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What is a credit card?

A credit card means you buy now and pay later. Your bank (issuer of the credit card), pays the amount for the product or a service right away and has to be repaid within a period of time.
This card is very useful if you have to purchase a product immediately and have no ready cash.

What are the documents required to avail a credit card?

  • You need to submit a copy of your PAN card.
  • You need an identity proof and an address proof such as a passport, Drivers license or a voter's card as part of your KYC (Know Your Customer), needs.
  • If you are salaried you show copies of your last 3 months salary slips and bank statements.
  • You need a Copy of form 16 as well as your last 3 years Income Tax Returns.
  • If you are self employed you require to show Income tax returns, Your profit and loss account and your business card. You might also have to own a vehicle and your business must have credibility.
Why avail Credit Loan?

Money Is Safe

Credit cards can be used in India or abroad. They are easy to carry and can be easily blocked if lost. Your money remains safe.

Special Benefits

You get frequent flier rewards and fuel point rewards if you use your credit cards to book flights or pay for petrol or diesel at fuel pumps.

Used to Shop

You can shop online or pay utility bills such as water and electricity bills using a credit card.

 

Rewards and Cash Back

Higher you spend with the credit card, more are the reward points you get. You get discounts when you shop using the credit card.

Eligibility criteria to avail Credit Card

  • You need to be at least 18 years of age. You will not be able to avail a credit card if you are over 65 years of age.
  • You require to have a minimum salary of INR 3 Lakhs.
  • You need to have a minimum Cibil score of 700 for the final sanctioning of your loan.
  • You must not be in debt or be paying EMI's on too many loans.<
  • If you are a student, you can avail a credit card against your fixed deposit. A certain minimum fixed deposit would be specified.
  • If you have a savings bank account or a fixed deposit with a bank, you can easily avail a credit card.
  • If you are working in a non listed or not too popular a Company, then you might face a problem while availing a credit card.
 

Concepts & FAQ's Credit Card

What is a Credit Card?

Credit Cards are also known as plastic money. It is one of the most convenient ways of making payments while shopping. The major advantage of plastic money/credit card is that you don't have to carry cash and you can get rewards points on each purchase made. Only banks are permitted to issue credit cards.

Benefits of Credit Card

Credit cards are at their most convenient when it comes to travel. Credit cards are also essential while shopping online. A person can shop online is he has a credit card. Credit card also allows 24-hour Instant Cash Access from an ATM.

Caution while using a Credit Card

It is always advisable to pay your credit card dues on time in order to maintain a good credit score in CIBIL. Whenever anyone applies for any kind of loans in future, a bad history or credit score can be a cause for rejection. If due to poor credit history one is not able to get a credit card, then one can apply for a secured credit card. These are issued against their term deposit in the bank.

Thinking of buying a Credit Card ?

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Frequently Asked Questions

What are the benefits of credit cards?

Credit cards allow you to spend money without carrying a lot of cash around and without writing a cheque. They're extremely convenient, especially when you're on a trip or don't have access to cash. Besides, most of the online transactions can be carried out only through credit cards and not cash.

What are silver or gold or platinum cards?

Based on your application, credit card companies determine your suitability for issuing silver, gold, and platinum/titanium cards. In general, the higher the level of the card, the higher the rewards and benefits, like lower interest rate, exclusive discounts and memberships, higher credit limits. Most of the offers run by credit card companies also have their discounts based on the level of your card. For example, a platinum card will get you better offers than a gold card; a gold card will get you better offers than a silver card and so on. To choose the most appropriate credit card call us on 080 67974000!

When will I receive my card?

Upon approval, you will receive your card within 7-10 business days.

What is CVV number?

CVV stands for Card Verification Value. This is normally a 3 or 4-digit code at the back/front of the card, used as an added security feature for online transactions.

What is a petrol card?

Many card companies have tie-ups with different petrol companies where you get various incentives to use your credit card for fuel payments at particular outlets. The incentives vary from fuel surcharge waiver to 5% cash-back to extra reward points for every rupee spent through the card on fuel. Cards that give you such incentives are called petrol cards.

What are reward cards?

Many card companies have tie-ups with different petrol companies where you get various incentives to use your credit card for fuel payments at particular outlets. The incentives vary from fuel surcharge waiver to 5% cash-back to extra reward points for every rupee spent through the card on fuel. Cards that give you such incentives are called petrol cards.

