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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-
When it comes to customer-centric and popular credit cards in India, few can compete with the offerings from ICICI Bank. Segregated into such attractive titles such as The Gemstone Collection, Airline Credit Cards and Fuel Credit Cards, these resources help ICICI’s patrons enjoy the high-life, fine dining, leisure and family activities, unlimited shopping and earn air-miles and reward points in return. Backed by world-class customer support, these cards are a universe in themselves, offering their owners convenience, simplicity, affordability and a refined credit card experience. The bank's commitment to online application and instant card approval allows first-time card owners to enjoy the ICICI Credit Card advantage (without breaking a sweat) and the robust security measures put in place ensure that safety is at the centre of everything. ICICI offers a thoughtful collection of credit cards that take into consideration the base requirements, elevated luxuries and the need for immediate financial support as required by its owner from time to time. And in each instance, the card performs admirably. Test it for yourself, now!
SBI is one of the most trusted and in-demand banks in India that commands an attractive range of customer-centric and simplicity driven credit cards. Being a pioneer in almost all the product lines of commercial banking, SBI has also stepped very aggressively in the credit cards business. The products in SBI’s arsenal include premium cards, shopping and travel cards, classic cards and exclusive cards, each offering an amazing bonanza of benefits including free movie tickets, best in class concierge services, lounge access facilities, balance transfer facility, flexi payment in EMIs, reward points, online bills payment through pay net and a plethora of similar goodies. If you are looking for a reliable, comprehensive, simple and scalable credit card experience, SBI credit cards are the way to go. Apply through Bankbazaar today, and enjoy a different breed of credit card that was designed with you in mind.
As a division of Citi Group- a multinational financial service provider, Citibank is an absolute behemoth when it comes to credit cards on the national and international level. Its services in terms of credit cards are loaded with attractive benefits, and offer an irresistible variety, from lifestyle cards, shopping cards, fuel and travel cards to innovative options like the prepaid cards and corporate cards. With a powerful presence in the credit card industry, Citibank has set the benchmark for its competitors to aspire for in terms of quality, availability, features and customer support. Features such as reward points, easy EMIs, instant loans for your financial obligations and insurance benefits on your card make the Citibank credit card a serious contender for your personal banking needs. Apply through Bank Bazaar and enjoy the advantages of a multifaceted credit card like never before.
HDFC Bank, a top bank in the Indian private sector has already rolled its sleeves to compete aggressively in the credit cards market. Every now and then, you will get acquainted with some special schemes and offers on HDFC bank credit cards, a range that includes featured cards, co-branded cards, super premium cards, professional cards, premium women, premium travel, premium card, regular card, commercial card and cash back card. Undoubtedly, the benefits and rewards attached to these cards are also pocket friendly like movie tickets, travel vouchers, golf club membership, air miles conversion, reward points, exclusive range of gifts, bill payment, EMI facility, cash-on-call, instant loans, dining offers and many more. Avail the HDFC Bank credit card advantage and enjoy a select range of exclusive offers and benefits. Apply through BankBazaar and be the proud owner of a HDFC bank credit card.
Amex is an American multinational financial service provider and a pioneer in offering credit cards with several attractive, irresistible variations. On offer are cards for shopping, lifestyle, travel, to access select lounges and other commonplace as well as luxurious benefits. The patron is entitled to earn reward and loyalty points that can easily be converted into selected products and services including air miles. Amex has proved itself to be a market leader and a visionary when it comes to credit cards and its usage in a developing market such as India. Also on offer are cash cards and traveller’s cheques from Amex, backed by a robust and responsive customer service initiative. A few of the highlights from Amex credit cards include zero lost card liability, attractive offers, variety of cards in its arsenal, 24 x 7 customer support, membership rewards, payback features, privileged loyalty points and an extra dose of travel through its air miles offer. Sounds too good to be true? Apply for the Amex credit card through BankBazaar and enjoy a refined banking experience.
Founded in 1994, IndusInd Bank is the classic example of being ‘a novice by age but not by ability’. In fact, the bank boasts of one of the most recognizable line of credit cards with such products as the super-premium credit card, premium credit card, co- branded credit card and core credit card forming the crux of its offerings. Avail attractive features in terms of golf course membership, reward points, air miles conversion and instant loans for your financial needs, while being backed by an energetic and reliable banking institution. Find everything that can be expected from a world class credit card, and more, with IndusInd Bank credit card. Apply with BankBazaar today, and enjoy partnering a fast growing banking superstar through its attractive line of credit cards.
Axis Bank is a progressive bank with an impressive line-up of banking products and services. The Axis Bank credit cards are in a class of their own- offering range, flexibility and simplicity. The products on offer include the ‘Infinite Range’, the ‘Signature Range’ with flexi payment and travel benefits that are applicable to its co-branded cards and ‘My Cards’- exclusively designed for you. Axis Bank cards offer you numerous luxurious as well as everyday benefits like dining offers, airport lounge access offers, cash back, online bills payment, EMI conversion facility and lots more. Get the Axis Bank credit card advantage and put a new spin to your personal banking. Apply through Bankbazaar today!
