Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
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    Credit Card Overview:

    Gone are the days when individuals used to carry wads of cash in their wallets. Life has been simplified immensely with the invention of plastic money, be it a credit card or a debit card. A credit card is a payment instrument which can used by customers to purchase goods and services from various merchants across the world. Credit cards serve to be an easy replacement for cash and provide hassle-free usage also offering a plethora of benefits to the card holder. In India, customers can choose from a multitude of card options and each type of card comes with unique privileges, sometimes even customised according to individual requirements.

    Credit cards are generally distinguished according to the recipients, i.e., an individual can procure a credit card according to his annual income and everyday requirements. Banks classify credit cards mainly based on the income criteria. Based on this, customers can choose from different variants namely - Titanium, Platinum, Premium, Signature, Business/Corporate, Classic, Gold and Silver. Further, credit cards are offered depending on the requirement of the applicant. For example, if the applicant is a frequent traveller, it would be ideal if he chooses a travel credit card, which would be an excellent fit carrying travel-based privileges. On the same lines, banks offer other types of credit cards like fuel credit cards, co-branded credit cards, entertainment credit cards, lifestyle credit cards, cashback credit cards, rewards credit cards, credit cards for women, airline credit cards, balance transfer credit cards, low Interest credit cards and lifetime free credit cards, premium credit cards.

    How do you use a Credit Card?

    When a credit card is issued by a certain bank, the customer is given a “line of credit” and a revolving account is also created. Customers can then use their credit cards to borrow money from the issuer for making a particular purchase and then repay back via scheduled monthly repayments. Monthly payments of outstanding credit card bills attract a specific interest rate, as determined by the bank. Every credit card comes with a “credit limit”, which basically translates into the maximum limit up to which the card holder would be able to make purchases or transact using the card. The credit limit is generally preset by the bank, when the credit card is issued to the customer. Payments done using credit cards are generally processed through an acquirer like MasterCard, Visa, Visa Electron, American Express or Discover, RuPay credit card. When a purchase transaction is made, card holders have to acknowledge the authenticity of the credit card by entering the PIN number and then by signing the receipt of the transaction. Online transactions with credit cards can be done using secure payment gateways and a two-tier authentication process.

    Features of a Credit Card:

    Credit cards come loaded with exceptional features and privileges, just suited to the customer’s financial requirements. Though different credit cards serve different purposes, majority of them offer all the below mentioned features.

    • Global Acceptance:Most credit cards issued are accepted across countries worldwide at multiple merchant outlets. The privileges contained in a credit card vary accordingly and banks provide credit cards catering to international usage and the requirement of the customer.
    • Annual Fees:Customers have to pay a fixed sum as annual fees, when they avail any type of credit card, which varies according to the tier of the card. As an added privilege, banks offer waivers on annual fees either for the first year or for lifetime, when the card holder meets a certain spend criteria. Some banks might term this fee as a renewal fee.
    • Joining Fees:All credit cards carry joining fees, which have to be paid by the card holder as a one-time fee at the time of enrolment.
    • Free for Life Cards:There are quite a few banks which provide credit cards, free of cost, i.e., without the imposition of an annual fee for lifetime. This is hugely beneficial to a customer as it helps him save up on additional costs with regards to his credit cards.
    • Other Fees and Charges:Bank also impose other types of fees and charges on customers holding credit cards. Some of the commonly levied charges include - add-on card fee, extended credit charges, cash advance charges, cash withdrawal fees, late payment penalty, card replacement fee, over limit fee, etc.
    • Balance Transfer Options:Credit card holders can easily transfer their outstanding balance from an existing credit card of one bank to a new credit card of another bank and repay back at low interest rates. All banks in India offer the balance transfer options with various plans to credit card holders. The repayment can be done on a monthly basis and the interest rate charged would be according to the tenure chosen.
    • Pre-Approved Loans on Credit Cards:Quite a number of credit cards come with the “loan on card” feature. The loan that can be availed by customers is generally pre-approved by the bank. Customers have to just select a plan of their choice and avail the loan at attractive interest rates. Some banks also carry the option of sanctioning the loan to customers with just a phone call.
    • Payment via monthly EMIs:Customers can convert their high value purchases into convenient monthly installments and repay back to the bank at competitive interest rates. Some banks might charge a processing fee, when a customer avails this facility. EMI repayments can be done with different tenures as offered by the bank.
    • Utility Bill Payments:Every bank in India offers a robust internet banking platform where customers can easily pay their utility bills using their credit cards. Customers can hugely benefit from this as online payments saves time and also offers a far more simplified process.
    • MasterCard / Visa / American Express Privileges:Credit cards are generally offered as MasterCard, American Express or Visa variants, depending on the tie-up the bank has formed. As per the payment network chosen, credit card holders can enjoy various lifestyle and travel privileges along with exciting deals from Visa, American Express or MasterCard.
    • E-statements/Alerts:Banks provide 24/7 access for customers to their credit card related details via e-statements, SMS alerts and regular emails. E-statements can be got for monthly credit card bills, which carry all the details related to a particular credit card account. Instant alerts can also be got to track credit card transactions, outstanding dues, due dates, etc.
    • 24/7 Assistance:Credit card holders can enjoy 24/7 emergency assistance and concierge services to make bookings, get medical assistance, make requests for card replacements, etc., via the various customer care desks provided by the banks.
    • Lost Card Liability / Insurance:This is one of the most important feature of any credit card in India. Most credit cards come with the lost card liability cover, which protects card holders against fraudulent transactions, for up to 48 hours prior to reporting to loss of card. Additionally, some cards also offer life insurance and travel insurance coverage to the card holder. The availability of insurance cover is completely at the bank’s discretion and will vary from card to card.
    • Cash Withdrawal:Credit cards can also be used to make cash withdrawals at ATMs in India and abroad. Though a particular transaction fee is charged by banks, customers can have instant access to their funds anywhere across the globe.

