Find the ideal credit card in India that offers exclusive privileges. Let us help you compare, apply credit cards that meets your needs and enjoy attractive premium benefits, joining bonus and reward points.
Visiting a bank branch to apply for a credit card is a thing of the past. With most of the credit card customers relying on the internet to compare and apply for credit cards, banks and other financial institutions issuing credit cards are making the space customer-centric.
The "Credit Card Online Application" feature introduced by many card issuers has made it easy for prospective customers to apply for the cards online.
While some issuers capture the basic details and contact the customer for further application process, some others have taken another step ahead by offering an end-to-end online application process.
Applying for a credit card online is as simple as booking a movie ticket or ordering food online. You simply need to visit the bank's official website, choose the card and apply for it instantly.
Upon successful submission of the application, you will be contacted by the bank representative in 3-5 working days.
If you wish to apply for a credit card on BankBazaar, below are the simple steps that would guide your through the online application process.
On successful submission of the application and the required documents, you will receive an "Application ID" on your registered mobile number. You can use it to Track your credit card application status in the later stage.
BankBazaar offers end-to-end application process, wherein you can browse through most of the credit cards offered by various banks, compare and apply for the best credit card in just a few clicks.
Let's look at the perks that we offer for applying for a credit card through us.
Robust comparison tool: Before availing a credit card, it is always advisable to compare various cards to find the best. But the process of comparing is not that easy, and a lot of people tend to avoid it, ending up with a wrong card. To solve this problem, BankBazaar introduced a platform where people can compare credit cards offered by different banks online at one place. This not only helps them in making an informed decision but also in getting the best credit card available in India.
We simplify the application process: With our end-to-end paperless online application process, we have simplified the entire application process in a few simple steps.
You don't have to visit the bank branch nor have to meet any bank representative to apply for a credit card. Simply, visit our website, compare various credit cards, choose one and apply for the same without leaving the comfort of home.
24x7 Support -Apart from the above, BankBazaar provides 24x7 support to all its customers throughout the year.
Although most of us are quite familiar with credit cards and use them on a regular basis, there're many aspects of the cards, most of which are quite basic, about which we are quite ignorant about. This section discusses all such things every credit card user must know.
Applying for a Credit Card and using it are fairly simple tasks. But is that all there is to it? Read on to find out a few lesser-known facts about Credit Cards. Don't have a card yet?
Impacts Two Aspects Of Your Credit Report
Credit Cards rule your Credit Score. Your payment history has a 35% impact on your Credit Score and the credit utilisation metric has a 30% impact. Your Credit Card usage impacts both.
Cover All Bases
Make sure that your Credit Card issuer reports your credit activities to all four credit bureaus in India. Not all card issuers share information with all the four bureaus.
An Unpaid Credit Card Bill Doesn't Affect Your Score
Bogus! Not paying your Credit Card dues will only send your Credit Score spiralling downwards. Always pay your dues in full if you want to see your score in the elite 750+ range.
Closing A Credit Card Account Is Not Always Good
Closing a Credit Card account can reduce the total credit available to you. This can raise your credit utilisation ratio above the acceptable 30% mark and bring down your Credit Score.
Get a Credit Card that suits your lifestyle, spend wisely and pay your dues on time. Then watch the magic unfold.
You can use the credit card at the below-mentioned places to conduct transactions –
About how to use a credit card – it’s simple.
For processing a card-present transaction such as an ATM cash withdrawal and card-swiped transaction, you need to enter the 4-digit PIN.
For most of the online transactions, you need to enter your card details. The PIN is seldom asked for online transactions.
When you don’t pay the total outstanding amount on a credit card by the due date, you’re automatically opting for the revolving credit facility. This means the borrowed amount which is not repaid on time attracts interest or finance charge.
The interest charge is also applicable when you pay only the minimum amount due or anything less than the total amount due.
Further, cash withdrawals attract interest from the date of the transaction till the amount is repaid in full.
The interest rate is charged at a monthly percentage rate or an annual percentage rate (APR) and varies from card to card. The issuer will communicate the rate of interest at the time of card issuance.Interest rates charged by top banks are listed below.
|Credit Card Issuer||Credit Card rate of interest on revolving credit|
|State Bank of India||Up to 3.35% per month|
|HDFC Bank||1.99% to 3.49% per month|
|American Express Credit Card||1.99% to 3.5% per month|
|IndusInd Bank||3.83% per month|
|Citibank||3.10% to 3.50% per month|
|Axis Bank||2.50% to 3.25% per month|
|Kotak Mahindra Bank||2.49% to 3.50% per month|
|HSBC Bank||1.99% to 3.30% per month|
|ICICI Bank||2.49% to 3.50% per month|
When managed properly, a credit card acts as an interest-free credit line. This means you don’t have to pay any interest if the borrowed amount is repaid in the stipulated time.
