What is a Credit Card?
A credit card is a financial tool that allows you to make purchases and pay for them later. It offers an interest-free period of up to 50 days. To avoid fines, you can pay the minimum amount (5-10% of the total due), but the remaining balance will incur interest.
Types of Credit Cards
Contactless Credit Cards
Women's Credit Cards
Travel Cards
Earn air miles, access lounges, and get travel-related benefits.
Cashback Cards
Receive cashback on transactions like bill payments and retail purchases.
Co-Brand Cards
Offer double benefits in partnership with retail brands or travel companies.
Reward Cards
Earn rewards points on transactions, which can be redeemed for various benefits.
Business Cards
Issued to businesses for employee use, offering financial management and various business-related benefits.
Lifestyle Cards
Focused on shopping rewards and cashback, offering bonus points and other perks.
Premium Cards
Offer top-tier benefits like lounge access, concierge services, and flexible spending limits.
Prepaid Cards
Load money onto the card to make purchases without a credit line.
Silver Cards
For low-income earners with a good credit history, offering low fees and interest-free periods.
Gold Cards
For higher income earners with good credit scores, providing various perks.
How to Get a Credit Card?
1.) Compare Cards: Evaluate the features of different cards.
2.) Choose a Card: Select one that fits your spending habits.
3.) Apply Online: Fill out the application with your personal and contact information.
4.)Submit Documents: Provide necessary documentation if required.
5.) Verification: A bank official will verify your details.
6.) Approval: Once verified, your application will be processed for approval.
Eligibility Criteria
1.) Age: 18 years and above
2.) Nationality: Indian
3.) Income: Subjective
4.) Employment: Salaried or self-employed
5.) Credit Score: 700 and above
Required Documents
1.) Identity Proof: PAN, Passport, Aadhaar, Voter ID
2.) Income Proof: Salary slip, recent salary slip, employment offer letter
3.) Address Proof: Aadhaar, Electricity bill, or Telephone bill
Credit Card Fees and Charges
1.) Annual Fees: Charged yearly based on the card.
2.) Cash Advance Charges: Up to 2.5% of the withdrawn amount.
3.) Late Payment Penalties: Flat fee based on the statement balance.
4.) Over-limit Charges: Fees for exceeding the spending limit.
5.) GST: Applicable on all transactions and fees.
Uses and Benefits
1.) Emergency Funds: Withdraw money up to a certain limit with no interest for 45-50 days.
2.) Insurance Coverage: Personal accident and travel insurance.
3.) Rewards: Earn points redeemable for various benefits.
4.) Travel Perks: Lounge access, priority check-in, and dining discounts.