Terms & Conditions apply.
1These 10,000 Miles will be credited to the customers on their first transaction of at least Rs.1,000 within 60 days of card booking.
^^Please note that irrespective of the choice made above, you will continue to receive account statements, important advices, alerts and other communication pertaining to the products that you have applied for with Citibank.
As a part of credit card application procedure, Citibank will require your recent passport size photograph; address proof and self-attested copy of your valid photo identity document. You will be contacted separately for collection of these documents. The documents submitted along with the application will be kept with the bank for record purposes and will not be returned.
Issuance of the Credit Card is at the sole discretion of the bank and is subject to the bank's approval criteria.
Terms & Conditions apply.
1Only on Citibank EDCs.
2Click here for a list of applicable stores.
*Click here for free fuel T&C.
^^Please note that irrespective of the choice made above, you will continue to receive account statements, important advices, alerts and other communication pertaining to the products that you have applied for with Citibank.
As a part of credit card application procedure, we will require your recent passport size photograph; address proof and self-attested copy of your valid photo identity document. You will be contacted separately for collection of these documents. The documents submitted along with the application will be kept with the bank for record purposes and will not be returned.
Issuance of the Credit Card is at the sole discretion of the bank and is subject to the bank's approval criteria
Terms & Conditions apply.
11500 bonus reward points on your first spend within 30 days of card issuance, credited within 60 days of transaction date & 1000 bonus reward points on your first spend of Rs.1,000 within 60 days of card issuance credited in the subsequent statement. Click here for terms & conditions.
2The 10X points accrue on spends till Rs.7,000 (or 560 points) per month in Apparel & Department stores. For spends beyond this, earn 1 point per Rs.125. Identification of apparel & department stores are based on Merchant Category Codes allotted by Visa & MasterCard to the merchant where purchase is made. 10X Rewards at featured partners are limited period offers.
3Spend Rs.30,000 in a year and enjoy No Annual Card Fee, else a fee of Rs.1,000 will be applicable at the end of the year.
^^Please note that irrespective of the choice made above, you will continue to receive account statements, important advices, alerts and other communication pertaining to the products that you have applied for with Citibank.
As a part of credit card application procedure, we will require your recent passport size photograph, address proof and self-attested copy of your valid photo identity document. You will be contacted separately for collection of these documents. The documents submitted along with the application will be kept with the bank for record purposes and will not be returned.
Issuance of the Credit Card is at the sole discretion of the bank and is subject to the bank's approval criteria.
Terms & Conditions apply.
*This is subject to a maximum cap of Rs.100 per month. ^Identification of these transactions are based on MCCs (Merchant Category Codes) allotted by Visa and MasterCard.
Today credit cards have found widespread usage due to the convenience they offer. Unlike the old days, you do not have to carry large sums of money when you go shopping. All you need to do is take your credit card with you when you go out shopping, select whatever you want to buy, hand over your card to the cashier to make the payment and walk out with your purchase. Simple, isn't it? Card issuing banks offer many types of benefits like cash back, reward points, interest free credit and discount offers on purchases made at select stores. All this makes it attractive to use a credit card in lieu of cash for your purchases. If you are wondering, "What happens after I hand over my card to the cashier?", then read on to know more.
When you hand over your credit card to the cashier to pay for your purchases he takes it and swipes it in the merchant's point of sale (POS) system. This system is connected to the merchant's bank via a communication link. This POS system helps in verifying your data by using an electronic verification system. The details verified include the validity of your card and the availability of sufficient balance on your credit card to pay for the purchases.
Once your details are transmitted to the merchant's bank, they are sent to your bank which then authorizes the payment if all the details are in order. This authorization is then sent to the merchant's bank, which then blocks the amount from your credit limit so as to reimburse it to the merchant later on. The authorization generates an approval code and is transmitted to the merchant. This code has to be keyed in by the cashier, after which two copies of charge slip are generated. This charge slip is your agreement to pay your issuing bank the amount of purchase. You then sign one copy of the charge slip and take the other one with you, along with your purchase.
Just like you, there are many others who use credit cards for their purchases. They also generate their own charge slips. All these charge slips are stored in batches and submitted by the merchant to his bank, once a day at the end of the working day. But remember, the nature of the relationship of the merchant with his bank is far different from your relation with your bank. It is called a merchant account and is actually a line of credit rather than a regular account. As per this contract, the bank agrees to undertake collection of payments on behalf of the merchant from his customers' banks. These payments are credited to the merchant's bank accounts after deducting the fees for all the services involved.
When the merchant deposits these batches in his bank, they are sent by the merchant's bank for clearing and settlement through the credit card association. This association charges your purchase amount to your bank and pays the amount to the merchant's bank. The merchant's bank then reimburses this amount to the merchant.
Your bank now charges your purchase amount to your credit card account. On the specific date, your bank will generate an account statement, listing all the credit and debit transactions in your account. If the debits are higher than credits, you have to pay the difference to your bank. You will also be given a due date, which is the last date by which you have to repay your bank in full. Failure to pay off this amount in full by due date will mean you will have to pay late fees as well as interest charges to the bank. These fees and charges can be very high, so be very careful.
Credit cards are a powerful credit tool to help you tide over short term financial requirements. However they must be used judiciously, as any misuse of the credit card can attract stiff charges and make you fall into debt trap, besides destroying your credit rating. So the watch word is - BE CAREFUL when using the credit card.
Some of the major banks that issue credit cards include:
To fulfill dreams which can’t wait, apply for credit cards and live your dreams.
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