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Today, credit cards are an inevitable part of life. A benefit, accorded to individuals with the means to repay a loan or obligation in the stipulated time (as proven by their analysed credit histories), credit cards are a common mode of purchase and payments. In India, almost all nationalized and private banks, alongside a sizable number of private and public sector banking institutions offer their patrons the unlimited advantage of highly personalized credit cards.
BankBazaar offers you a wide selection of these cards, alongside the option to apply for them directly online. Why would you need a credit card? Read on…
The fundamental advantage of owning a credit card is that it eliminates the need for liquid cash, thereby offering protection to your monies and seamless convenience to you. Instead of buying products or services with hard currency, a simple swipe at the retailer’s outlet is all that it takes. Alongside this convenience, credit cards offer a string of other benefits including,
Of course, the million dollar question. While the mechanics of using a credit card on a day-to-day basis isn’t too complicated, the associated back-end process associated with a simple card swipe is too technical for a common individual to comprehend. In actuality, the procedure is very simple and safe-
Borrowing from a popular axiom, ‘With great power comes great responsibility’, and the same holds very true in the case of credit cards. While a handy financial help, a source of ready cash and a safe and beneficial way to pay for your purchases, the misuse of this facility could be detrimental to your long term financial health. Credit card debt, defaulting on your monthly repayments or drawing up a massive pile of credit card purchases and consequently, a stiff interest rate are things to be constantly aware of. The best way to enjoy your credit card is responsibly and with caution and tolerance. While the temptation may be high to unleash a shopping spree with your brand new credit card, remember, the money you spend is not your own- it must be returned back, with interest and on time!!
BankBazaar, the helpful portal dedicated to comparing various banking products, including the comparison of credit cards, is a boon to any newbie, who is taking his/her first steps in the credit card universe. The reasons to apply for your first credit card with BankBazaar are many, the highlights of which are exemplified by the following-
Hassle Free Process-Strictly opposite to visiting a bank’s physical outlet, thereby incurring an expenditure of time, money and effort, applying for a credit card on BankBazaar is simpler and quicker. Plus, there are no documents to submit or verifications to affect immediately. Simple? It surely is. Compare Credit Cards- BankBazaar lists almost all the popular credit cards, as issued by the various domestic and international banks and other financial institutions. The simple credit card comparison helps you to choose the card that best suits your requirements and limitations. All of this, from the comfort of your home or work-station. Apply for Credit Card- Post the comparison, BankBazaar gives you the option to apply for your chosen credit card online, from its interactive and simple interface. Know it All- From such informational bytes as the latest happenings across the Indian credit cards landscape to important details as credit card eligibility, all the information you need, in one convenient package on BankBazaar. 24x7 Support- Apply for a credit card online and enjoy BankBazaar’s brand of superior customer support, applicable 24x7, 365 days a year.
Applying for a credit card on BankBazaar is a simple and non-taxing process. The following steps list this process clearly-
A credit card is a payment card issued by a particular bank for customers looking to avail instant credits to easily purchase goods and services without spending a single penny from their pockets. The bank extends a line of credit with which the user borrows money, to be paid to a merchant. The cardholder is required to pay back the borrowed sum of money subsequently to the lender bank along with extra interest rates.
Credit cards in India are available in different variants like Gold, Silver, Platinum, Titanium, Classic, Premium and Business, distinguished by the level of services they offer.
Specific to a customer’s requirement the following are also offered:
Customers need to get in touch with an executive from a bank of their choice and submit a filled-in application form with the required documents. The bank will process your application after appraising your credit history and will then approve the new credit card according to your requirements.
In India, banks charge the highest rate of interests for credit cards, from 36% to 42% per annum. A bank decides the interest rate for a particular customer based on his credit history, financial capability and also depending on the type of card he chooses. Applicants with good credit scores and regular payment patterns get the best deals on their credit card interest rates.
Banks in India have tied up with Visa, MasterCard and American Express (AMEX) to process credit card payments, connecting merchant accounts with the acquiring banks.
In India, banks generally offer credit cards to individuals above the age of 21 and with a steady monthly income. As part of their verification process, banks do a deep dive into the customer’s credit history and assess previous payment patterns to understand the customer’s financial situation. Only after ensuring that the applicant has the financial capability to repay the expenses incurred using a credit card, will the bank approve the customer’s application.