    Benefits of a Credit Card:

    Every credit card comes with a bouquet of benefits, which varies according to the bank it is availed from.

    • Welcome offers:Credit cards are offered with various welcome gift and offers by banks in India. These offers differ from bank to bank and can be in the form of gift vouchers, rewards points, gift, discounts, etc. Each credit card carries a specific welcome offer which can be claimed by the card holder within the stipulated time period.
    • Highly Secure Transactions:Every credit card issued currently comes with an embedded chip which protects against fraud attacks, skimming and duplication. Every online transaction has to be completed with a two-tier authentication process and the PIN is mandatory for PoS transactions. These security measures are of great help for customers making high value purchase transactions.
    • Rewards Program:Credit cards carry exceptionally well-crafted rewards programs, which offer attractive rewards, bonus points, welcome points and multiple rewards redemption benefits. Customers can earn a fixed number of rewards points, with each transaction done using their credit cards. Some rewards programs also offer bonus rewards, if the customer fulfils a particular spend criteria. Redemptions of accrued rewards points can be done for gifts from an online catalogue, discounts, offers, gift/shopping vouchers and for various dining and travel packages. Some banks also offer the option of converting accumulated rewards points into air miles across different airline networks and also as cash, which is credited to the customer’s account
    • Add-on cards:Primary card holders can avail up to two to three add-on or supplementary credit cards for their family inclusive of spouse, children (over the age of 18) and parents. This feature is provided to card holders, free of cost and the number of cards that can be taken completely depends on the bank.
    • Cash Back Benefits:Credit cards also provide cash back benefits to customers, if the spend crosses a particular limit. The cashback that is generally offered varies approximately from 5% to 20%, depending on the bank. The cashback varies according to the category of the spend, i.e., grocery shopping, fuel, dining, online shopping, etc. The cash back is directly credited to the customer’s account.
    • Lifestyle offers:Card holders can enjoy various dining, travel, shopping, entertainment, wellness and lifestyle privileges when they procure a credit card, irrespective of the tier. These privileges are also extended to add-on card holders. Some of the commonly offered privileges are -
      1. Dining - Discounts on dining bills and free offers.
      2. Shopping - Discounts, free gifts, vouchers and gift cards.
      3. Travel - Air mile benefits, discount on tickets and travel deals, preferential rates on hotel accommodation
      4. Entertainment - Buy 1 - Get 1 deals on movie tickets and discounts.
      5. Wellness - Discounts on health and spa packages.
      6. Golf Privileges
    • Air Miles:Travel or Airline credit cards come with the best feature for globetrotters - Accumulation of air miles. Air miles like KrisFlyer Miles or JPMiles can be earned on specific purchase transactions and can be redeemed for one-way flight tickets and other travel bookings.
    • Lounge Access:MasterCard and Visa credit cards offer frequent travellers an excellent travel privilege in the form of VIP lounge access at various domestic and international airports. Banks provide a fixed number of complimentary visits to card holders along with privileges like complimentary F&B, Wi-Fi, lodging, etc., at these airport lounges.
    • Fuel Surcharge waiver:Waiver on fuel surcharge is a standard benefit offered by banks to credit card holders in India. The fuel surcharge waiver is applicable only if the card holder makes a card transaction within a specific range as decided by the bank. The waiver can generally be availed across all petrol bunks in India.

