Role Of Instant Credit Apps And Their Essential Features

A few simple, intelligent and transparent apps are available that help us track and manage our daily expenses. We usually get cashback and discounts on shopping and experience superior customer support by using these online platforms. In addition, customers can easily apply for a credit line and get approval within a few minutes after downloading the app. Working professionals, freelancers, and even unpaid interns are eligible to apply for a credit card. We don’t need a credit score, and anyone above 18 years can apply for a card.

Why Should We Choose A Credit Card?

  • Most credit cards have no annual fees, no joining fees, and no hidden charges.
  • We can get cash back on every credit card transaction and free credit card bills for three months.
  • We get exclusive discounts when we shop on Amazon, Flipkart, Myntra, Zomato, Swiggy, MakeMyTrip, and more by using a credit card.
  • There is an option to instantly transfer money from the credit card to any other bank or Paytm account. 
  • We can easily use the app and gain insights into our spending habits with the online passbook. 

Best-in-class Features Of A Credit Card App:

  1. We can quickly track our credit score and access our credit profile using an online money lending platform.
  2. Users can pay their monthly bills and stay connected with credit information with the app’s help.
  3. A significant feature of a credit card app is that it automatically detects any hidden charges and alerts us on duplicate transactions.
  4. We get various credit card offers and rewards using coins available online.
  5. The app also helps us make rent payments instantly and provide a seamless EMI payment feature for all credit cards. 
  6. Users get complete track of where they spent from a credit card with the help of easy-to-read spend analysis charts.
  7. We can access our credit score at any time and also handle multiple accounts with instant payment options.
  8. Different interactive charts are available on the app to easily visualize the spending pattern, and it always ensures safe and secure bill payments.

How To Check And Monitor Credit Score?

Nowadays, an online lending platform helps us calculate a credit score based on the data. Several lending institutions like banks and NBFCs provide the data to the credit bureaus. Each credit score has a different scale, and a higher credit score indicates good financial behavior. Customers can check and monitor their credit score by using the following steps:

  1. Firstly, sign up for the app with your full name and mobile number to get your first credit score result.
  2. Next, get coins with each credit card bill payment. 
  3. Finally, use those coins to refresh your credit score every month.

There are four credit bureaus in India: Experian, Equifax, CRIF, and CIBIL. In addition, a credit card app can showcase our credit scores and helps track these credit scores individually. As long as we make credit card bill payments within the grace period, we don’t have to pay extra. But sometimes, defaulting on credit card payments negatively hurts credit score, and therefore, we should always pay bills on time. Apart from that, we improve our credit score over time with the help of the online platform.

Amanda Peterson: Amanda is an economist turned blogger who provides readers with an in-depth look at macroeconomic trends and their impact on businesses.