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What is a Credit Card?
Although, a credit card is a plastic card in appearance issued by a bank that allows you to borrow money from the bank so that can purchase whatever you want. There is a cost of borrowing that money (you might pay interest and fees), but there can also be benefits (you might earn rewards and build your credit). You will not have to pay any excess amount as long as you repay the amount you borrow before the next billing cycle starts. If in case, you fail to pay the entire and decide to pay in installments, you will also have to pay the interest associated with it.
How to Apply for Credit Card
When the internet came into an introduction, almost everything today has gone digital and so have banks and financial institutions. If customers are willing to apply for a credit card then they can do an online as an online credit card application is highly popular and also convenient. For this, customers will have to follow the steps given below:
- You have to visit the official website of the bank and apply for the credit card of their choice, as long as they meet the eligibility criteria
- You can also e-mail the bank if necessary in order to avail a credit card.
Another way of creating an online credit card application is financial websites such as Finbucket.com. For doing this, the following steps will have to be taken—
- All you need to do is to visit the Finbucket website and choose “Credit Cards” which will be on top of the page.
- Then you will be taken to another page wherein you will see a list of available credit cards. Besides, customers also have the option to filter the list based on the name of the bank and other criteria.
- Click on the card that you want to procure and select the “Check eligibility” link.
- Answer the provided questions and if the customer meets the required criteria then click on the “Instant Apply” button, fill up the form and submit it.
You can also apply for the same service offline. For this, the steps are given below:
- You can do this just by visiting the branch of the bank that you want to avail.
- You will be asked to fill the necessary forms and in case they meet the required eligibility criteria, they will be able to avail the said credit card.
- In addition to this, customers can also contact the bank by calling the customer care service which most banks have.
- This is generally available 24/7 on all days of the week.
How to use a credit card?
Of course, it is easy to use a credit card but when bank issue credit card, they create a revolving account for that card. As soon as the customer receives their credit cards, they can use it to make purchases on credit. The credit card is actually the amount that cardholders have borrowed from the card issuer. So, they have to repay the outstanding amount at the end of every billing cycle. Besides, there is a limit on the amount of credit that one can use and cardholders should make sure they don’t exceed this limit.
If you want to make payments by using a credit card then you have to simply get their cards swiped at merchant stores and authenticate the transaction by entering their PIN number. There are some credit cards which do not require to enter a PIN number. In case, you are using your card to make payments online, make sure the website is a secure one. All you need to enter your credit card details on the checkout section and authenticate the payment by entering the PIN or OTP (One Time Password).
Understanding Credit Card Numbers
Basically, Credit card contains 6 digits, out of which the very first digit signifies its system and 3 stands for travel or entertainment car, digit on 4th place stands for Visa card, digit on 5th place stands for MasterCard and digit on 6th place stands for Discover Card. Under a different system, there are different card structure. For instance, a Diners club card will start with 38, whereas, the American Express cards will start with 37.
American Express— The third and the fourth digit of credit card signify the type and currency. Apart from this, the fifth digit till the eleventh digit is the account number. Whereas the 12th digit till the 14th digit is the card number within the account. The 15th digit is a check digit.
Visa— The 2nd digit till the sixth digit is the bank number. Whereas, the 7th digit till the 12th digit or from the seventh digit till the 15th digit is the account number. 13th digit or the 16th digit is the check digit.
MasterCard – The second and third digit, the second digit up to the fourth digit, the second digit up to the fifth digit or the second digit up to the sixth digit is the bank number. Remember that it depends if the second digit is 1,2,3 or anything other than that. The digits which are after bank number up to the fifteenth digit are the account number. Whereas the 16th digit is a check digit.
Compare Credit Cards from Top Banks in India
|Bank||Interest Rate||Joining Fee|
|Ranges between 37.2% p.a. and 42% p.a.||Some cards have no joining fee. For others, the fee will be communicated at the time of application.|
|3.83% per month (46% p.a.)||Up to Rs.1,00,000 (the fee is different for different cards. Rs.1,00,000 is the joining fee for one card, which does not have an annual fee.)|
|Up to 3.5% per month||Up to Rs.19,999|
|Up to 3.4% per month (Maximum charge in case of default is 3.5% per month)||Up to Rs.10,000(The fee is different for different cards)|
|Up to 3.25% per month||Up to Rs.30,000|
|Up to 3.5% per month (Maximum charge in case of default is 3.99% per month)||N.A.|
|Up to 3.35% per month||–|
Note – The rates/fees and charges may be changed by the banks at any time.