    Banks

    Annual Fees

    Joining Fees

    Add-on Card Fees

    Interest Rate (per month)

    State Bank of India

    Up to Rs. 4,999

    Up to Rs. 4,999

    Nil

    Up to 3.35%, depending on the usage

    Canara Bank

    -

    Rs 250 - Rs. 2000 Rs. 400 2.5%

    Bank of India

    -

    Rs 600 to Rs. 1,500 Rs. 350 to Rs. 800 1.7% onwards

    Union Bank of India

    Nil - Nil 1.90%

    IndusInd Bank

    Rs. 250 to Rs. 2000 Rs. 1099 to Rs. 100,000 Nil 3.83%

    Bank of Baroda

    Rs. 250 - Rs.1000 - Nil or Rs. 1,000, depending on the card 1.6% to 2.6%

    Indian Overseas Bank

    Nil Nil Nil 24% (annualized)

    Axis Bank

    Rs. 250 to Rs. 500 Rs. 500 Nil 2.95% to 3.25%

    ICICI Bank

    Rs. 199 to Rs. 7,000 Rs. 1000 to Rs. 25,000 Nil or Rs. 250, depending on the card 3.40% to 3.50%

    Standard Chartered

    Rs. 499 to Rs. 15,999 Rs. 399 to Rs. 4,995 Nil 1.99% to 3.49%

    IDBI Bank

    Rs. 499 to Rs. 1,499

    Nil

    Nil

    2.5 % to 2.9 %

    HSBC Bank

    Rs. 499 to Rs. 3,999

    Nil

    Nil

    3.1% to 3.3%

    HDFC Bank

    Rs. 299 to Rs. 10,000

    Rs. 2,500 to Rs. 5,000

    Free

    1.99% to 3.50%

    Citibank

    Fees will be communicated to the cardholder at the time of application

    3.10% to 3.50%

       

    American Express

    Rs. 350 to Rs. 50,000

    NA

    Rs. 950 to Rs. 5,000

    -

    Kotak Mahindra Bank

    Nil

    Rs. 3,000 to Rs. 25,000

    Rs. 299 to Rs. 499

    3.3% to 3.10%

    Choosing the right Credit Card!

    When it comes to selecting a credit card, the choices are numerous. The right card would be the one which meets the customer’s financial and lifestyle requirements. It is important to choose the best suited card so as to reap maximum benefits upon usage. On BankBazaar.com, customers can easily compare different credit cards according to the category, bank, payment system, city or features. A convenient platform is provided by BankBazaar, where users can compare, study and apply for a credit card from any bank or financial institution in India.

    Identity Proof:

    1. Passport
    2. Photographs
    3. Pan Card
    4. Voter’s ID card
    5. Ration Card

    Address Proof:

    1. Passport
    2. Ration Card
    3. Telephone Bill
    4. Life or Medical Insurance policy
    5. Electricity Bill
    6. Apartment Lease Letter
    7. Rental Agreement

    Documents for Salaried Individuals:

    1. Latest Payslip
    2. Salary Certificate
    3. Employment Letter

    Documents for Self-Employed Businessmen / Professionals:

    1. Latest Income Tax Returns
    2. Certified Financials
    3. Business Continuity proof
    4. Audited Balance Sheets / P&L Statements

    Credit card applicants should be aged at least 18 years or above and should be residents of India to be eligible to apply with any financial institution.

    Eligibility Criteria for Salaried Individuals:

    Salaried individuals have to be employed at a reputed organisation and should meet the required annual income criteria as mandated by the bank, to qualify for a credit card.

    Eligibility Criteria for Self Employed Businessmen / Professionals:

    Self-employed Businessmen and Professionals should have had business continuity for a certain time period as required by the bank. Applicants from this category also need to meet a specific business income criteria, with profits shown for the previous years.

