Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • Credit Card BYTES FROM OUR KITCHEN

    Questions to ask while choosing a Credit Card

    Credit cards are one of the most sought after and versatile financial products being used in the world today. These cards have completely changed the way individuals spend their money. Online transactions are now the norm with most individuals opting for it due to the comfort and ease of doing so. Also credit cards come with a number of offers and benefits. Credit cards work on the principle of providing money on a credit that individuals will have to pay back each month. The lure of added money is always thrilling, however every good thing in excess is harmful. It is very easy to succumb to this temptation and spend more money than one should, thus falling into a credit card debt trap which is very difficult to get out of. Although credit cards have a number of advantages, individuals should always use the same very judiciously. In case someone decides to procure a card, he/she must research properly and find out the right type of credit card for himself/herself. For example, if a credit card comes with no joining fee but provides a lot of fuel exemptions and the customer is not a rider/driver, there would be no point of procuring the credit card just for the purpose of not having to pay the joining fee.

    Questions to the Issuer before Processing the Credit Card Application

    Given below are some of the questions that individuals must answer prior to availing a credit card. If individuals can answer these questions satisfactorily then they can go ahead to procure the credit card of their choice.

    Why is the Individual Applying for the Credit Card

    This is basically to assess the ‘need’ of the customer rather than a ‘want’. Is the credit card going to be beneficial for him/her? Will it help to increase the credit score of the potential cardholder? Does the card come with low fee and a reduced rate of interest? Will the benefits and privileges offered by the card suit the individual’s lifestyle and spend habits? If the answer to all these questions is a ‘yes’, then the customer should go ahead and get the card. But if the card is to be procured on a whim or just because it comes with a lot of freebies, then the reasons are not relevant enough.

    How is this Card in Comparison to other Choices

    It is important to look around and research different card options before settling on one card. Comparing the pros and cons of each card is essential. Certain credit cards may have offers that are tempting such as low rate of interest and no joining fee, but if individuals do not use them judiciously, there is no point. Certain cards may have benefits that is not suitable to the lifestyle of the potential cardholder although the card may be highly rates, which means that the card will not be good for the individual. Also, customers should go for cards that have the least amount of negative feedback or complaints against it.

    What is the Credit Line and Rate that can be procured

    Certain credit cards will provide a range of rates but the window is quite wide. Certain other cards provide a specific rate. Customers should ask for this information prior to settling on one card and push for the range that they would want.

    Can Rewards be Reduced or Revoked

    This is required if individuals are procuring cards solely for the purpose of the rewards being offered. Certain issuers will evoke the rewards in case payment for credit card bill has been delayed. There are also certain instances wherein rewards may be revoked. Hence, if individuals are procuring credit cards solely for the purpose of the rewards being offered, then they must find out all information regarding rewards and when they can be revoked or reduced.

    Can anything that the Customer Charges be used against him/her

    Certain credit card providers use the purchase records of individuals to decide their creditworthiness. For example, if an individual uses his/her credit card to pay for counselling sessions or purchase goods from a market in a disreputable part of town or so on, it could result in their credit limit getting reduced. Some cardholders may see this as an invasion of privacy In such cases, it is always better to ask the provider about all these details before purchasing the credit card. Customer should ask the provider if his/her transaction will be used to rate his/her credit risk.

    What is the Grace Period before which Interest is applied

    The grace period for every credit card varies based on the type of credit card and the company. Although there is a standard credit card grace period, it may differ. Certain issuers impose a heavy rate of interest if the bill is not paid within the due date.

    How is the Individual Protected against Credit Card Fraud

    A lot of regulations limit liability for unauthorised credit card transactions. A number of issuers cap losses at nil unless certain rules are followed. Hence, individuals must find out how the card issuer would handle charges that were not made by the credit cardholder. Does the issuer track charges or block the card if charges that are out-of-the-ordinary are noticed? This feature, if available is great. Customers must also enquire if there are other security measures in place to protect their credit card against fraud.

    How will the Customer be treated in case they Fall Behind on Payments

    Although it may not seem productive, a customer must ask his/her credit card provider how he/she will be treated if the customer runs into financial troubles. Will the individual be hit with a penalty rate or late fee? Will the customer lose any benefits?

    Credit cards will have all their terms and conditions listed on the website of the credit card provider. This must be studied carefully.

    Certain providers have programs that reduce interest rate temporarily for individuals who are experiencing financial troubles whereas others don’t. Hence, prior to procuring a credit card, these conditions should be studied.

