Lesser known benefits of Credit Card

# Five lesser known features and benefits of credit cards

Credit cards are one of the widely-used cashless payment methods because of the convenience they offer.
Credit cards also offer a ton of features and perks to the cardholders. While everyone does know a few common features of credit cards, there are several features that are lesser-known to most of the users.
Here are some lesser-known features of credit cards to know about.

#1

Customers can avail loans against their credit card

One of the lesser-known features of credit cards is the loan against credit cardfeature. Cardholders can avail loans on their credit cards against the available credit limit.
These instant loans are paperless loans and are one of the quickest and easiest options to borrow money as they are approved within minutes. However, all card issuers may not offer this facility.

#2

Credit cardholders can check their credit score for free

Another lesser-known credit card feature is cardholders can check their credit score for free.
Credit score companies, including major ones like CIBIL, Experian, Equifax, and Highmark, generally charge fees to provide credit profile or credit score.
However, these companies are usually tied-up with leading banks/card issuers and provide detailed analysis of an individual's credit profile to them; so, cardholders can access their credit score.

#3: Customers can also use the balance transfer feature
Some credit cards also come with a feature for transferring the balance from one (or more) credit cards to a single card. While all credit cards don't have this feature, card issuers offering this feature allow their customers to transfer balances from other credit cards.

#4

Many credit cards offer extended warranty, price protection

Credit card holders can also benefit from features like extended warranty and priceprotection policies offered by several card issuers.
Through the extended warranty feature, one can get extra warranty for free on certain products purchased using their credit cards.
Meanwhile, the price protection policy helps customers get a refund if the price of something they have purchased has fallen.

#5: Convert higher credit card purchases into EMIs
Many credit card issuers nowadays are offering an option to convert purchases of a certain value into EMIs. Customers, who cannot repay high-value purchases fully in one billing cycle, can use this facility to convert those into EMIs at a comparatively lower interest rate.

Paid last EMI of Car loan? What should you do.

A number of borrowers believe their job is done after paying the last equated monthly installment (EMI) on their car loan. But, it still an unfinished task for the borrower.
After completing the repayment of your car loan, there are some important things that you need to do as we explain below:
1. Take full and  final payment receipt
If you made the last EMI on your car loan or did a prepayment to close the car loan, then get the final payment receipt from your bank. This receipt will have the details of total amount paid, the date of last payment and the closure of the car loan.
2. Take a NOC
Within 2-3 weeks' time of repaying the car loan, you must receive all your documents from the bank. The set of documents include a No Due Certificate (NDC) or No Objection Certificate (NOC) from the bank along with other documents submitted at the time of the car loan application like cancelled cheques etc. In case, you don't receive from the bank then better to enquire after its status.
3. Get your repayment statement
Do collect the full repayment statement of your car loan from the bank. This will be useful while updating the credit history in case of any discrepancies in your credit score and the report. Also, this statement will help to resolve future conflicts if any while selling the car, claiming insurance, etc.
4. Remove hypothecation
Hypothecation essentially means that your car for which you have taken a loan for is kept as collateral with the bank till you pay off your loan. The car is in the physical possession of the customer but the bank is the actual owner of the car till the customer pays off the entire loan amount.
Kusal Roy, Managing Director at Tata Capital Financial Services says, “It is important to remove the hypothecation because it helps at the time of claiming insurance and till the hypothecation is removed you cannot sell or dispose the vehicle.”
To remove hypothecation, NOC from the bank is required. Submit the NOC to the regional transport office (RTO). Roy cautions, “The NOC from the bank is valid for three months from the date of its issue. So, do not delay in submitting the application for hypothecation removal from the car registration certificate at your respective RTO office before NOC expiration.” Only after the NOC is submitted to the RTO, for removal of the hypothecation, will you be able to transfer the car in your name.
Also, request for form 35, which will state the removal of hypothecation between you and the bank.
5. Update your car insurance policy
Hypothecation information is even recorded by car insurance company on your car insurance policy. So, you need to remove it from your car insurance policy after complete repayment of car loan. For the removal of hypothecation from the insurance policy, submit the NOC and revised car registration certificate to the car insurance company.

Why Health Insurance is Important?

🤔 Why health insurance is very important for everyone even if they are financially strong ?
Answer 😯
💡People are saving money for their *Future Goals*,
💡Savings do not happen in a day or in a month, *It takes YEARS*,
💡Life is very *UNCERTAIN* and *DISEASES* are a part of that uncertainty.
💡When *DISEASE* comes it spoils all *FUTURE PLANNING* because it *COSTS HIGH* especially *Critical Illnesses*,
💡 *Cancer*: 5 Lac and more
💡 *Heart Ailments* : 3 Lac to 8 Lac or more,
💡 *Kidney Issues*: 5 Lac to 15 Lac or more,
💡 *Liver Failure*: 5 Lac to 15 Lac or more,
These diseases are *DANGEROUSLY* increasing in India.
💡People are not that much *FINANCIALLY STRONG* to spend 5 Lacs to 15 Lacs easily at a go...
💡Mostly during illness people might have to sell their *PROPERTY, GOLD and OTHER VALUABLES* or dig deep into their savings.
💡People also end up *BORROWING* money from others...

*HEALTH INSURANCE  helps to SAVE* hard earned money with *REASONABLE PREMIUM*,

BUY **HEALTH Insurance and
STAY_ *CONFIDENT*
and *PROTECT YOUR WEALTH*

Doctor Saves Life and  Heath Insurance Saves your Lifestyle.

Best Regards:
Financial Advisor
Mohit jagga
9466787277.