    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-

    1. On BankBazaar’s homepage, access the ‘Credit Cards’ option from the navigation bar at the top of the page.
    2. Two options are offered to help simplify your search for the ideal credit card- ‘By Bank’ or ‘By Category’.
    3. Upon choosing the Apply ‘By Bank’ option, a comprehensive listing of all the major and popular credit cards are displayed before you. Each card offers two additional options- ‘Check Eligibility’ and ‘Explore Card’.
    4. Naturally, ‘Check Eligibility’ option will allow you to confirm upon the factors that qualify you for the ownership of the card in question. The steps involved are laid out in an interactive and fun format and takes all of 5 minutes to complete. At the end of this process, your details are requested for and a selection of the most applicable credit cards are displayed before you. Herein, you can apply for a card that matches your requirement directly.
    5. ‘Explore Card’ allows you to know about the particular credit card.
    6. Tracking back to Step 2, choosing the Apply ‘By Category’ option offers you credit cards in the following categories- Airline, Fuel, Lifestyle, Shopping & Cashback as well as Premium Credit Cards.
    7. Choosing any of the above categories will list a selection of cards in that category. Further, Step 3 and Step 4 are repeated.
    8. Upon applying for a credit card on BankBazaar, your information is forwarded to the card issuing bank for further analysis and confirmation. Note that not all credit cards that are listed as prospective options for you can be applied for directly on the website. In such cases, the process could take a while longer.
    1. SBI Credit Cards:

      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.

    2. Citibank Credit Cards:

      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.

    3. HDFC Bank Credit Cards:

      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.

    4. American Express Credit Cards:

      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.

    5. IndusInd Bank Credit Cards:

      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.

    6. Axis Bank 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!

    7. ICICI Credit Cards:

      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!

    • Credit Card Application Form
    • Passport size photographs
    • Identity Proof with photo
    • Address Proof
    • Residence Ownership Proof
    • Income Proof/Business Continuity Proof for Self-employed Businessmen / Professionals
    • Income Proof / Pay slips / Salary Certificate for Salaried Individuals
    • Bank Account Statement
    • Existing Debt & Liability Information - Loan Statements / Other Credit Card Statements

    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-

    1. Purchase over, you hand the credit card to the retailer to pay for your purchase. He swipes, with an accompanying smile, of course.
    2. The merchant’s Point of Sale (POS) system is connected to the merchant’s bank via a communication link.
    3. Thanks to the POS system, your details are verified in real-time using the electronic verification system by the merchant’s bank. The verification is with regards to your credentials, validity of the card and availability of sufficient balance to pay for the purchase.
    4. Post the verification from the merchant’s bank, the details are forwarded to your bank for payment authorization if all the information is in order.
    5. When the merchant’s bank receives this authorization, it blocks the requisite amount from your credit limit to account for the purchase later on. Next, it generates an approval code that is transmitted to the merchant.
    6. At the merchant outlet where you stand for the clearance to affect quickly, the retailer receives this code and must key it in to obtain two charge slip copies from the POS system. One of these slips signifies your agreement with the card issuing bank to pay for the current purchase. You sign on this slip and return it back to the retailer. The other copy is yours to take away from this transaction.
    7. Safe, comprehensive and fast, all of these steps were affected in less than 2 minutes. Neat, right?

    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!!

     

    Banks charge a particular percentage as the interest rate on the borrowed amount and this is applicable if the monthly outstanding amount has not been repaid by the card holder. The interest rate is calculated as the Annual Percentage Rate (APR) and always depends on the type of credit card held. The applicable finance charges are determined on a monthly interest rate percentage and is generally calculated on the average daily balance basis for credit cards. While picking up a credit card, customer can always compare the APRs offered on each card and then choose according to their requirements. Customers who can make regular monthly repayments, can choose credit cards with rewards programs and travel loyalty programs. These type of credit cards tend to have a slightly higher APR. If a customer is looking for flexibility with regards to payments and mainly for purchases, then a credit card with a lower APR should be taken. The APR is always determined based on the applicant’s credit score by any financial institution. All banks offer an interest free period ranging from 20 to 50 days to credit card holders as an additional feature.