Yes, in India applicants are required to earn a minimum of Rs 75,000 to 1 Lakh per annum, though this criterion varies depending on the type of the card.
Annual Percentage Rate (APR) or the ‘’cost’’ at which a customer takes credit from a bank, is the simple interest rate charged by a bank on expenses incurred on a credit card for a year.
The best mantra while managing a credit card is to ‘’Pay as and when you can”. Delaying a credit card payment is not a wise option, as banks tend to impose high late payment fees and gradually increase the interest rates charged. The customer would actually end up paying way more than his original purchase amount.
Add-on cards can be taken for family members of the primary card holder with extra charges anywhere between Rs 125 to Rs 1000. The credit limit of the primary card gets carried over to the new card with similar features. Also customers can get a comprehensive bill with details of both the cards.
Global credit cards give a customer the leeway of instantly performing cashless transactions from any corner of the globe. Accepted worldwide, global cards give you the flexibility of spending in any foreign currency and later paying your bills in your local currency. A customer can also avoid the hassle of carrying huge amounts of cash or using traveller’s checks.
Credit card reward programs have been introduced by lenders to popularize the various cards they offer by rewarding a customer for transacting using their credit card. The cardholder is awarded points as per his expenditure for purchasing goods and services. The accumulated points can later be redeemed by customers for certain discounts and gifts as per the bank’s guidelines.
The Reserve Bank of India mandates the provision of multiple levels of authentication from banks, for customers using credit cards to make an online purchases. Additionally, customers are advised by banks to use their credit card credentials only in encrypted internet connections to avoid fraudulent transactions.
Customers can also use their credit cards as ATM cards and withdraw a stipulated amount of cash, preset by the bank as cash advance. Though this feature gives a customer access to instant cash, the bank charges very high interest rates for credit taken using this facility.
In its first bi-monthly monetary policy review, Reserve Bank of India (RBI), country’s apex bank has announced a slew of regulatory measures aimed at consolidating banking system in India.
One of the most notable points of this review is to allow financially sound and well managed (FSWM) scheduled urban cooperative banks to issue credit cards. To qualify, banks falling in this category should be CBS (core banking solutions) enabled and should have a minimum net worth of Rs 100 crore. Co-operative banks are the backbone of the Indian banking system. Their outreach in rookie sectors is commendable.
One of the other related measure by RBI during the policy review was to allow state co-operative banks (which meet the required criteria) to set up mobile ATMs without prior approval from the apex bank.
24th April 2015
A credit card is a useful tool, when managed judiciously but a lurking danger if you mismanage it. One of the first things you need to keep in mind, is read the term and conditions when you apply for a credit card. It could be a laborious process but something that has to be dealt with, to protect yourself from any rude surprises that might be in store for you in times like this – Read More
23rd April 2015
DMRC commuters can now look forward to alluring rewards by downloading the DMRC - Offer World app on their Android smartphones. To become eligible for credits from various services and products, one has to download the Offer World app from Google Play Store and register. Upon registration, the user can navigate to the “offers” section and download apps from participating merchants which gives those credits points.
The credits earned are in Indian rupees that can be utilised to recharge DMRC smart cards through the app itself. The minimum amount (credits) required for recharging the Metro smart card is Rs.100. The credit balance will reflect within 48 hours and can be utilised for hassle free commutes across the Metro lines. This user friendly app also displays real time information on credits earned.
23rd April 2015
With the RBI cutting repo rate at the beginning of the year and subsequent relative changes, retail loans especially home loans, have shown an increase in performance with regards to both the public and private sector banks in India. Banks are expected to bring forth attractive offers on retail loans in order to further boost the scope of such loans. Home loans, credit cards, auto loans, etc., are showing encouraging signs of growth compared to the low base rates of last year. It is anticipated that retail loans will continue to make a significant contribution to the total bank credit.
22nd April 2015
Experts observe that Mobile wallet market is to double in growth by the year 2020. Mobile Wallet is a broader concept than mobile banking since it incorporates various features that is exclusive to it. Mobile prepaid wallet is unique since the customer need not follow the three layers of security for payment as is the case while using a debit/credit card or net banking. These wallets are one click payment options. Mobile Wallets such as Paytm currently has over 10 million users and the company is trying to reach over 50 million wallet downloads by 2015. This in itself projects the scope of mobile wallet market in India.
30th March 2015