Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • Questions To Ask When Getting Your First Credit Card

    Plastic money has brought in great convenience in the fast-paced life of people. Be it an online purchase or a regular one, monthly bill payments or fancy dine-outs, plastic money has become the sine qua non of the present generation. Debit and credit cards are now an essential part of people’s wallet because of the convenience they offer while making a transaction. Credits card, especially, has its own appeal as it gives buyers the power to purchase without worrying about draining out the bank balance.

    If you are planning to get a credit card for the first time, there are a few things that need to be considered before applying for a card.

    1. Do you need a credit card?
    2. The most important question one needs to ask before applying for a credit card is if taking a credit card is that important and why. Credit cards have their advantages and disadvantages. While for people like frequent travellers it is usually a better idea to carry plastic money instead of cash. However, it would be irresponsible on an individual’s part to take up a credit card to go for shopping or indulge in unnecessary spending as it might lead to heavy debts. Credit cards can be useful in case there is an emergency, and the bank account is low on cash. However, it is always good to be judicious while taking a decision that involves money. One should weigh the pros and cons of taking up a credit card before applying for one.

    3. How to choose the right card?
    4. Next important question that one needs to ask himself/herself is which type of credit card might serve his/her purpose better as banks provide various types of cards based on the requirement and lifestyle of an individual.

      For first-time credit cardholder, this question should come above anything else because –

      • He/she has no credit history.
      • He/she must consider only that type of credit card that is suitable for his/her lifestyle.

      Different credit companies offer different kinds of reward programmes, cash back options on the credit cards. So, it is better to know about these categories and then select from the one that best serves the purpose and gives maximum benefits and privileges.

    5. How does a credit card work?
    6. A credit card allows the user to take a short-term loan of a limited amount. However, unlike other loans, interest charges may or may not be levied on the loan amount depending on the fact how timely the due is being paid off by the cardholder. The credit card is billed each month according to the expenditures made on the card. The money spend is regarded as the outstanding amount that one needs to pay before due date which is set by the card companies. Any delays in paying the debts might result in an expansive interest rate being added to the current dues.

    7. Is there a joining fee and annual fee to take a credit card?
    8. Since there are different types of credit cards, not all have a joining or annual fee associated with it. If there is a fee, make sure it is accompanied by ample reward programmes like reward points, fuel surcharge waivers or free fuel, air miles, and many more. Therefore, before getting a credit card for oneself, comparing all the reward programmes and privileges and benefits offered by different credit card companies is a prerequisite.

    9. Do credit cards build up the credit score of the users?
    10. A credit score is a count that shows a person’s creditworthiness. The Credit Information Bureau allots this score where the lowest point is 300, and the highest is 900. If an individual has applied for a loan, banks take into account this credit score very seriously. Depending on the credit score, banks decide the interest that should be offered to the applicant.

      Credit card history does influence a person’s credit score because it shows the credibility of the person as a borrower. Therefore, before getting a credit card, one should consider his/her spending patterns, and how regularly can he/she pay off the dues incurred every month. The better the paying behaviour is, the healthier the credit store will become.

    11. What is cash advance and cash limit?
    12. A cash advance can prove to be a great feature in times of emergency as it allows the users to withdraw cash from the ATM using a credit card. The cash advance has a limit which is usually lower than the credit limit. However, interest levied on a cash advance is pretty high and one should really think twice before taking the step and keep the option only as a last resort.

    13. What are the late payment fees on credit cards?
    14. If a credit cardholder fails to clear the outstanding amount, credit card issuing companies levy a late payment fee if the dues remain unpaid for three or more days after the last payment date. This late payment charge depends on the banks and may vary from one bank to the other.

    15. What happens when you only pay the minimum amount due?
    16. To avoid paying any interest charges, cardholders can settle the credit card dues before the last payment date by paying the full amount. However, if one opts to pay just the minimum amount to keep the card active, an interest charge will be levied on the remaining amount due. Therefore, it is always better to pay off credit card dues with the due date.