    Credit cards users can convert their high value purchases into monthly installments and repay back with flexible tenures. Banks generally offer the zero interest rate EMI plan and the low interest rate EMI plan. The monthly amount that has to be paid for a credit card is normally calculated in similar way as a loan EMI. The monthly installment amount constitutes the principal amount and the interest rate levied by the bank. Customers have to continue paying the stipulated amount every month, until the credit card debt has been paid off. Credit card users can also use a credit card EMI calculator to understand how much they would be repaying back to the bank if they opted for the EMI option. Inputs like transaction amount, tenure, interest rate and the processing fee have to be entered into the tool in order to get a forecast of the monthly payment schedule.

    1. What is a credit card?

      A credit card can be used to purchase services and goods on borrowed credit from the bank that has issued the card. Every credit card comes with various privileges and benefits to suit the lifestyle of a customer.

    2. What are the key benefits that Premium credit cards offer?

      Premier credit cards are signature cards from banks which come with flexible spending limits, lifestyle privileges, travel benefits, cashback offers, VIP lounge access, concierge services emergency assistance and complimentary insurance cover. Most premium credit cards can be procured only through invitation.

    3. How is redemption done on a cashback credit card?

      The cashback that is earned by a customer can be automatically got as statement credit from the bank.

    4. How is a secured credit card issued by a bank?

      A secured credit card is generally issued against a fixed deposit, which has been placed by the customer while availing the card. Any minimum amount due or late payment fee that has to be paid will be taken from the deposit. Secured credit cards help customer build a good credit history

    5. How does a prepaid credit card work?

      A prepaid credit card works like a debit card, where the money is taken from an account associated with the card. Users can load cash on the prepaid credit card and can spend up to the available amount limit on the card.

    6. What are the features of a Business credit card?

      Business credit cards come with features like business savings plans, rewards programs, cash advance facility, lounge access and customers can also get their company name embossed on the card.

    7. How can a customer select the best suited card for himself?

      Any customer should select a credit card according to his everyday needs and lifestyle requirements. The privileges offered with a particular credit card should be beneficial and should add value to a customer.

    8. Can a credit card be procured by any individual in India?

      A credit card can be procured by an individual with a regular income and also having a good credit score. Most banks mandate that applicants should be above a certain age limit and should also meet a stipulated income criteria.

    9. What is the minimum criteria for applying a credit card in India?

      The minimum requirement to be met while applying for a credit card would be the age criteria. According to the bank, the age criteria varies from 18 to 21 years for a credit card approval to be got.

    10. What are the key benefits of the balance transfer option on a credit card?

      Customers can easily consolidate multiple credit card balances onto a single card and repay back with flexible tenure options at low interest rates.

    11. Do banks levy any balance transfer fees on customers choosing this option on their credit cards?

      Yes, most banks generally levy a certain percentage as processing fee, when a balance transfer on a credit card is done. The processing fee varies with different banks and customers have to pay this amount with the first monthly installment.

    12. How can users check the available credit on their credit cards?

      Credit card holders can refer to their monthly statements to get the available credit limit. The other options offered to customers are via SMS banking or internet banking services. All banks provide these facilities, where customers can check the available credit by sending an SMS and receiving an alert or by accessing the statements on their internet banking accounts.

    13. What are the highlights of the introductory period of a credit card balance transfer?

      When a credit card balance transfer is done, every bank offers an interest free introductory period to the credit card holder. This interest free payment period ranges from 3 to 6 months after which the card holder has to repay the installments with an additional interest rate.

    14. What are the type of purchases that can be made using a credit card?

      A credit card can be used to purchase goods, book travel tickets, perform online transactions and also make reservations for services.

    15. Do credit card issuers in India offer co-branded credit cards?

      Yes, there are various co-branded credit cards available in the market from different card issuers. The privileges available in a co-branded credit card are generally determined by the issuing bank.

    16. Can customers increase the predetermined credit limits on their credit cards?

      Yes, most banks give the option of increasing the credit limit available based on the usage pattern. Sometimes the banks might automatically increase the credit limit after reviewing the customer’s spending pattern. Otherwise if a cardholder wishes to increment the credit limit, then a special request has to be placed with the concerned bank.

    17. What is a Purchase introductory rate?

      The purchase introductory rate is the low interest rate that is offered during the first few months of the credit card usage. This introductory rate is generally given to customers with good credit scores. These rates might be applied only to purchase transactions or balance transfers done by the card holder.

