Credit Card

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Overview

Process

Understanding

How to use

Comparision

Fees

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.

A Credit Card for Every Need

A Credit Card is the perfect way to go cashless. It can easily eliminate your cash crunch. Read on to find out how. You would rather check out our Credit Card offers? Go on…

Food

Eat out every day? With HDFC Bank Platinum Times Credit Card, you get 10 points for every Rs. 150 you spend on dining on weekdays.

Travel

Short of cash for fuel? The IndianOil Citi Platinum Card can help you save over 5% on the fuel cost if you fill fuel at IndianOil outlets.

Paying Utility Bills

Skip that queue for your power bills! Citi Cashback Card gives you 5% cash back on all your utility bill payments made online through Citibank’s Online Bill Pay service.

Buying Groceries

Go grocery shopping online. Get 10 points for every Rs. 100 you spend on grocery shopping with the SBI Simply Save Credit Card. The best part? It applies to all departmental store shopping trips too.

How to Apply for Credit Card

Online

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 to avail of 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.

Offline

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 banks issue a 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, a Credit card contains 6 digits, out of which the very first digit signifies its system and 3 stands for travel or entertainment car, the digit in 4th place stands for Visa card, the digit in 5th place stands for MasterCard, and the 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. The 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 milestones.
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 point 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 milestones.		 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)

  • Passport
  • PAN Card
  • Ration Card
  • Aadhaar Card
  • Voter’s ID Card
  • Driving License

Address Proof–(Any one)

  • Telephone Bill
  • Electricity Bill
  • Passport
  • 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?

  1. 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.
  2. Fill the 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 filling the form given on the website.
  3. 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

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.
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.
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.
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
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.
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.
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.
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 stipulated income criteria.
What is the minimum criteria for applying for 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.
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 with flexible tenure options at low-interest rates.
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 a 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.
How can users check the available credit on their credit cards?
Credit cardholders 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.
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 cardholder. This interest-free payment period ranges from 3 to 6 months after which the cardholder has to repay the installments with an additional interest rate.
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.
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.
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.
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 cardholder.
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.
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.
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.
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 interest 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.
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.
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.
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.
What does APR refer to concerning 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.
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.

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 cardholder 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.

How do global cards help a frequent traveler?
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 traveler’s checks.
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.
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 online purchases. Additionally, customers are advised by banks to use their credit card credentials only in encrypted internet connections to avoid fraudulent transactions.
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 a 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.
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.

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