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Basic Eligibility Criteria

Good Credit ScoreGood Credit Score
Above 23 Years of AgeAbove 23 Years of Age
Valid Bank AccountValid Bank Account
Resident of IndiaResident of India
Self-Employed or Salaried ProfessionalSelf-Employed or Salaried Professional
Aadhar Card , Voter ID / Driving License and PAN CardAadhar Card , Voter ID / Driving License and PAN Card
Bank Statements for The Last Three MonthsBank Statements for The Last Three Months
Salary Slips for The Last Three MonthsSalary Slips for The Last Three Months

Credit Card

Why to get confused with multiple opinions for multiple credit card options available at different websites? We are here to help you with all the useful information just at the flick of a click. Be it about best credit card, no joining fee credit card, cash-back card or reward points credit card; we will guide you to choose the best suited credit cards according to your requirements.

WHAT IS A CREDIT CARD?

A credit card is the key to accomplish your diverse needs without instant cash involvement.
A credit card is a plastic card meant to purchase something without any cash right from the beginning of its use. The credit card issuer bank lends a certain amount of money in the form of that card for you to use. The only thing is that you need to pay the amount back within a set time duration along with the applicable interest and GST charges. The bank prepares your credit card statement giving the transaction history and due amount break-up. To keep yourself away from extra fees and penalties, you need to pay the outstanding amount within the due date mentioned in the statement. A credit card can be used for both online and offline purposes.

APPLYING FOR A CREDIT CARD?

Credit card application process is not only easy but fast too. You just need to meet the eligibility criteria and fill in few details. Steps to apply for a credit card:

  • Logon to the official website of your desired bank.
  • Fill in your correct details (as asked) to meet the eligibility criteria.
  • Choose from an array of available credit cards, according to your requirements.

To make a smart choice in choosing the right credit card for yourself, just logon to www.bankingontips.com and apply for a credit card instantly.

WHY IS CREDIT CARD IMPORTANT?

With digitalization and online payments leaving no scope for the traditional cash carrying habits, credit cards are the best option to use for every transaction. They are not only hassle free payment options but every shopping comes with reward points or cashback! The other important feature is that you get time of 20-50 days to pay the amount back to the bank. Isn’t it awesome?

CREDIT CARD BENEFITS

  • Reward Points Program: Almost all credit cards come with reward points feature which means that you will earn some reward points with every transaction you make using your credit card. The number of reward points is fixed and is different from card to card. After that, you can redeem these reward points for various gifts i.e. special discounts, cashbacks, products etc. as per the reward point provision of the card.
  • Welcome Gift: There are some banks who offer welcome gifts along with issuing the credit cards. These can be gift vouchers, bonus points, discounts etc. The nature of the welcome gift varies from bank to bank.
  • Fuel Surcharge Waiver: It means that whenever you spend certain amount regularly on fuel, the surcharge is waived off.
  • Cashback: Few credit cards come with cashback benefits. The percentage of cashback depends upon the credit card issuer bank. For example, you can try buying a new iPhone with huge cashback on specific credit cards.
  • Travel & Lifestyle Advantages: Now days, privilege credit cards give customers numerous benefits like attractive offers on miles, airport lounge access, travel insurance, flight ticket deals, hotel offers, dining, shopping, games, health & wellness, entertainment etc.

DIFFERENCE BETWEEN CREDIT & DEBIT CARD

A credit card allows you to do any transaction on a credit basis, which means, you do not need to pay cash instantly but get a certain time frame to pay the spent amount back. Whereas, a debit card allows you to spend money from your savings or current account, that needs no repayment.

HOW TO USE A CREDIT CARD?

If you are a first time credit card user, BankingOnTips will tell you how you should use your issued credit card.

Every credit card comes with a credit limit, means the amount of money you can use for transactions. It is actually the amount you have borrowed from the card issuer bank. You need to repay this amount after you have been emailed or posted you transaction statement every month.

To make credit card payments, you need to get your card swiped by the merchant/seller/vendor etc. You will be asked to enter the PIN number which you get with your credit card kit (or the new one if you have changed your new credit card PIN). In case you are using it for online transactions, you need to enter your credit card number, your name, validity, CVV and OTP (One Time Password) that comes to you registered phone number for the authentication of the transaction.

WHAT IS GRACE PERIOD?

In India, grace period is offered for the payment of the purchases done on the credit card. After this period, interest is added to the total purchase amount. For example, your credit card statement contains purchases from 17th March to 16th April with due date is 1st May; you need not give any interest on any purchase done within that period. Kindly note that no cash advance is included in this grace period.

CAN CREDIT CARD BE USED FOR CASH WITHDRAWAL FROM ATMs?