    18. Do credit cards come with specific cash withdrawal limits?

      Yes, most credit cards come with preset cash withdrawal limits, which is generally communicated by the bank to the customer at the time of approval. Banks might also levy additional withdrawal charges on every transaction done at an ATM within India or abroad.

    19. How does a credit card work as a cashless payment instrument?

      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.

    20. How do I own a credit card in India?

      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.

    21. How important is it to understand the interest rate charged by a bank on a particular credit card?

      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.

    22. What are the different payment networks utilized by banks in India for credit card transactions?

      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.

    23. What are the eligibility requirements to be fulfilled while acquiring a credit card?

      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.

    24. Is there a minimum salary criterion required to be met while applying for credit cards in India?

      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.

    25. What does APR refer to with respect to a credit 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.

    26. Do banks levy any charges for late payment of credit card bills?

      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.

    27. Do add-on or supplementary cards carry the same features as their primary credit cards?

      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.

    28. How do global cards help a frequent traveller?

      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.

    29. What do credit card reward programs offer?

      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.

    30. What measures are Indian banks required to take to avoid credit card fraud?

      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.

    31. How does the cash advance facility help an Indian credit card holder?

      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.

    32. What are the different online and offline modes available to customers for making credit card bill payments?

      A. Customers can make outstanding credit card bill payments using the following online modes - Net Banking, NEFT / RTGS Transfers, Debit Cards, Mobile Applications, Standing Instructions, Visa Money Transfer, Bill Desk, etc. Offline modes include cash, cheques, demand drafts, etc.

     

    News About Credit Card

    • You Can Now Buy Michelin Tyres on EMI Plan

      The India division of Michelin Tyres has decided to offer its products to the consumers on an equated monthly instalment basis. This offer is valid on passenger car and light truck tyres.

      The EMI option can be chosen by customers who are making tyre purchases of more than Rs. 5,000 through their credit cards. This option will be available at Michelin Priority Partner and Tyreplus stores in the country.

      The tenures available for the EMI purchases are the 3-month repayment plan and the 6-month repayment plan. No documents or signings are required to avail this alternative.

      BankBazaar News About Insurance

      19th May 2016

    • Book IRCTC Tickets Using International Debit and Credit Cards

      According to AK Manocha, the CMD of IRCTC, foreign citizens and non-resident Indians (NRIs) will now be able to book e-tickets on the IRCTC website using their international credit and debit cards. Until now, the IRCTC portal allowed booking of tickets only through an American Express International Credit Card, where the payment was carried out via the AMEX payment gateway.

      BankBazaar News About Insurance

      17th May 2016

    • E-commerce boom boosting credit card sales

      According to the CEO of SBI cards, Vijay Jasuja, the sales of credit cards is getting a huge boost due to the increasing popularity of e-commerce in the country. Vijay revealed that the boom in the e-commerce sector has lent great push to the sales of credit card especially in the tier 2 and 3 cities. For example, in case of SBI credit cards, half of the spends that get recorded are made online. This is so when till two years ago, online spends did not even make one-fourth of the total SBI credit card spends.

      The use of plastic money and the growth of non-cash transactions is growing continuously and so is the use of wallets like PayU Money, Paytm etc. Although the use of wallets has cut into the growth of credit cards, it has not hurt the same, too badly.

      BankBazaar News About Insurance

      10th May 2016

    • Pay Traffic Fines Online from April

      Paying small traffic fines will become much more convenient and transparent with the new online system. After a traffic violation such as no seat belt, talking on the mobile while driving or speeding, a defaulter need not pay the fine immediately, or visit the police station to clear the dues. Instead, a profile will be set up in the name of the defaulter on the online national register. The register is held by the Union ministry of road transport and highways. An e-challan will be recorded and issued in the name of the defaulter. The person can then log on to the website and pay it online using the unique identification number which can be found on the challan receipt. The defaulter can enter this number and the profile will appear with the history of traffic violations associated with the same name. Once the new system confers to the RBI guidelines, people will be able to pay fines using their credit cards, debit cards and netbanking.

      he website will be launched in Noida and Lucknow with a 3-day trial of the app. In case a defaulter fails to pay the challan online, a subsequent violation at any part of the country can result in a cancellation of the driving licence or registration.

      BankBazaar News About Insurance

      2nd May 2016

    • Paytm can now be used to recharge Delhi Metro Cards.

