It is not a substitute for specific advice in your own circumstances.
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The contents are generic in nature and for informational purposes only. The contents of this article/infographic/picture/video are meant solely for information purposes. You can apply on our website or our mobile banking app and avail a credit card without having to visit the bank. To apply for the IDFC FIRST Bank Credit Card, click here. If you want to know more about how do credit card payments work, click here The statement is generated on the 15 th or 20 th of every month, and it will include all the details such as your transaction details, opening balance, total amount due, current purchases, credit limit - both total and available, and payment due date.
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The transactions you conduct both offline and online are recorded in the credit card statement on the respective dates and time. This completes the transaction in a few minutes. On providing the OTP number, you get the ‘Payment successful’ message. Your bank receives the information and sends an OTP to your registered mobile phone number or email address to authenticate the transaction. Then, you have to click on the ‘Pay’ tab to process it. Next, you have to type in the 16-digit number, name as provided on the card, validity – month and year, and CVV. You have to choose the credit card option and the type of card, whether it is a Visa or MasterCard. The e-commerce website guides you through the purchases after you have chosen your product and proceed to pay using the online credit card tool. This is how credit cards work at the store, but if you do online shopping, the procedure is different. The transaction is carried out safe and secured protecting the cardholder’s sensitive information. The store receives the payment after a few days. Your bank accounts the purchases, which reduces your credit limit by that amount. Step 3: On approval, the machine receives the ‘approved’ message with the bill details, and prints the same to give one copy to you. If the details are correct, the bank approves the transaction.
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Step 2: The machine sends your card’s sensitive information to the issuing bank (IDFC FIRST Bank) to verify the details such as your name, card number, validity, credit limit and PIN. The person at the counter swipes the card in the card machine or insert it in the point of sale (POS) machine, and asks you to enter the PIN to authenticate the sale. At the payment counter of the store, you give the bill and your FIRST Select Credit Card. Step 1: Shopping is easy using a credit card in India. You want to use your FIRST Select Credit Card, and here is how credit cards work: You are the proud holder of the FIRST Select Credit Card from IDFC FIRST Bank, and you have just finished your shopping at a store. This can be explained with the help of an example.
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How to transfer money from your Credit Card to your bank account? You keep getting regular access to credit as long as you do not reach the maximum credit limit. With a credit card offering innumerable rewards on purchases, insurance coverage, discounts and cashbacks, and other benefits, it makes sense in having it. It is so designed that you have to win the trust of your bank to issue a card and allow you to borrow money on an agreement that you will repay it before the due date, along with a certain rate of interest. When it comes to paying during shopping, a credit card outmatches the other methods of payment with its “buy now and pay later” feature.