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

Tap to pay at POS terminals without a PIN. Benefits include discounts, cashback, rewards, and insurance.

Women's Credit Cards

Focused on shopping rewards and cashback, offering bonus points and other perks.

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 Cash Advance Charges: Up to 2.5% of the withdrawn amount.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.

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

Tap to pay at POS terminals without a PIN. Benefits include discounts, cashback, rewards, and insurance.

Women's Credit Cards

Focused on shopping rewards and cashback, offering bonus points and other perks.

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.