    17. Are there any hidden charges?
    18. Usually, there are no hidden charges associated with a credit card. However, if an individual is applying for a credit card for the first time, it is for his/her interest that he/she should thoroughly read the statement papers to know about charges and fees associated with a credit card. Although the fixed rate of purchasing a credit card is minimal depending on the company policies, but it is the interest rates levied on the outstanding amount that can prove to be expensive.

    19. Which are the institutions that offer credit card deals in India?
    20. ICICI Bank, State Bank of India, IndusInd, HDFC, RBL, Standard Chartered Bank, Axis Bank, Citibank, Kotak Mahindra Bank, Bank of Baroda, ABN Amro, and American Express are some of the major banks that offer different types of credit cards in India.

      Finally, when the pros and cons have been weighed, one can apply for a credit card which he/she can do either online or by visiting any nearest branch of the bank he/she chose to apply.

      If the individual has taken a loan, then he/she should make sure that the credit score is at least 750 to maximise your chances of being approved. If the score is low, then he/she should take time to improve it before applying for a credit card.

      

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    Questions To Ask When Getting Your First Credit Card Reviews

    • Bank Bazaar Credit Card
      "Got my free credit card through Bank bazaar"
      0.5 5.0/5 "Blown Away!"
      I got my new credit card from Bank bazaar based on my credit score . When I am checking free credit score in their portal , I got a call from the sales team . Based on my score there was a life time free card is available . Then I decided to go with this card .
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 24, 2019
    • Bank Bazaar Credit Card
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using bank bazaar service for first time, i came to know about this bank bazaar service through on line,i am happy with their service and i have applied for credit card from them, i have not faced any issue or difficulty in that getting my credit card, whole process when smoothly and i have used mobile application it is easy to access.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 24, 2019
    • Punjab National Bank Credit Card
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have one more credit card last two years from punjab national bank , this is free card , but I am not satisfied with credit limit just 10k after using 1.6years then increase only 10k , now credit limit is 20k , and their customer service is good ,
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 24, 2019
    • RBL Bank Credit Card
      "Very good"
      0.5 4.0/5 "Great!"
      Their customer service is not good I try but every time call is not going , I have taken one RBL credit card here is credit limit is 45k not much happy ,last one years I have this credit card , I am not getting any offer , and I dont know this is charges or free , but I am satisfied with this credit card ,
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 24, 2019
    • HDFC Bank Credit Card
      "Average card"
      0.5 3.0/5 "Satisfactory"
      I have been applied for HDFC BUSINESS MONEYBACK credit card for recently, they have not charged me annual fee as it is life time free credit card, the credit limit which they have given to me was okay, the card came on time there was no delay or issue in getting card.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 24, 2019
    • YES Bank Credit Card
      "Not upto the expectation"
      0.5 3.0/5 "Satisfactory"
      Yes bank has not given me the expected credit limit when I was promised before buying this credit card . I am not received any promotional offers for this card . But the executive has given big hype about having and using this card . There will be huge credit limit and so many offers will be available .
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 24, 2019
    • Bank Bazaar Credit Card
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I came to know about bank bazaar service through on line, this is my first time i have been availing their service, their website is good, but one thing i would like to suggest them is that stop doing too much of spamming call, i use to get too much of call from them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 24, 2019
    • RBL Bank Credit Card
      "Need improve their customer care"
      0.5 5.0/5 "Blown Away!"
      I am happy with the service of RBL bank, but i am not happy with their customer care service they are not up to the mark, as i use to get too much call a day i use to get call up to 40-50 times, and there is language barrier as well, they do not speck English properly,i have been using this card from past one and half years,but from last 3 months i face this issue.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 24, 2019
    • American Express Credit Card
      "Outlets should be increase"
      0.5 3.0/5 "Satisfactory"
