A credit card in Nepal is a financial tool issued by banks or financial institutions that allows users to borrow money up to a certain limit to make purchases or pay for services. The amount borrowed must be repaid within a specific time frame, usually with the option to pay in full or in installments. Credit cards in Nepal offer various benefits such as reward points, cashback, discounts, and the ability to make online and international purchases.
With a debit card, you can withdraw funds directly from your bank account deposits. In contrast, a credit card is similar to a short-term loan from the card issuer that allows you to make payments or withdraw cash. Rather than repaying this short-term loan on a per-use basis, at the end of the billing cycle, all of your credit card spending is combined into a single bill.
You can apply online from banks website and to open offline - visit nearest branch of selected bank to obtain application form of Credit Card. Fill up the application for Credit Card. Submit it to the respective branch. Collect your Credit Card and Pin Code after the specified day to have your card activated.
Interest free credit period of minimum 15 days to maximum 45 days after being used for Purchase transactions.
You can use your card as often as you wish, provided you do not exceed your pre-set credit limit. Once a card is used, the card limit decreases until the time payment is received from you.
The card transactions get declined sometimes due to the following reasons:
You can pay your credit card dues through Banks' Mobile Banking, Internet Banking, Connect Ips, e-Sewa, Khalti or by visiting nearest bank branch.
No, you don’t need to open account for the credit card.
Yes, the card can be used at any of the ATMs to withdraw cash within Nepal and India.
If you make a payment for the total outstanding amount before the due date, no interest charges are applicable. If the total amount due is not paid within payment due date, interest will be charged on the total amount due and on all new transactions (from the transaction date) till such time as the previous outstanding amounts are not settled.
It will take minimum 3 to 6 days after the approval depending upon the document provided by Card Applicant at Bank.
As you know high balance on your credit card can significantly reduce your credit score but apart from that, there are various other factors that can really hurt your credit score.
