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Credit Cards

When you're short on cash, a credit card comes in helpful for covering unexpected expenses. A credit card provides you with funds based on your credit limit for any transaction or expense. After that, you'll have a month to make payments toward the maximum that's been reached.

Both online and offline transactions are made easier with credit cards. You no longer need to be concerned about having cash. Not only that, but every transaction comes with several benefits and offers. Credit cards are a widespread source of finance in advanced economies. Due to their convenience and ease of use, credit cards are becoming increasingly popular in many emerging economies, such as India. Anything from gold to groceries, gadgets, and electronics equipment’s can be purchased with a credit card.

Banks and NBFCs that have been authorised by the RBI provide credit cards. A wide range of credit cards are available to meet the demands of different customers. The credit card that is best suited to one's spending habits can be chosen. A credit card can help a cardholder save money on everyday costs by providing reward points, cashback, discounts, and other benefits.

Types of Credit Cards in India:

Credit Cards with No Annual Fees:

A credit card with no annual fee is one that does not charge an annual fee to use. It's a basic credit, or slightly higher, with minimal perks. A free annual fee credit card is preferred by those who are new to credit cards or who only use them occasionally.

Fuel Credit Cards:

Fuel credit cards are credit cards that offer discounts, points, or cashback to customers on their fuel purchases. Some of these cards are also co-branded with major fuel companies to offer regular clients expedited free petrol or accelerated rewards that can be used to pay for fuel.

Cashback Credit Cards:

You can get cashback on purchases made with certain credit cards. This cashback can be used for shopping. Some cards give you cash back directly, while others let you convert your reward points into statement credit.

Rewards Credit Cards:

The majority of credit cards give reward points for purchases. However, certain cards are specifically designed to deliver great rewards on all purchases, as well as accelerated points on specific purchases. The reward points are often a small percentage of the total spent.

Travel Credit Cards:

Banks or other financial institutions frequently offer these cards in collaboration with travel websites and airlines. Various cards provide particular savings and benefits for bookings made through these airlines and portals, such as frequent flyer miles, entrance to airport lounges, reward points, travel insurance, and extra luggage, among other things.

Secured Credit Cards:

Individuals with a low credit history can obtain a secured credit card by depositing an amount equivalent to the card's credit limit. This deposit serves as a guarantee for banks when they issue credit cards. The bank may return the security deposit if you make payments on time for a few months in a row.

Lifestyle Credit Cards:

These are generally premium credit cards with lifestyle features like access to golf clubs, exclusive dining privileges at partner restaurants, travel discounts, and so on.

Entertainment Credit Cards:

These cards are designed to help you save money on those things like movies, events, and other forms of entertainment. Some of these cards may be co-branded with entertainment companies like as PVR and BookMyShow, Amazon Prime, Netflix while others may provide rewards for all types of entertainment.

Student Credit Cards:

These cards are only given to college students who are at least 18 years old. They have a 5-year validity period and offer extremely cheap credit card interest rates and credit limits. These cards are available from several banks as add-on cards to their parents' credit cards.

Features & Benefits of a Credit Card

Credit cards are an excellent cash replacement. When you have a Credit Card, you don't need to carry more cash.

Depending on the billing date and the due date, you will be given an interest-free period. The longest amount of time you can go without paying interest is 45 to 55 days.

In order to attract new consumers, most credit card issuers offer a variety of welcome incentives to credit card holders. It offers e-gift coupons, a large number of reward points, and gift vouchers, among other things.

Some credit cards have benefits for dining, shopping, entertainment, and wellness, among other things.

Only credit cards having a link to an e-commerce website are eligible for no-cost EMI.

Many banks waive fuel surcharges for their credit card customers.

The appropriate use of a credit card might help you enhance your credit score.

You can choose a balance transfer option, which allows you to move your outstanding debt to another card with no or low interest for a set length of time. This gives you an additional grace period to pay off the debt. Most credit card companies are offering this as a way to attract users and expand their customer base.

Eligibility Criteria for Credit Card:

If you want to apply for a credit card, you must first determine your eligibility. You can acquire guaranteed approval by understanding the eligibility conditions. Before applying for a credit card, you should be aware of some of the most crucial qualifying requirements.

Age: The person must be at least 18 years old, with a maximum age limit of 65 years.

Income: The applicant must have a consistent source of income in order to qualify for a credit card. A credit card is available to both salaried and self-employed individuals. A monthly income of 20k is required.

Documents Required

Identity Proof: Aadhar Card, Pan Card, Passport, Voter Card etc.
Address Proof: Aadhar Card, Ration Card, Passport, Electricity bill etc.
Income Proof:Salary slips, Form 16, Bank account statement any one of this.

Frequently Ask Questions

Credit cards are a valuable financial product that allow cardholders to make purchases while still having the option of paying the balance off later. A credit card has a bank-approved credit limit, and the holder is responsible for repaying the balance due on the due date agreed upon by the bank and the holder.

You can apply for a credit card online through the issuer's official website or through our website i.e. Credit cards might also be approved quickly if you have a salary or savings account with the bank.

To be eligible for a credit card, each bank has a different income limit. Most organizations have a minimum limit of Rs. 2 lakhs each year.

A credit score of at least 700 is required to obtain a credit card.

A person can have as many credit cards as he or she wants. There are no limits. To prevent paying interest, you must make sure that payments are made on schedule and, preferably, in whole.

Yes, by contacting the credit card issuer, you can increase your credit limit. Your credit limit will be adjusted based on your payment history and income.

Card Verification Value (CVV) is a number displayed on the back of a credit card. It must be kept hidden because it is utilised for a variety of online transactions.

The minimum payment is a % of your outstanding balance. You can avoid a late payment fee by paying a minimum due amount. The remaining balance will be carried over to the next bill statement. However, the bank will charge an interest rate on the balance.

You can't transfer money from your credit card to your bank account because banks and NBFCs don't allow it. Some smartphone apps allow you to do so and charge a modest fee based on the amount sent. However, it is not a suggested method of obtaining cash.

The balance on your credit card is the amount you owe. You can do so by looking at your monthly credit card statement or entering onto your credit card net banking account.

Even if you don't have a job, you can get a credit card if you have a substantial quantity of money pouring into your account every month or so. Alternatively, if you have a fixed deposit, you can use it as collateral for a secured credit card.

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