid credit card before you decide to get one for yourself. A prepaid credit card cannot be used unless it is loaded with funds. Prepaid cards, unlike other credit/debit cards, are not as secure and can thus be easily abused. Because there is no revolving credit limit on a prepaid credit card, banks do not publish the payment history. As a result, neither your transactions nor the main credit bureaus are recorded. As a result, prepaid credit cards have no effect on a user's credit score.

Contactless Banking Should Be Given Priority As a "need of the hour" measure, quarantine and lockdown limitations have evolved into a routine practise that has been tolerated and even anticipated. An end-to-end digital experience is required by the 'new normal' rather than requiring you to physically visit their bank locations for simple chores, services, and queries. Compare the Savings Bank Account Interest Rates First and foremost, savings accounts make it easy for you to access your money for your day-to-day expenses. Savings account interest rates are notoriously low since they aren't considered a reliable source of income. However, a baseline interest rate of at least 3% must be given to savers with strong and steady account balances. Compare Fixed Deposit Interest Rates. In India, fixed deposits have long been the favoured means of saving and investing. In contrast to market investments, FDs offer a steady return or interest on your investment, are free of the volatility and risk, and are liquid, meaning that your money may be accessed at any given time. Rainy-day funds are always a good idea, and the next logical step is to put money into fixed-income assets that pay out handsomely. Does Your Bank Provide Reward Points For Your Purchases? It is possible that every rupee spent has the potential to yield even more advantages. Credit and debit card companies typically reward their customers for keeping track of their expenditure with periodic awards and reward points, discount coupons and cashbacks as well as other incentives. Check to see if your savings account rewards you for your expenditures in the form of cash you can really use. Decide on an account with a variety of useful features It's hard to make judgments on money and financial stability when there are numerous possibilities and  When financial institutions offer a wide range of goods and services under one roof. Additional services such as credit cards, investments, insurance, and loans, as well as mobile banking, should all be available from your ideal bank partner. Over the past year, both banks and their clients have gone completely digital. Helping folks overcome their first apprehensions about making the switch was an unexpected benefit in disguise. Many long-standing banking procedures have been completely rethought in light of today's financial stability, security and smart savings possibilities.

A virtual credit card is an add-on VISA credit card that is issued on a user's principal credit card, unlike regular credit cards. A virtual credit card, as the name implies, is completely virtual and cannot be physically held. Users can only use the virtual card online, which means that all credit card information, including the card number, expiration date, CVV, and other information, is viewable online. In simple terms, a virtual credit card is a one-time credit card number that may be used for online buying. These card numbers are temporary and are used to safeguard the users' real credit card accounts from fraud. If you spot any fraudulent activity on your credit card, you'll want to know how to ban and/or unblock it. The Benefits of Using a Virtual Credit Card A virtual credit card includes the following features in addition to being actually virtual: Through an unsecured network connection, virtual credit cards safeguard you from any data intrusion. These credit cards assist consumers in protecting their online identities. The bank's internet banking service can be used to establish a virtual credit card. To obtain a virtual credit card, you do not need to make any further payments. Credit card companies do not have to physically issue virtual credit cards. To transact with a virtual credit card, all you need is your phone. Virtual credit cards are only good for one transaction and are only valid for 48 hours. It's worth noting that virtual credit cards are only available to primary cardholders. Virtual Credit Cards Have a Lot of Advantages Virtual credit cards have a number of advantages. The following are a few of them: Virtual credit cards are safer than traditional credit cards since they do not reveal your personal information to the merchant. Non-credit card holders can also receive virtual credit cards by contacting their banks and requesting them. Customers can use these credit cards to make online purchases more easily. Users can promptly obtain their virtual credit cards because they are given online. Cardholders can also immediately stop their virtual credit cards if they feel their cards are being used fraudulently. If your virtual credit card expires and you have unused credit limit on your card, it will be transferred to your actual credit card, ensuring that your credit card limit is fully utilised. Virtual credit cards are provided free of charge by banks and credit card issuers. Virtual credit cards can be used for all types of transactions, both domestic and foreign. Is it safe to use virtual credit cards? The following are some of the reasons why using a virtual credit card is completely safe: Because virtual credit cards are only used for a few transactions and then discarded, they add an extra layer of protection. If your virtual credit card information enters into the hands of a scammer, you can simply cancel that virtual card without closing your entire credit card account. A virtual credit card may be created for a single use only in some cases. If a fraudster gets the credentials of your virtual credit card through a data breach or an insecure internet connection, the card will become invalid automatically.