      I hold Amex credit card from long time, but i am not happy with the card, their service is good, but it is not useful for me, they should increase in many outlet this card, even i do transaction in on line, i could not do online transactions as it use to show as invalid offers for amex card.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 24, 2019
    • ICICI Bank Credit Card
      "Need to increase the Credit Limit"
      0.5 5.0/5 "Blown Away!"
      I am using ICICI credit card for 3 and half years, its a good one to use, but while applying they provided credit limit as 15 thousands post that they increase to 25 only, i would like to suggest to provide more credit limit, mean while the customer service was good.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 24, 2019
    • Bank Bazaar Credit Card
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I came to know about bank bazaar service through on line, this is my first time i have been applied for their service, their mobile application is good,it is user friendly application, but one thing i would like to suggest them is that they should reduce the call flow.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 24, 2019
    • Bank Bazaar Credit Card
      "Overall experience is good"
      0.5 4.0/5 "Great!"
      The customer services and response is good at Bankbazaar. I got regular messages about the updates. The website is good and it is easy to use and understand. There were follow up calls as well. It was easy to get the details of the banks and their offers too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 24, 2019
    • IndusInd Bank Credit Card
      "Average card"
      0.5 3.0/5 "Satisfactory"
      I have been using Indusind bank credit card for recently, they have not charged me annual fee as it is life time free credit card, i am not happy with the credit limit they have given me less credit limit, like they said 75,000 i will be getting so far but after that they have just given me 50,000 as an limit, the reason for choosing this card is for their offers for shopping and movie tickets, there was much delay in getting loan, there was wrong information was given , the pin got generated after 15 days.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 24, 2019
    • HDFC Bank Credit Card
      "Good. Can do better"
      0.5 3.5/5 "Pretty good"
      The documents was taken on time for the credit card. The updates was not done for me. I had to call the person who took the documents and I was told that the paper work is processed and I will get the card in few days. The follow up calls was not there with HDFC Bank. There are charges annually for the card.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 24, 2019
    • Bank Bazaar Credit Card
      "Good"
      0.5 4.0/5 "Great!"
      I came to know about bank bazaar through my friend because this is the good financial product, so once i download the app i repeatedly getting calls from bank bazaar, i would like to suggest to get minimum the calls. The best part of bank bazaar which i would like to share is providing the amazon voucher offer.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 24, 2019
    • HDFC Bank Credit Card
      "Good reward point"
      0.5 4.0/5 "Great!"
      I got my HDFC credit card very recently . in HDFC also I am not happy with the credit limit . I thought HDFC has a great brand value they always fulfill the customers requirement . But interms of credit point they made me so happy with that . Their credit point has some value .
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 24, 2019
    • SBI Cards Credit Card
      "Good card"
      0.5 5.0/5 "Blown Away!"
      I hold SBI credit card from long time, They have not charged me annual fee, they use to give good offers in shopping, i am happy with the credit limit which they have given to me, they use to give good offers based on my requirement so far i did not face any issue.
      Was this review helpful? 1
      , bangalore
      Reviewed on Apr 24, 2019
    • Bank Bazaar Credit Card
      "High level customer service"
      0.5 3.5/5 "Pretty good"
      Bank bazaar has proved strongly they are the masters of digital shopping . They know the nook and corner of the business strategy . I am so thankful for the bank bazaar customer service and guiding me a correct credit card according to my taste .
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 24, 2019
    • ICICI Bank Credit Card
      "Overall good"
      0.5 4.0/5 "Great!"
      I bank with ICICI Bank for a credit card. The customer services and response is good and there are good offers as well. Just that the credit limit is less. Else there are no hassles while using the card. The transactions are smooth and easy and no issues.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 24, 2019
    • American Express Credit Card
      "Completely disappointed with the credit limit"
      0.5 2.0/5 "Expected more"
      Highly disappointed with the American express service . When I am taking a card with very high interest with them they given a credit limit of only 25 k. I though it was a international credit card, their limit also will be in higher scale . But complete collapse of my dream .
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 24, 2019
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