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.
JCB International (JCBI) from Japan has tied up with the National Payments Council of India (NPCI) for issuing RuPay cards in the country. Similar to Mastercard and Visa, RuPay is a card-based payment network that is powered by NPCI. The partnership between JCBI and NPCI will enable the customers of JCBI to use their credit card and debit card in ATMs and swipe machines across the country. It will also enable the card issuers in the country to issue cards that will enjoy global acceptability without relying on MasterCard or Visa networks.
In the initial stages of this agreement, around 2 lakh ATMs and 10 lakh swipe machines will be accessible to JCBI cardholders. Many companies from Japan are entering the Indian market through tie ups with businesses across different industries in the country.
31st July 2015
Sir Ganga Ram Hospital (SGRH) launched a digital health card on 9 July, 2015 to assist the 'Digital India' campaign initiated by Prime Minister Narendra Modi. It is a multi-purpose card that will make it easier for patients to access health care services. The card will make health care information of the patient’s portable and accessible at all times. It resembles a credit card and is powered by a micro-chip that operates on Smart Chip Technology.
When patients visit Sir Ganga Ram Hospital, they can insert their SGRH health card in a card reader located at the hospital and access their patient information. They will no longer need to carry prescriptions, reports and other documents related to their medical history.
Apart from providing access to medical history, the card will also act as an e-wallet and it can be used by the patients for storing money and making payments for the services offered by the hospital.
29th July 2015
In a one of-its-kind initiative, India Post, Andhra Pradesh Circle (covering Andhra Pradesh & Telangana) has launched POS services in this region in collaboration with State Bank of India (SBI). A massive range of over 26 postal services will be available in 108 post offices on pilot basis.
By the end of July, 2015, the POS or Chota ATM services will be extended in over 2476 Post Offices in the AP circle. Major services such as Registered & Speed post, Postal LIC, Meeseva, Sunayasam, Passenger reservations, TTD Darshan ticket booking will be available under this scheme. The machines will also play the role of an ATM machine, where people can withdraw cash from any bank credit and debit cards. A host of other technology driven services are in the pipeline which will see the light of the day in coming months.
27th July 2015
With an aim to improve the process of business in India, exporters and importers will now be allowed to pay fees and penalties using debit or credit cards. This move was welcomed by the Federation of Indian Export Organisations which said it will help reduce transaction costs.
Initially, traders had to pay fees manually or through net banking. But from this week, traders will be able to use debit and credit cards and can avail this facility from all the public and private sector banks.
Currently, India ranks 142nd in the overall ease of doing business index. The Government aims to bring India to the 50th position in the next two years by implementing many changes like improving message exchange and reducing paper work.
22nd July 2015
To push RuPay Cards in Asia, National Payments Council of India (NPCI) has entered into a partnership with Japan’s leading merchant acceptance network and card issuer, JCB International (JCBI). The tie-up will empower all JCBI cardholders to make transactions in ATMs and swipe credit cards across India and will eventually enable Indian issuers to introduce cards that can be globally accepted without going through the MasterCard or Visa network. Over 10 lakh terminals that accept card and 200,000 ATMs across India will be made accessible to JCBI cardholders through this agreement signed between JCBI and NPCI.
In the past, RuPay has tied up with US-based network, Discover, to facilitate international acceptance of RuPay-Discover cards. In the same lines, RuPay-JCB international card will work as JCB card outside India and as RuPay card in India.
14th July 2015
In India, credit card transactions and the latest fad of mobile wallets is set to encounter some stiff competition from PayUMoney, an online payment solution from PayU India. Recently, PayUMoney has managed to attain 100% integration in the nascent segment of online grocery purchase. This, has allowed PayUMoney to set a new standard by evolving into a complete online checkout service that effectively integrates debit/credit cards, netbanking, online wallets and other payment options. PayUMoney has claimed the virgin territory- soon, temperatures are set to run high in this uber competitive operative sphere. Stay tuned!!
8th July 2015
India’s e-payment system is heading in the right direction with the visionary draft proposal presented by the Finance Ministry that aims at promoting electronic transactions, with a motive to improve the cash flow in the system and curb illegal transactions, such as black money and tax avoidance.
The draft proposal talks about various measures to facilitate online transactions such as reduction in the MDR (Merchant Discount Rate), standardising existing interchange fee on Debit/Credit Card transactions and tax benefits for merchants who accept electronic payments for goods & services. These measures are a few among several in this proposal.
In addition, the draft also talks about strict measures for curbing fraud and increasing apparatus such PoS (Point of Sale) machines to promote e-payments.
03rd July 2015