What is the difference b/w credit and debit card?

You need to provide proof of identity (passport, driving license, election id card ) and proof of residence (utility or phone bills or house deeds if it is yours)

You also need documents to prove income:
If you are salaried: salary certificate, pay slip, bank statements (if salary is paid to your account by employer)

If you are a business person or self employed professional:
Copy of income tax returns

Alternatively you can deposit an amount and the bank will issue a credit card against the deposit as security. Not all banks offer this....Vijaya Bank and AxisBank does (Axisbank can give you credit card for a low deposit of 20000 for two years)

You might want to check out a few sites and go through their terms and conditions.

http://www.axisbank.com/personal/cards/cards.asp

http://www.sbicard.com/sbi/mitc.jsp

http://www.hdfcbank.com/personal/cards/credit_landing.htm

http://icicibank.com/pfsuser/cards/cards.htm

 

that means we can do the purchasing through credit card without holding money in our Pocket.

 

I have also question regarding debit card, can we verify Moneybookers or paypal account to add debit card ?

 

Exactly...

 

Is there any disadvantages of Credit or debit card?

 

The only disadvantage of a credit card is really something which you can control. If you do not have any self-control when it comes to spending money then you can get into debt real fast. If you know how to control your expenses then it is a godsend.

If you buy over the internet, the credit card is essentially the most important tool you need.

 

The disadvantage of debit card is you can only spend to the extent of money you have.

The advantage of debit card is you will not spend more than the money you have so you will not get into a financial crisis by overspending.

Overspending is the disadvantage of having a credit card and many people have several credit cards whose cumulative spending limit will be way over their regular income or finacial resources. This is how they end up getting into huge debts and sometimes end up having nightmarish experience trying to juggle their assets to clear the outstanding dues.

The advantage of having a credit card is you can make purchases in advance in anticipation of salary or other incomes in the future. You also dont have to carry cash all the time to make purchases which can reduced visits to atm or bank. Even if you dont need a credit card the most important aspect is you can get credit in an emergency when you run out of money. If you are rich enough not to depend on credits/loans then a debit card is good enough for you.

 

actually you get a debit card with your bank account to withdraw funds, but a Credit card acts as a credit on you, you need to payback the credits monthly with charges as specified!!

Debit card = easy to get
Credit card - you don't get a credit card for free, it has some clauses attached

 

what is the meaning of loan account?

 

loan = credit .

Basically with a credit card, you are not spending your own money but rather the bank lends you the money and you use it to pay stuffs. Since they are lending you / providing you an unsecured loan, you will need to pay the bank back.

Banks do give a period of interest free period if you do not have any outstanding credits but if you do not pay in full, you be charge an interest.

 

A loan account is a separate account created by a bank when they sanction a loan to a customer. It helps both the bank and the customer keep track of all details of the loan like loan amount, interest charged, repayments, etc.

 

what is the loan account? can u tell me about the integrated deposit system?

 

How much money we can have in the credit card?

 

you need to read this

Wikipedia - Credit Card
Wikipedia - Debit Card

You can get most of your answers on wikipedia if not all.

 

The credit card limit would be something which your bank would set and it depends on several criteria which may include your current salary and status. You will have to check with your bank as to what your limits are.

In Singapore, it is 2x your monthly salary. I am not sure what it is in India.

Instead of asking here, you should really just visit your local banks' websites or visit your bank and ask those questions. From what I see, most of your questions shoud be answered by your banks.

 

Thanks to suggest me.

 

Hi Alisha,

As you know, Credit Cards allow you to purchase goods right away on “Credit”, which you later pay off by paying your Credit Card bill. In the case of Debit Cards, purchases are withdrawn directly from a bank account or the card balance itself – There is no money owed.

In a nutshell: Debit Cards are “Buy Now, Pay Now”, whereas Credit Cards are “Buy Now, Pay Later”.

I hope this helps.

Regards,
Concept Payments

 

thanks to help me

 

please tell me the terms and conditions of policy

 

Is it true that we can earn money through Policies.