A lot of people today
opt for credit cards to take care of their immediate financial needs. These
cards come with several features which make them quite an attractive option.
Some financial institutions offer 0% interest rates for the first 12 months. It
makes applying for them quite irresistible.
But numerous new users
do not have a proper idea on how to activate a credit
card. Even
though it does not seem that disturbing, in effect, it can have many negative
effects. To avoid this, it is better to activate your card in time.
Negative impacts of not activating credit card
Not activating a card
does not mean that the account is invalid. However, the account is open, and the card is issued. In case
you do not want the card, you will need to deactivate it properly.
●
In case a card has not been deactivated, the
individual may need to pay an annual fee. It is one of the potential fees that
a card issuer can impose even if the credit card status is inactive.
●
Whenever you apply for a credit, a hard enquiry
ensues. If you have not activated a credit card and continue towards another
application instead, it will result in another hard enquiry results which will
negative effect on the credit score.
●
Credit cards are considered as one of the best tools to
increase credit scores. When you avail a card, your score diminishes slightly
because you are opting for a lending tool. But, with proper usage, you can
increase your score easily.
There are several benefits which
may be associated with using a credit card. Activating and using it correctly
can also help increase the credit score.
How to activate a credit card?
Following is how to activate
a credit card:
- When you receive
the card, you get a number. You need to call that number to activate your
card.
- You
can also go online to the official website. Enter the required details,
and your request will be processed.
Some credit
cards get automatically activated by the financial institution within a few
days of receiving it.
When to deactivate the card?
In case you
have received the card and are not satisfied with the charges or terms which
are adding up to your statements beyond your prior knowledge, you should
deactivate it instead of just letting it be. To deactivate the card you need to
contact the credit card issuer immediately. This ensures that there is no
negative impact on the credit score.
Why is it important to know about the features and
benefits of a credit card?
You can opt for a card
after knowing about the credit card features and benefits. It can help you
take the right decision when searching for a suitable financing option. Also,
you need to focus on the interest rates and other advantages of the credit
cards before choosing one. Doing proper research always pays off.
The various facilities which may come with credit
cards can make them quite attractive as a financing option. For example, Bajaj
Finserv RBL Bank SuperCard comes with several benefits such as easy EMI options
and ATM withdrawals.
Bajaj Finserv also brings with them pre-approved
offers which make it easier to avail these credit cards by simplifying the
process. Pre-approved offers also come with home loans, business loans,
personal loans, and other financial products and services. You only have to
provide a few basic details to check your pre-approved offer.
If you already have the credit card in your hand and you are still
having a hard time deciding whether you want to activate it, you should at
least go ahead with some transactions to generate the first statement. An
activated credit card status brings with it various benefits
which you should make the best of for a better credit report. It is therefore
recommended that in case you already received the card, activate it instead of
keeping it idle.
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