Fees and Charges for Top Credit Cards
|Card Name||Joining fee*||Annual fee*(Year 1)|
|Standard Chartered Manhattan Credit Card||Rs.499||Nil|
|SBI Simply Click Credit Card||Nil||Rs.499|
|Standard Chartered Platinum Rewards Credit Card||Nil||Rs.399|
|Citibank Cashback Credit Card||Nil||Rs.500|
|Standard Chartered Super Value Titanium Credit Card||Nil||Rs.499|
|Amex Gold Card||Nil||Rs.1,000|
|Yatra SBI Credit Card||Nil||Rs.499|
|Amex Platinum Travel Credit Card||Nil||Rs.3,500|
|SBI Signature Credit Card||Nil||Rs.4,999|
|IndianOil Citi Platinum Credit Card||Nil||If the annual spend is less than Rs.30,000, an annual fee of Rs.1,000 is charged.|
*Taxes will be levied as applicable on these charges. The charges in the table are subject to change based on future revisions implemented by the banks
Top Credit Cards In India
|Bank||Rewards||Annual Fee (varies depending on the card)|
|Citibank||Travel Rewards – Up to 10 miles per transaction. Up to 10,000 bonus miles a year.
Reward Points – Up to 10 points per transaction.
First Citizen Points – Up to 7 points per transaction.
Turbo Points – Up to 4 points per transaction
Cashback – Up to 5% cashback on transactions.
|Up to Rs.20,000|
|IndusInd Bank||Reward Points – Up to 4 points per transaction.
SpendMiles and PartnerMiles – Up to 3 per transaction.
JP Miles – Up to 75,000 Miles a year.
FlightMiles – Given based on the percentage of the ticket price.
Savings Point – Up to 4 points per transaction.
|Up to Rs.4,000|
|Kotak Mahindra Bank||Reward Points – Up to 10 points per transaction.
Saving Points – Up to 10 points per transaction.
Dining Points – Up to 10 points per transaction.
|Up to Rs.5,000|
|HDFC Bank||Reward Points – Up to 8 points per transaction. More than 2,880 bonus points a year.
JPMiles – Up to 30,000 Bonus Miles. Up to 18 miles per transaction.
JP Tier Point – 1 point on reaching certain milestone.
Amazing Cashback and Discount offers on certain cards.
|Up to Rs.10,000|
|Axis Bank||Reward points – Up to 20 points on spends.
eDGE Reward Points – Up to 20 points on spends.
CV Points – Up to 6 points on spends.
Award Miles – Up to 6 miles on spends.
|Up to Rs.30,000|
|American Express||Membership Points – 1 points for transactions. Up to 11,000 bonus points on joining.
PAYBACK Points – Up to 5 points on transactions.
JP Miles – Up to 16 miles on transactions.
|Up to Rs.50,000|
|State Bank of India||Reward Points – Up to 20 points on transactions. Up to 1,00,000 bonus points a year.
Empower Points – Up to 500 points on achieving milestone.
|Up to Rs.4,999|
Note – The above mentioned fees can be changed at any time by the banks. With regards to the rewards section, only the top rewards have been mentioned in the table. The banks offer other rewards besides these on their cards such as discount offers, cashback offers, etc.
Credit Card Eligibility
It totally depends on the type of card you are applying for and the bank who is providing it. Mostly the banks require the applicants to be at least 18 years old and earn a certain amount of income annually to apply for a card.
Documents Required to Apply for a Credit Card Online
Identity Proof – (Any one)
- PAN Card
- Ration Card
- Aadhaar Card
- Voter’s ID Card
- Driving License
Address Proof–(Any one)
- Telephone Bill
- Electricity Bill
- Ration Card
- Rent Agreement
- Aadhaar Card
Proof of Income –It is mandatory to submit the income proof when you apply for a credit card. If you are a salaried person then you have to submit the following documents as proof :
- Salary Certificate
- Recent Salary slip
- Employment Letter
- Person who is Self-Employed has to submit the following documents as proof
- Certified Financials
- Recent ITR (Income Tax Returns) Statement
- Audited Profit and Loss Statement or Balance Sheet
- Proof of business continuity
Bank can ask the applicants to submit other documents if required apart from the above-mentioned documents.
How to Apply for a Online Credit Card through FinBucket?
- Compare: Through Finbucket, you can compare credit cards offered by different banks online at one place. This will help you in making decisions and also in getting the best credit card available in India.
- Fill simple application form: You are free to find the card for which you are eligible for and then click on the “Instant Apply” button that is present next to the card of your choice. Fill the simple application form for a credit card through Finbucket. You will get a response within 30 minutes after filing the form given on the website.
- Information: you can find every single detail about credit cards on Finbucket. In addition to this, the site also provides you with the latest credit card news and keeps you updated about the happenings in the Indian Financial market.
Apart from the above, Finbucket provides 24/7 support to all its customers throughout the year.
FREQUEntly Asked Questions
Get answers to all your questions
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.
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