    Questions while choosing a CC Reviews

    • HDFC Bank Credit Card
      "Good in all"
      0.5 5.0/5 "Blown Away!"
      HDFC Bank has offered me a credit card and the customer services are good. They also provide me with good offers and a very good credit limit. It is a smooth process while using the card, I never faced any hassles in the overall process till date.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 22, 2019
    • Citibank Credit Card
      "Experience is good"
      0.5 5.0/5 "Blown Away!"
      Citibank has been overall good in the customer services. The online banking is good and the credit card offers are also good. The statements are also good and the billing is also in a timely manner. The credit limit is also fine and there are no charges taken for the card.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 22, 2019
    • ICICI Bank Credit Card
      "Average"
      0.5 3.5/5 "Pretty good"
      I have been using ICICI Platinum card for more than 1.5 years. The credit limit is low which they need to increase. IVR takes longer time for the connectivity also they need to improve the service. There is no annual charge for this credit card.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • RBL Bank Credit Card
      "Good card for the withdrawal"
      0.5 5.0/5 "Blown Away!"
      From RBL I have et money card it gives the flexibility of taking the cash without any interest. I can withdraw the maximum of 100%, the credit limit is also satisfactory with RBL card. One month back I got the card, the due date is convenient for me.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 22, 2019
    • HDFC Bank Credit Card
      "Recommendable Card"
      0.5 5.0/5 "Blown Away!"
      I get 10x points from HDFC card based on the spends, In fact the cash back is also excellent. The customer support is good for the credit card queries, but there is a long queue to connect with the executive. They don't have direct contact no, first I need to verify my details in IVR, then again the executive verify it, therefore the process should be simple.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 22, 2019
    • Citibank Credit Card
      "Good card for all transaction"
      0.5 5.0/5 "Blown Away!"
      I have reward points from CITI bank, I get more bonus points on the transactions, they give cash back offers for some transaction, I don't what to call them everything is prefect, the interest is also reasonable, I am using life time free credit card.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 22, 2019
    • HDFC Bank Credit Card
      "Need to increase the limit"
      0.5 5.0/5 "Blown Away!"
      I have HDFC Bharath credit card and using it for past 1.5years. The service is excellent and they are not charging high for the late payments. The credit limit is average and they need to enhance the limit. It is a life time free credit card. There was no much offers.
      Was this review helpful? 0
      , vadodara
      Reviewed on Mar 22, 2019
    • Bank Bazaar Credit Card
      "Simple method for getting credit card "
      0.5 5.0/5 "Blown Away!"
      Through Bank bazaar it is a simple process of getting the credit card in quick time .It hardly took 1 week of time in Online method . I came to know bank bazaar through SMS . Customer executive guided about the various credit card in online . Mobile app is also user-friendly .
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 22, 2019
    • Axis Bank Credit Card
      "Good card"
      0.5 4.0/5 "Great!"
      Axis Bank has offered NEO credit card and am using it for past 6 months. The credit limit is sufficient for the beginner, its 40K. The rate of interest is too high for late payment charges which they need to reduce. It is a life time free credit card.
      Was this review helpful? 0
      , vadodara
      Reviewed on Mar 22, 2019
    • IndusInd Bank Credit Card
      "Online shopping and EMI is major advantage"
      0.5 5.0/5 "Blown Away!"
      I recently applied for the Indusind bank credit card in the on-line method . Within 10 days of time ,I got a good response till the time of dispatchement of my card . No annual fees for this card . The main plus point with Indusind bank credit card is the on-line shopping .
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 22, 2019
    • Kotak Credit Card
      "Good Card with Kotak"
      0.5 5.0/5 "Blown Away!"
      I am using Kotak Mahindra card for around two years, I have salary account hence everything is fine for me. The credit limit is not good because they gave only Rs.22,000, they need to enhance the card limit. I have master card and the accessibility is great.
      Was this review helpful? 0
      , faridabad
      Reviewed on Mar 22, 2019
    • RBL Bank Credit Card
      "Average Credit card"
      0.5 5.0/5 "Blown Away!"
      Almost it is going to be 3 months since I started to use this RBL credit card . Normally I will do most of the shopping Off-line .Offers are on-line and it is up to the expectation . RBL mobile app is very easy for making the payment and downloading the statement .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 22, 2019
    • Axis Bank Credit Card
      "Credit limit is not sufficient "
      0.5 5.0/5 "Blown Away!"
      For the past 6 months, I am using the AXIS bank credit card . My credit limit is around 25 k only . But this credit limit is very insufficient to use .I am not getting any notification about the various offers in on-line . Annual fees is around 499 - .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 22, 2019
    • Axis Bank Credit Card
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have been using the credit card with the AXIS BANK the card is user friendly to use. The credit limit with this card is satisfactory added on that the offers with this card is good. I am using it from last few years with this card. There is a EMI conversion option but there is no balance transfer option with this card.
      Was this review helpful? 0
      , bhopal
      Reviewed on Mar 22, 2019
    • ICICI Bank Credit Card
      "BETTER"
      0.5 3.5/5 "Pretty good"
      I am not satisfied with the credit card that i am using it with the ICICI BANK because the credit limit with this bank card is not satisfactory also there are no offers available with this credit card. There is a EMI conversion option with this credit card which is good also it is easy to convert.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • HDFC Bank Credit Card
      "BETTER"
      0.5 3.5/5 "Pretty good"
      I have a credit card with the HDFC BANK the credit limit with this bank they have offered is average and i am not getting any offers with this bank. There is a EMI conversion option with this bank it is good and easy to convert with this bank credit card.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • ICICI Bank Credit Card
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has almost been ten months since i am using this credit card and the services which they had provided me has been pretty good. But the credit limit with the card has been less and there has not been any annual charges with this card. I had been using this credit card for all sort of purposes.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • HDFC Bank Credit Card
      "Excellent card"
      0.5 5.0/5 "Blown Away!"
      HDFC has given me a Money Back credit card and using it for past three years. I am happy with the credit limit. There was no annual charges and am paying monthly due. The charges are reasonable for EMI conversion. I got reward points but my sister use to redeem so have no idea.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • IndusInd Bank Credit Card
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I am just using this credit card for the last one week and the services which they had provided so far has been pretty good. They had given me with a good credit limit and it does not have any sort of annual charges. I am using this credit card for all sort of purposes.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • RBL Bank Credit Card
      "Good for all transaction"
      0.5 4.0/5 "Great!"
      I am holding RBL bajaj credit card, features are like the monthly benefits which they give like surcharges on the products, extra points on the shopping with the air lounges. The limit is very satisfied with RBL credit card, I am happy with it.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 22, 2019
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