      Taking convenience a step further, Delhi Metro commuters can now recharge their Metro cards using the Paytm app. currently, this facility is available through the Delhi Metro website. This is the second inclusion for Paytm as it already allows Mumbai Metro users to recharge their cards. ICICI Bank has partnered with Delhi Metro to introduce ICICI Bank Unifare Cards, which are co-branded credit cards and debit cards. This card can also work like a Delhi Metro Smart Card. Another app, Ridlr also allows bus commuters to pay for their fares using Citrus Cash wallets. The Ridlr app works via bluetooth / wireless technology through the bus conductor’s mobile phone.

      BankBazaar News About Insurance

      26th April 2016

    • Flipkart Money: Flipkart’s e-wallet launched

      Flipkart launched Flipkart Money, an e-wallet that will give users a new payment method. It will also help cut costs of significant amounts for handling cash on returned products. With Paytm, Freecharge and MobiKwik enticing millions of users with cashbacks and discounts, the market is fresh and abundant. Though these companies mainly focus on recharges and bill payments, they offer up a number of other services.

      The wallet is available on the company’s android app. A user can have a maximum balance of Rs. 10,000. In a month, users can top up the Flipkart Money Wallet with a maximum of Rs. 25,000. Top ups can be done using net banking, debit card or credit card. Cash in the wallet can be withdrawn to cards or bank accounts. The digital wallet will appear on the payment platform for customers to make payments on Flipkart.

      These wallets will possibly help Flipkart deliver quick refunds and reduce refunds in cash on delivery payments. COD currently accounts for a majority of its transactions. By March 31st, Flipkart aims to sell goods worth Rs. 12 billion. An average of 15% of ecommerce products are returned. So the e-wallet might change big numbers for Flipkart. The wallet will also enable the company to offer cash backs rather than discounts. This will help keep customers coming back and making routine purchases.

      BankBazaar News About Insurance

      6th April 2016

    • New plans and proposals for the Indian Railways to benefit everyone

      The Indian Railways plans to implement ticket sales through hand-held terminals. This would greatly benefit the travelers who commute to the suburbs and short distances. There will be various “Points of Sale” which will not require much infrastructure. The Indian Railways also plans to sell platform tickets through vending machines. Travelers will be able to purchase tickets with cash, debit cards and credit cards.

      The e-ticketing facility will also be opened up to foreign credit cards and debit cards to cater to NRIs and foreign tourists. This should be rolled out in the next 3 months. Journalists also stand to benefit with the introduction of e-booking of tickets on concessional passes.

      A new process of PRS ticket cancellation has been proposed where customers can reach out through the 139 helpline, use a one-time password sent to their registered mobile, and make the cancellation.

      Scanners, access control and bar-coded tickets will also be introduced at major stations to reduce or eliminate stowaways.

      BankBazaar News About Insurance

      28th March 2016

    • Digital Wallet from Uber Set to be launched in India

      Uber Technologies, the cab dispatch company based in San Francisco, is set to launch a new digital wallet in India. This digital wallet will be a closed one wherein payments can only be made towards Uber cab fare. The mode of payment generally accepted by Uber are cash payments and credit card payments. Currently, Uber also accepts payments through Digital Wallets such as Airtel Money and Paytm. Uber was motivated to launch its own digital wallet due to the RBI mandate that all credit card payments should go through the 2-step process for validation and securing the transaction.

      BankBazaar News About Insurance

      21st March 2016

    • HDFC, ICICI High on Mobile Payment Platforms

      After the pioneering Airtel, with its innovative Airtel Money concept, followed by Vodafone (m-pesa), Paytm, MobiKwik and Oxigen, it’s the turn of major commercial banks to jump into the mobile payments fray. HDFC bank is leading the charge with Chillr, a third party app platform that facilitates the transaction of money to anyone on the sender’s phone address book- a feature limited to just HDFC bank accounts for now, but expected to cover other bank accounts soon. Meanwhile, ICICI Bank launched the Pockets app last month- an online wallet in the likeness of MobiKwik or Paytm. The number of mobile payment users in India has also improved dramatically, standing in at 45 million users, almost twice the number of credit card users in India. The remarkable ease of money transfer, prospective acceptance of this payment by the bulk of small retailers across India and importantly, the ready acceptance of these online options by the target Indian audience has boosted HDFC and ICICI’s investment in this segment, and is likely to draw in more players, sooner than later.

      BankBazaar News About Insurance

      18th March 2016

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