What Happens If You Default on Your Credit Card? Even if you had no intention of doing so, any of the aforementioned causes could lead to you experiencing the repercussions of credit card default. As a result, you must be aware of the repercussions of being a credit card defaulter in order to remain on top of your bills well in advance- Having a negative impact on your credit score– Late or missed credit card payments result in a lower credit score, negating the credit card's primary benefit. Your credit score can be enhanced by making good use of your credit card and paying your payments on time. A solid credit score is required to ensure that you will be eligible for larger loans in the future. Your financial health will be harmed if you do not pay your bills on time. Credit Card Account Blocked– If you do not pay your credit card payments for a period of six months, you will be considered a credit card defaulter. You will be placed on the bank's blacklist, which will result in the cancellation of your credit card account. Legal action– If you don't pay your credit card bills for an extended period of time, you may be considered a fraud. As a result, banks may pursue legal action against you, making it impossible for you to obtain loans from anyone in the future. High interest rates– Credit card firms charge interest rates as high as 30 percent of the credit card late balance if bills are not paid within 60 days. This high interest rate will also be applied to any new purchases made with your credit card. If you keep doing this, the interest on your credit card account will soon be greater than the actual credit card charge! Interest on outstanding balances– Despite popular belief, you are not solely responsible for paying the minimum amount due on your credit card account before the due date. It is a common misconception that paying only the minimum credit card debt will protect you from interest charges. This is not the case. In reality, you will begin paying interest on the outstanding balance as soon as your payment is due. As a result, it is strongly recommended that you pay off your credit card balance in full. Banks have the right to access funds in your savings or other accounts to settle outstanding amounts if you don't pay your bills on time. In the worst-case scenario, banks may seize your property or other assets to pay off your debts. How Can You Avoid Defaulting on Your Credit Card? Credit card payments can have a significant impact on your financial health, therefore they must be treated with caution. The following are a few basic financial habits that you should incorporate into your daily routine to avoid late credit card payments and avoid the consequences of credit card default. On your credit card's mobile app/online portal, enrol in the auto-pay option. Set up recurring reminders for your deadlines. Do not put off paying your past-due credit card until the last minute. If you're absolutely strapped for cash, pay at least the minimal amount owing by the deadline. The amount can be paid off throughout the interest-free term. If you've reached a point when paying your credit card bills seems impossible, you might consider a personal loan because these loans offer lower interest rates. You can ask your bank to convert your outstanding debt into simple, manageable EMIs that you can pay over a certain length of time. You can also move your credit card debt to another bank account and pay it off over time with regular EMIs. If your financial situation has become untenable, you may consider filing for bankruptcy, which will allow you to restructure your debt and make it more manageable.