The period between a transaction date and the credit card bill payment due date is called the ‘Interest-Free Period’.
If you pay the transaction amount on or before the due date, you don’t have to pay any interest, hence the in-between period is termed as Interest-free period or grace period.
The grace period varies for each credit card transaction and the typical period ranges from 30 to 45 days. Transactions carried out at the beginning of your credit card billing cycle would provide you with a longer grace-period.
However, the grace period is not applicable if the previous month's due has not been paid in full.
Also, cash withdrawals using a credit card are not eligible for grace period. Interest on such transactions would be levied from the withdrawal date itself.The interest-free period offered by top banks is as follows
|Credit Card Issuer||Credit Card Interest-free Period|
|State Bank of India||20 to 50 days|
|HDFC Bank||Up to 50 days|
|American Express Credit Card||Up to 48 days|
|IndusInd Bank||Up to 50 days|
|Citibank||Up to 50 days|
|Axis Bank||20 to 50 days|
|Kotak Mahindra Bank||Up to 48 days|
|HSBC Bank||Up to 52 days|
|ICICI Bank||18 to 48 days|
Credit card statement (or credit card bill) is generated every 30/31 days. The bill generation date depends on the date on which the credit card is first issued, and the same date will be followed for the subsequent months.
Besides the bill amount which is also called the outstanding amount on the card, the statement also provides a detailed history of all the transactions conducted during the billing period.
It also reflects the total credit limit, available credit limit, cash limit, due date and other related information.
The statement is typically mailed to the cardholder’s registered e-mail every month. However, if the total outstanding balance is less than a certain cut-off, say Rs.200, no statement will be generated.
Credit card EMI is one of the useful features offered on credit cards. There are various options to use the EMI facility.
Credit cardholders with the first option can convert their purchases instantly into EMI while carrying out a transaction. However, the product/service or the retailer should have partnered with the card issuer.
The second option allows the users to convert any of the transactions or the total outstanding on the card into easy monthly installments (EMI).
However, the request for conversion should be made within a specific period from the date of the transaction, say 20-30 days.
While availing the facility, cardholders have the option to choose the repayment period which typically ranges from 3 to 24 months.
Some issuers offer 0% interest while the others charge a low or normal interest rate. Furthermore, a processing fee of 1-2% of the converted amount may also be levied.
Once you opt for the facility, you need to repay the EMI amount every month. The associated principal amount and the interest charge, if applicable, will be added to the minimum amount due on the card.
Welcome Gift – Many banks offer a welcome gift to new credit card applicants once the card is issued to them. This gift can be in the form of bonus points, gift vouchers, discounts, etc. The welcome gift differs depending on the card and the bank.
Rewards Program – All credit cards generally have a reward program, which allows cardholders to earn reward points on every transaction they make using their cards. The amount of points that cardholders can earn per transaction is fixed and differs from card to card. The points that card members collect can be redeemed for various gifts that are listed in the rewards catalogue of the cards. These gifts can be discounts, product, services, cashback offers, etc. Some credit cards allow card members to redeem their points against air miles and cash as well.
Fuel Surcharge Waiver – Many banks offer fuel surcharge waiver to credit cardholders when they spend specific amount of money on fuel every month. This offer is available on fuel transactions made at all Indian petrol bunks.
Cashback Benefits – There are certain credit cards that offer cashback benefits to the customers. The amount of cashback that will be offered depends on the provider.
Lifestyle Benefits – Cardholders can enjoy various lifestyle benefits on their credit cards. Lifestyle benefits include dining, shopping, golf, wellness, entertainment, etc. privileges.
Travel Benefits – This is one of the major reasons for credit cards being so popular among people. There are some credit cards that offer amazing travel benefits to the customers. Travel benefits include air miles, airport lounge access, travel insurance, airline offers, hotel offers, etc.
Airport Lounge Access – Some credit cards offer complimentary airport lounge access to the cardholders. The offer varies from one bank to another. Some banks put a limit on the number of visits, while some others allow access only to Indian airport lounges.
Exclusive Privileges from Visa/American Express/MasterCard – Visa, MasterCard and American Express are three popular and recognized credit card variants. Depending on the variant of your card, you can enjoy exclusive lifestyle, travel, etc. offers from MasterCard/Visa/American Express.
