Credit Card Facility

🔹 Key Features of Credit Card Facilities

• Pre-approved Credit Limit: Users are granted a specific credit limit based on their financial profile, which they can utilize for transactions.
• Revolving Credit: Credit cards operate on a revolving credit basis, allowing users to borrow, repay, and borrow again up to their credit limit without reapplying.
• Interest-free Period: Many credit cards offer an interest-free period (usually up to 45-51 days) if the outstanding amount is paid in full by the due date.
• Minimum Payment Option: Users can choose to pay a minimum amount (often a percentage of the total due) to keep the account in good standing, with interest charged on the remaining balance.
• Rewards and Benefits: Credit cards often come with rewards programs, cashback offers, travel benefits, and other perks to incentivize usage.

🏦 Credit Card Facilities in India

🎓 Special Credit Facilities for Students

The Government of West Bengal has introduced the Student Credit Card Scheme to assist students in pursuing higher education. This initiative provides students with a credit facility to cover educational expenses, ensuring financial constraints do not hinder academic aspirations.