Credit cards have long been regarded as a means of providing financial security to its owners. Banks and financial institutions offer credit to their customers in order to help them fulfil their immediate needs while also giving them the option of paying later. As crucial as they are, it is also critical to exercise caution when using credit cards. Credit cards, if not handled properly, can become one of the riskiest financial instruments, rather than one of the safest. Even when banks provide credit to their customers via credit cards, they do so with a catch. Credit card customers must refund the credit amount from the previous month after each payment cycle is completed. If a user does not pay within the specified time frame, he or she will be charged a high interest rate on the outstanding debt. Furthermore, if a person fails to do so for an extended length of time, his or her credit card may be blocked and cancelled. To avoid the disadvantages of being a credit card defaulter, it is critical to pay off all of your credit card debts on time. Now the question is, how will you be able to track your expenses and check your monthly credit card bills The answer is 'Credit Card Statement.' What is the difference between a credit card statement and a bank statement? A credit card statement is essentially a billing record that includes all of a credit card holder's purchases, payments, credit and debit transactions. These statements are sent to the user at regular intervals and are known to contain all of the necessary details. Because a credit card statement contains all of the necessary information for the cardholder, it is critical to read it carefully in order to preserve a precise record of all expenses incurred during the previous billing cycle. Important Terms to Understand Let's take a look at some of the key terms on a credit card statement and see what they signify. Payment Due Date– Every credit card holder is required to pay off their outstanding obligations within a certain time frame stipulated by the credit card company. The payment due date is the last day by which a payment can be paid without incurring any additional penalties or late fees. Minimum Amount Due– If paying the entire credit card debt at once becomes too difficult, the credit card holder can pay a portion of the total outstanding sum. The minimum due is the amount of the bill that must be paid regardless of the total amount owed. In such circumstances, the credit card holder will be required to pay additional interest on the outstanding balance, as well as waived late fees. Credit Limit– A credit card holder's credit limit refers to the maximum amount that can be spent on the card. The credit card issuer determines the credit limit based on a variety of parameters such as the credit card holder's monthly income, credit worthiness, and so on. Current Outstanding Balance– The credit card holder is obligated to pay the bank a certain amount at any given moment. The current outstanding balance refers to the entire amount of money owed. The outstanding balance is determined using the user's credit card expenses from the previous month. The credit card billing cycle is the time interval between the issue of two different bills for a specific credit card. Banks/credit card issuers choose the billing cycle, which might range from 20 to 45 days. Transaction History– As the name implies, the transaction history is a record of all transactions done by the credit card holder while using that specific credit card. The transaction history is essentially a detailed record of all transactions that can be retrieved at any time by the credit card holder. Rewards and rebates– When credit card users make purchases using their cards, they can receive reward points. Credit card members can utilise these reward points to acquire appealing presents or vouchers from the bank. How can you get a record of your credit card transactions? Credit card statements are available in both online and offline formats. Here's how to do it: Online Credit Card Statement Simply go into your internet banking account to get your online credit card statement. After logging in, you'll see the fundamental information about your credit card right in front of you, such as available credit, minimum amount due, unbilled amount, next due date, current balance, and so on. This complete statement is also available in PDF format. Offline Access to Credit Card Statements As soon as the credit card statements are issued, all banks mail them to the customer's registered postal address. However, because postal transfers are unreliable, it is recommended that you obtain your credit card statement using the internet way to ensure that you do not miss any payments and avoid late credit card payments. What is the Purpose of Obtaining a Credit Card Statement? We've been studying about what a credit card statement is and how to receive one throughout this blog. The question now becomes, why is it so crucial to monitor your credit card transaction history? The reasons listed below are your response: A credit card statement is a detailed breakdown of your monthly expenditures. These expenses will assist you figure out where you've overspent and where you can save a buck. As a result, you'll be able to properly organise your monthly budget. Users may keep track of their monthly costs from the convenience of their own homes. Credit card statements are available for free, so getting one will not damage you. Credit card statements contain additional information about your bank's new products and services. Users can keep a track of and earn from the rewards and rebates made available to them by their banks through a credit card statement What should you do if your credit card statement has errors? Here's what you should do if you discover any mistakes in your credit card transaction history: Inform the merchant or the bank immediately Keep all your credit card statements and other related documents ready to be presented

What is the minimum amount due on a Credit Card? The minimum amount due on a credit card is the amount you must pay on or before the payment due date to avoid late fees. The bank ensures that you may repay a portion of the principle outstanding each month by calculating a minimum amount. What if I Pay only Minimum Amount Due? In the event that you are unable to pay the entire bill amount, the 'Minimum Payment Due' is the small portion of the total outstanding bill amount that you must pay to the bank. A few features are described below. It is the amount that consumers must pay to their credit card provider on a regular basis in order to keep their credit account active during the billing cycle. By paying the minimal amount due, the user ensures that they will only have to pay interest as and when it is due, with no additional late fees. A user's irregular credit repayment behaviour will be reported to the credit bureaus if he or she fails to make credit card bill payments on schedule for a regular length of time. The user, on the other hand, will not be reported to the credit bureaus if he or she has managed to pay at least his minimal dues on time. The user's credit card repayment behaviour has a direct impact on their credit score. Failure to pay credit card balances on time will have a negative impact on your credit score. However, if the user has made at least the minimal payments on time, his or her credit score will not be adversely affected. How is the Minimum Due Amount Determined? In most cases, the minimum amount payable is set at 5% of the total outstanding balance as of the date the credit card statement is printed. However, in a select circumstances, the following fees may be added to the user's minimum payment due: The interest amount will be applied to the minimum amount owing if a user decides to convert his or her purchases to EMIs. If there is a minimum balance from the previous billing cycle that has not been paid