Add-on Cards – Many banks allow their credit cardholders to apply for add-on cards for their immediate family members. Most card issuers offer add-on cards for free, but some of them limit the amount of add-on cards that one can apply for. Cardholders can enjoy all the privileges of their primary cards on their add-on cards.
Air Miles – Certain credit cards such as travel or Airline cards offer Air Miles to their customers. These miles can be JPMiles, Air India Air Miles, etc. Cardholders can collect these miles and redeem them to avail flight tickets and other travel benefits.
Banks offer amazing features on their credit cards. These features vary depending on the card provider and the type of credit card that people purchase. Some of them are as follows:
Reward Points Program: Most credit cards offer a reward points program, which allows cardholders to earn reward points on every transaction they make using their cards. A few exceptions to it is that fuel transactions, insurance payments, gold or gold jewellery purchases, utility bill payments, cash and EMI transactions are typically not eligible for reward points.
The accrued reward points can be redeemed for various options offered in exclusive rewards catalogues provided by the issuers. However, card members need to earn minimum reward points before going for redemption.
Airport Lounge Access: Complimentary airport lounge access and membership to Priority Pass Program are one of the most common features offered on most credit cards. Though you may not find the features on a basic credit card, most next to basic credit card offers complimentary lounge access with a limited number of visits per year, free membership to airport priority pass programs and others. With such a feature on credit card, members can enjoy free lounge visits to both domestic and international airports.
Fuel Surcharge Waiver: Another common aspect offered on most credit cards is the fuel surcharge waiver facility that waives off the 1% surcharge that is typically charged on all card transactions conducted at petrol stations.
Insurance Coverage: While some premier cards provide a comprehensive insurance policy that provides coverage against air accident, life, lost baggage, lost card, outstanding, etc. On other cards, the cover is limited to a few aspects.
Global Acceptance: Today, most credit cards that are issued in India are international cards and are accepted by various merchants all over the world.
Balance Transfer: Credit cardholders can transfer the outstanding balance of their existing cards issued by one bank to the credit card account of another bank. Doing so helps them in saving money and repaying the amount at a low rate of interest. Banks offer various balance transfer options to their cardholders allowing them to repay the amount on a monthly basis within a tenure of their choice.
EMI Conversion: The feature allows the credit card members to convert their credit card transaction into easy monthly instalments (EMI). They can either choose to convert the total outstanding on their card into EMI, a specific transaction, especially big-ticket purchases into EMI and can also convert merchant transactions into EMI.Generally, these plans have very attractive interest rates and different repayment tenures. The EMI conversion will be done with no other documentation and most of the times instant.
Lifestyle Benefits: By partnering with various merchants, credit card issuers provide attractive discounts and offers on various lifestyle categories including dining, shopping, travel, wellness, entertainment, etc.
Travel Benefits: Frequent travellers can make the best use of the travel credit cards that provide travel-related benefits to the cardholders. Some of the common benefits offered on travel credit cards include air miles accrual and redemption for air tickets, free travel insurance, discount offers on domestic and international flights, complimentary lounge visits, discounts on hotel booking, and concierge services.
Not everyone needs a same credit card. While some consider it as a line of credit, a few consider it as an instrument to track their expenses and for some others it's a way to get best deals on every purchase.
Today's customer-centric market has thus come with a solution for all - A credit card for every need. The partnership between card issuers and retailers made the categorization even simpler. From shopping to travel to dining to rewards, there are cards for each category.
A lifestyle credit card is an "All-in-one" credit card that provides privileges across categories. From shopping to travel, rewards to cashback, entertainment to dining, you can enjoy special offers and discounts on most of them.
The Lifestyle Credit Cards typically come with a high annual fee and joining fee, which of course, is worth spending for the privileges offered by the cards. Some Lifestyle Credit Cards also have low or no annual fee and are designed for low-income group individuals.
The name says it all - Shopping Credit Cards are designed for shopaholics or frequent shoppers. While some cards provide deals and discounts for shopping online, others are designed for in-store shopping. Further, there are co-branded Shopping credit cards that provide offers and rewards on specific brands or stores.
Shopping Credit Cards are typically affordable with a starting annual fee of Rs.500. The benefits offered on the cards including the welcome gifts, reward points, deals and discounts, etc., revolve round the shopping category.
Mostly providing air travel benefits, the Airline Credit Cards are best suited for frequent travelers. The features and benefits offered on the cards revolve around the air travel.
Reward points to air mile conversion, free flight tickets, complimentary airport lounge access, and accelerated rewards on air ticket booking, among others are some common features offered by Travel Credit Cards.