Well, yes. The facility of cash withdrawal through credit cards is possible and is known as cash advance. This cash is the part of total credit limit given on your credit card. You can easily take out cash from an ATM through generating an ATM PIN for the card. You can generate this PIN by calling on the contact number given on the back side of your credit card. It is customer care’s number for your assistance.

CAN I GET MY CREDIT LIMIT INCREASED?

Yes, the credit limit on your card is amended or increased from time to time. To get an increased credit limit, you need to keep a good track record. Always pay your dues on time and do not miss any payment as it may lead to a reduced credit limit.

WHAT ARE NECESSARY DOCUMENTS ESSENTIAL FOR CREDIT CARD

The credit card eligibility criteria and necessary documentation are different with different banks. Enumerated are the things you should check while applying for a credit card:

  • Identity Proof: Keep your GOI authorized identity proof handy, example, AADHAAR, Voter Id, Driving License, Passport, PAN Card.
  • Income Proof: Up-to-date income proofs like bank statement of past six months or three months in some cases, salary slips etc are considered as valid income proofs by the banks.
  • Address Proof: You need to keep a valid local address proof, which means, the proof of your current residence/office. Generally, passport, voter Id, telephone bill etc are considered as address proof.
  • Photograph: You must carry more than two or three passport sized photographs to process with the credit card application.

WHAT ARE DIFFERENT TYPES OF CREDIT CARD CHARGES

You must be wondering what kind of charges you would be levied if you use a credit card? Below is the list of most common credit card charges applied on a customer:

  • Joining Fee: It is the enrolment fee which you are asked to pay at the time of applying for a credit card. In some cases, no joining fee is charged. It depends on the card issuer bank whether it wants to give any particular credit card with or without a joining fee.
  • Annual Fee: It is a yearly fee charged when the credit card is issued to you. Many cards are free of annual fee and many charge a big amount depending on the privileges they offer.
  • Late Payment Fee: If, somehow, you did not pay the outstanding amount within or before the due date, you are charged with a penalty. This penalty is known as late payment fees.
  • Cash Withdrawal: It is better called cash advance interest. It is charged if you have used the cash withdrawal service from your credit card.
  • Over Limit Fee: If you exceed the credit limit available on your credit card, the bank charges you with an over limit fees.

WHY BANKINGONTIPS BEST FOR CHOOSING A CREDIT CARD?

Depending on your varied needs, bankingontips specially scrutinize the best credit cards for you. The choices are based on your salary range, credit eligibility, location etc. Just for your ease, we directly transfer you the chosen bank’s website to apply for the desired credit card.

In addition to it, bankingontips gathers most up-to-date information related to credit cards, just for you.

We value your time, we value your money!

FAQs

Credit Card is a banking product that allows the customer to purchase goods and services on the credit limit offered through the credit card. This limit is given by the bank/financial institution that have offered the credit card.

Credit Card allows you to purchase goods and services from the credit offered to the customer by the bank/financial institution whereas a debit card allows the customer to withdraw money or to purchase goods and services from it. The amount is what you deposit in your savings or current account.

A credit card has the following features:

  • It has universal acceptability
  • Can be used anytime anywhere without any expenditure cap
  • While few credit cards come free but those with higher credit limit come with annual fee
  • The outstanding amount can be paid back via EMI options
  • Cash limit is also given along with credit limit

There are a lot of benefits that come with a credit card:

  • Easy dining, travelling, utility, shopping payments
  • Credit scores are maintained with credit card timely repayments, which help in availing other loans
  • Attractive offers, discounts and cashbacks given on credit card purchases
  • Enhanced credit limit if good credit history

EMI is called Equated Monthly Installment of the total outstanding amount that is repaid to the credit card issuer on monthly basis. It is calculated by adding the payable share of principal amount and interest on the principal amount equally divided monthly for the total tenure which is pre-decided.

Any self-employed or salaried person with fixed source of income can apply for a credit card. The applicant should be 23 years of age and should have good credit history.

You need the following documents to apply for any credit card:

  • PAN Card
  • Passport
  • Driving License
  • Voters Id
  • AADHAAR Card

The following are the probable charges while you apply for credit card:

  • Add on Card Fee: If you apply for an add-on card, you may have to pay a fee for that.
  • Extended Credit Charges: If the credit limit is extended on your credit card, a small fee may be levied.
  • Cash Withdrawal Fee: You may be charged a small amount if you withdraw any amount from cash limit.

You may pay your credit card bills through net banking, NEFT/RTGS, debit card transfer, cash payment, cheque payment, DD etc.

You must consider the following before taking a credit card:

  • Credit Card’s purpose
  • Ratings and reviews of the particular credit card
  • Number of credit cards you are currently using, there must not be more than 3
  • Existing loan or EMIs to be paid
  • Credit Card’s interest rate
  • Customer support system and grievance solving