Health Insurance Claims Process that Doesn't Require Cash When an insurance provider offers a cashless claims option, it implies that if you are hospitalised, you will not be responsible for any of the covered charges since the insurer will pay the hospital directly on your behalf. However, such a service is only provided at a few number of hospitals that have signed insurance company agreements. On the Tata AIG website, you may find a list of Tata AIG's Network Hospitals. Hospitalization is scheduled. It's planned hospitalisation if you've established a date for a certain therapy or operation and are aware of the need for hospitalisation ahead of time. In this instance, the following procedures must be followed: Step 1: Contact your insurance company. The cashless claim form must be emailed or mailed to the insurance company at least five days prior to the treatment. Step 2: Keep an eye out for the letter. The insurer will contact the hospital and send you a confirmation letter once they receive your cashless claim form. The validity of a cashless claim confirmation letter is seven days from the date of issue. Step 3: Send the mail to the recipient. The health card and confirmation letter must be submitted on the day of admission. This is where your job ends. The medical expenses will be paid directly to the hospital by your insurer. Hospitalization is required in an emergency. Emergency hospitalisation occurs when a hospitalisation is abrupt and unexpected, such as in the case of an accident. In this instance, the following procedures must be followed: Step 1: Contact your insurance company. Within 24 hours after hospitalisation, the insurance company or its TPA (third-party administrator) should be notified to generate a Claim Intimation/Reference Number. The following are the documents that must be presented in order to use the Cashless services. Policy on Insurance Cards Customer ID Proof is a copy of the customer's ID with a photo of the customer's address. If the claimed amount exceeds Rs 1 lakh, you must submit a completed CKYC form. Step 2: Additional documentation The hospital must complete and submit a cashless claim request form to the insurance carrier. Step 3: Write a letter of authorization. The insurer will send a permission letter to the hospital when the cashless claim form is submitted. In this scenario, too, your insurer will pay the hospital's medical expenditures immediately. If you are rejected, you will get notification through letter to your registered mobile number and email address.

The grace period is the length of time between the conclusion of your billing cycle and the payment due date. You can only avoid paying interest if you pay your bills on time. If you routinely make your payments on time and in full, the bank may give you a break on interest on your card for the current billing cycle. Credit card businesses are not required to provide a grace period, although in India, most banks provide a grace period ranging from 20 to 60 days. The interest-free period is also known as the grace period. It may be difficult for those who have difficulty making timely payments to make complete payments and qualify for the grace period. If you carry a balance from one billing cycle to the next, you will not be able to take advantage of the grace period on your credit card. The grace period, however, does not apply to cash advances made with a credit card provided by most Indian banks. If you use your credit card to withdraw cash, interest will be levied until the payment is entirely cleared. If you do not pay your account on or before the due date, interest will be charged on both your outstanding balance and any additional purchases made with your credit card. Dates to Remember When It Comes to the Grace Period You must be aware of the essential dates associated to the grace period in order to make interest-free payments on your credit card. All of the essential dates that you should be aware of are listed below- The date on which you get your credit card bill is known as the statement generation date. On this date, you will receive a bill that contains information about your transactions, reward points, cashbacks (if applicable), billing due date, and so on. Due Date- This is the latest date on which you can pay your credit card account without incurring any interest charges. This date represents the end of your billing cycle. Grace Days- Grace days are days that credit card companies give to cardholders as an extension of time to pay their payments after the due date has passed. This implies you may pay your credit card bill without interest even if it's past the due date. If you do not pay your payment after the grace period has elapsed, you will be charged a significant amount of interest.