Most of the Travel Credit Cards are co-branded cards offered in collaboration of the card issuer and an Air Carrier or Travel Website. The annual fee of the cards ranges from Rs.500 to Rs.5,000 depending on the benefits they offer.
Rewards Credit Cards offer accelerated rewards on most of the spending categories.
Credit Card issuers are providing a wide variety of redemption options ranging from gifts to air miles to cashback.
Reward Credit Card also provide welcome rewards, bonus rewards, milestone rewards, etc., in terms of reward points. Most of the cards offer reward points with unlimited validity.
Cashback credit cards offer cash back, cash rebates, and other money-saving benefits on most of the credit card spends.
While some care offer cashback in the form of reward points others offer direct cashback to the credit card account which can be used to pay off the card outstanding.
Partnered with major industry players like Hindustan Petroleum (HP), Bharat Petroleum (BPCL), Indian Oil, etc., credit card issuers are offering Fuel credit cards loaded with partner-specific benefits.
Fuel credit cards provide accelerated reward points on fuel spends, fuel surcharge waiver facility, reward points redemption against fuel purchases, and other value back benefits, enabling the users to keep the fuel costs under check.
Applicants can submit any one of the ID proof, address proof and income proof documents listed below
|Proof of Identity||Proof of Address||Proof of Income (For Self-Employed)||Proof of Income (For Salaried)|
|Passport||Telephone Bill||Certified Financials||Salary Certificate|
|PAN Card||Electricity Bill||Recent ITR Statement||Recent Salary slip/s|
|Ration Card||Aadhaar Card||Passport||Employment Letter|
|Aadhaar Card||Ration Card||Proof of business continuity|
|Voter's ID Card||Rental Agreement|
Q.Difference between a credit card and a debit card?
A. While a debit card acts as an instrument to withdraw money from your savings account or to make card-based transactions using the amount in your account, a credit card is a credit instrument that allows you to spend using the card and repay it later.
Q.Should I pay interest on all the purchases I make using a credit card?
A.No, you don’t have to pay interest on all the transactions. However, if you’re not repaying the due amount within the stipulated time, the unpaid due would attract interest along with all the new transactions, till the due amount is repaid in full.
Q. Can I use my credit card in other countries?
A.It depends on your card type. If your credit card is accepted globally, you can use it in other countries as mentioned by your creditor. However, a certain fee known as the foreign transaction fee will be charged for all the purchases made abroad.
Q.Difference between a VISA credit card and a Master Credit Card?
A.VISA and MasterCard are two leading payment gateway providers in India. Any credit card issued in India is either VISA-powered or MasterCard-powered or powered by any other payment network. From the cardholder point of view, there is no much difference. However, VISA and MasterCard may provide slightly different offers on each credit card.
Q.How many credit cards should I have?
A. The number one should own is not fixed. It depends on your financial ability and your spending behavior. However, ensure to manage all the cards properly. Use them responsibly, repay the outstanding on time and make sure none of them is affecting your credit score.
Q.How long does it take to get a credit card approved?
A. The banks typically state that they would take 21 days to disburse a credit card. However, depending on the applicant’s profile, availability of documents, verification checks, etc., it might also take a little longer than the stipulated time.
Q.What is a secured credit card?
A. A secured credit card is typically issued against a fixed deposit with the bank. The amount in the FD account serves as a security deposit in case the cardholder defaults on the credit card. Secured credit cards are ideal for those without any credit history and for those who are availing the credit card for the first time.
Q.What does 'minimum due' mean on a credit card statement?
A. The minimum amount due is the minimum amount a credit cardholder needs to pay in case he/she is not able to pay the total outstanding. It is typically 5% of the total outstanding amount on the card. Paying the minimum amount would save you from the late payment fee.
Q.Difference between credit limit and cash limit?
A. The credit limit is the total credit allotted for your credit card at the time of issuance. At any given point, you cannot spend beyond that limit.
On the other hand, cash limit is the maximum amount of credit available for cash withdrawal on the credit card. Typically, it’s a portion of the total credit limit on the card.
Q.If I make a late payment on my credit card, will it affect my credit score?
A. It depends on various factors – the number of days late, the number of instances and the amount due. Based on all this your credit card issuer would take a call about whether or not to report the same to the credit agencies. But once reported, it would certainly affect your credit score.
Q.Do credit cards offer protection against fraud?
A. Not all credit cards do, but there are quite a few credit cards that come with fraud liability protection cover.
If your card offers the protection, most of the fraudulent transactions that might happen on the card when it’s either lost or stolen will be covered. However, you need to intimate about the loss of the card immediately to the respective creditor.
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