How to Activate Debit Card | How to Increase Credit Card Limit?
What is credit card or what is debit card - a credit and debit cards are basically rectangular pieces of metal or plastics issued by the Reserve Bank of India and financial companies. Though, the major difference between them is that credit card holders can use the card to make a purchase of a good or service through accrued debt.
Conversely, a debit card allows you to make a payment by withdrawing money from your bank account. Although, the money used through a debit card won’t be considered accrued debt.
Since, it is clear what is credit card or what is debit card, though, it is to be noted that both credit cards and debit are similar, the only difference lies in the fact that the amount used to make a purchase through a credit card needs to be paid later. However, in the case of a debit card, you are using funds directly from your account.
For a more clear understanding of what is credit card and what is debit card, including what is the difference between credit card and debit card, let’s move on to the next section.
What is Difference Between Credit Card And Debit Card?
As mentioned above, credit card and debit card are identical, both containing 16-digit numbers, expiration dates, magnetic strips, and EMV chips. Moreover, both cards can help in seamless and convenient purchases online or in stores.
Although even after being similar in distinct aspects, both cards are different in many aspects, that we will discuss under this topic - what is the difference between credit card and debit card.
Here are the major differences between a credit card and a debit card -
- A credit card allows easy access to money from the bank, while a debit card allows you to withdraw money from the bank account.
- Credit cards are safer, since they offer better consumer protection against fraud, as compared to debit cards.
- A credit card helps in building credit history, while a debit card is linked to a checking account.
- An eligibility criterion needs to be fulfilled before obtaining a credit card, while no such eligibility criteria are implemented in the case of a debit card.
- The utilization summary of the credit card is reflected in the monthly credit statement, while the debit card is reflected in the monthly bank statement.
- Credit cards are basically a debt instrument, however, a debit card is not.
Since what is difference between credit card and debit card has been established, let’s first understand how to activate debit card or How to generate debit card pin, or How to unblock debit card.
Let’s commence with how to activate debit card.
How to Activate Debit Card | How to Generate Debit Card PIN | How to Unblock Debit Card
The mantra to activate your debit card is seamless with the introduction of an online process. Though, for your convenience, we will discuss both, online and offline methods to activate a debit card.
How to Activate Debit Card Via ATM | How to Generate Debit Card PIN Via ATM
- Visit the ATM of the concerned bank.
- Enter the debit card in the ATM slot.
- An ATM PIN needs to be provided, as mentioned in your welcome kit.
- Click on, “change ATM PIN.”
- As you will click on it, enter the ATM PIN you would like to use.
How to Activate Debit Card Via Internet Banking | How to Generate Debit Card PIN Via Internet Banking
- Visit the official website of your concerned bank.
- Login using your user ID and IPIN.
- Click on, “card activation.”
- Enter the expiration date and card number, then click on “submit.”
- Validate the information by entering the OTP.
- Click on, “continue.”
- On successful completion, you can use your debit.
Understanding how to activate debit card or How to generate debit card pin, or How to unblock debit card is seamless since it does not require any technical knowledge. With that, let’s move forward with how to use credit card.
How to Use Credit Card?
Understanding how to use credit card is seamless. Let’s see, how you can use a credit card through an example, say, you have visited a store, and now in order to make a payment, you are required to insert your credit card in a chip reader or simply swipe it at the checkout counter.
Moreover, with the use of advanced technology, you can now simply tap it on the card reader for contactless payment.
Typically, a credit card company and card network coordinate with the bank to authorize and process a payment. And all of it is done electronically and practically.
Now, let’s move on to how to check credit card balance.
How to Check Credit Card Balance?
Checking the credit card balance is seamless and with the combination of online and offline ways to check the credit card balance, there is no definite answer to, “how to check credit card balance.”
Here, for a better understanding of how to check credit card balance, let’s have a look at distinct ways that will allow you to do so -
The credit card balance can be checked by inserting your credit card in the ATM slot, choosing “check balance,” and entering your PIN. Once done, you can check your balance.
2. Internet Banking
To check the credit card balance through internet banking, you are required to visit the official website of the concerned bank and login. Once logged in, you can seamlessly check your balance.
3. Monthly statements
By the end of the month, a credit card statement is being sent to every user which includes the expenses and available balance on your credit card.
4. Visiting a branch
Though it is a time-consuming process, to check the credit card balance, you can ideally visit your bank branch. And though providing your credit card details your balance can be easily obtained.
5. Reaching to your customer care representative
Credit card balance information can be obtained by directly contacting your customer care representative. Once you reach them, provide them with your PIN for validation and authentication and know your credit card balance.
6. By SMS
This would work if you have subscribed to SMS alerts, which you usually receive when a transaction is made. Likewise, an individual can also send SMS messages to obtain a credit card balance.
7. Through Mobile App
With the improvement in technology, every bank has its own applications which allow a user to access distinct benefits, one of them is a credit card balance check.
How to Increase Credit Card Limit?
To boost your credit card limit, you can follow some below-mentioned tips and tricks -
- Increase your credit score.
- Payment of dues must be done on time.
- Try to utilize only 30% of your credit limit.
- Reflect the proof of increase in income.
- Minimize your financial obligations.
- Apply for a credit card that has a higher credit limit the existing one.
With these tricks, you can simply increase your credit limit. Since we know how to increase credit card limit, let’s move on to what is minimum due in credit card or what is OTP in credit card transaction.
What is Minimum Due in Credit Card | What is OTP in Credit Card Transaction?
What is minimum due in credit card - minimum due is basically the minimum amount you are required to pay for the payment made by your credit card. It is typically a proportionate amount of the total amount that has been spent on a purchase of a product or service.
On the other hand, what is OTP in credit card transactions, it is basically a numerical digit sent to the registered mobile number to validate and authenticate a payment.
How Much Should You Pay on Your Credit Card | How to Transfer Money From Credit Card to Bank Account?
How much should you pay on your credit card - typically you should pay a complete amount on your credit card. Though, if the amount is high, you can simply pay the amount in monthly EMIs.
How to transfer money from credit card to bank account - to transfer money, simply follow the below-mentioned steps -
How to transfer money from credit card to bank account via call?
- Call your credit card company or bank.
- Ask them to transfer funds from credit card to bank account.
- Confirm the amount which needs to be transferred.
- Provide bank numbers and other required information.
How to transfer money from credit card to bank account via net banking?
- Visit the concerned bank’s website.
- Log into your credit card account.
- Click on, the “transfer,” option.
- Enter the amount which needs to be transferred.
- Provide credit card numbers and other required information.
How to transfer money from credit card to bank account via indirect means?
Applications such as Paytm, Phonepe, Payzapp, and others allow you to transfer funds from credit cards to their wallets. Though, to transfer funds to your bank account from an e-wallet or digital wallet, you need to complete KYC.
How to transfer money from credit card to bank account via cheques?
To transfer money from credit card to bank, simply write a cheque to yourself, the money will be transferred to your bank account from your credit card.
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