What if credit card gets damaged?

Please destroy your damaged card by cutting it into four pieces and inform your credit card company along with a necessary request to issue a duplicate card.

What should people do if their credit card gets lost or stolen?

Call the respective bank's customer care, immediately requesting them to block your card. You can also lodge a complaint in the nearest police station. To know more about Credit Card, call us on 080 67974000!

 

Credit Card Articles

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What is a Credit Information Company?

11 July 2019, Thursday    

While granting loans and credit cards to consumers, banks and other lenders take a huge amount of risk. Lenders expect dues to be paid in time. This is where credit information companies have a role to play. Credit information companies (CIC) collect and maintain loans and credit-related details ....

Credit Score FAQs - 12 Frequently Asked Questions on Credit Score

10 July 2019, Wednesday    

A good credit score makes a big difference when you are applying for a home loan or any other loan. If you have already availed a home loan or personal loan, you definitely know the importance of a good credit score. A credit score is basically a 3-digit number which gives a numerical summary of ....

5 Ways Credit Score Can Affect Your Life

01 July 2019, Monday    

A credit score is a 3-digit number which shows creditworthiness. A Credit score is maintained by the credit information agencies. Banks and other financial institutions send credit information (Customers Borrowing Data) to these credit information agencies like CIBIL. A credit score is the most impo ....

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Credit Card News

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Banks cannot charge for failed transactions, balance enquiry: RBI

Friday, August 16, 2019, 5:09 PM

The Reserve Bank of India asked banks to not charge customers for failed transactions at ATMs or include it as part of the permitted 'free ATM transactions' per month set for users. In a circular issued, the central bank stated that transactions that fail due to technical reasons will not be counted as valid ATM transactions for the customer.

SBI Proposes To Dilute Stake In Credit Card Business

Thursday, August 15, 2019, 9:02 PM

The Executive Committee of Central Board of the bank at its meeting held on Wednesday "has given in-principle approval to explore the possibility of diluting SBI's stake in SBI Cards & Payment Services Private Limited, a subsidiary company through IPO route at an opportune time, subject to the approval of RBI and other regulatory agencies in this regard," tbank said in a regulatory filing.
 

HDFC Bank mulls doubling credit card user base to 25 mn this fiscal

Monday, August 12, 2019, 11:45 AM

India's most valuable lender HDFC Bank is planning to double its credit card base and triple the merchant acquiring business this fiscal year, even as most banks raise concerns over rising stress in their unsecured loan book. The private-sector lender currently has a credit card base of 12.5 million and 9,00,000 unique merchants with 1.5 million acceptance points.

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Credit Card Videos

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Credit Score in Telugu - How to Improve Cibil Score in Telugu | Kowshik Maridi

Credit Score in Telugu - How to Improve Cibil Score in Telugu | Kowshik Maridi

6 Days Ago

How to Improve Cibil Score in Telugu Tips to Increase Cibil score in Telugu Cibil Score Details in Telugu Credit Score Details in Telugu
Credit Card in Telugu - How to Get Out of Credit Card Debt Trap | Kowshik Maridi |IndianMoney Telugu

Credit Card in Telugu - How to Get Out of Credit Card Debt Trap | Kowshik Maridi |IndianMoney Telugu

1 Month Ago

How to get out of credit card debt trap How well are you managing your credit card(s)? Are you aware of the consequences of defaulting on your credit card bills? Some credit card users keep paying just the minimum due amount imagining that they are serving the loan amount. It is a misconception, says the expert. On or before the due date, the outstanding bill ought to be paid. If not, be ready to face consequences such as late payment fees, damage to your credit score, loss of introductory APR, etc. How to get out of credit card debt trap? Make use of the following tips suggested by Kowshik Maridi  Do not use a credit card if you are not confident of paying bills in time.  Covert your outstanding loan amount into EMIs so that you can save on interest.  Go for a personal loan to benefit from a lower interest rate.          
Credit Card In Hindi | How To Increase Credit Card Limit | क्रेडिट कार्ड की लिमिट कैसे बढ़ाएं

Credit Card In Hindi | How To Increase Credit Card Limit | क्रेडिट कार्ड की लिमिट कैसे बढ़ाएं

1 Month Ago

How can you enhance your credit card limit? Watch this video where five important tips have been explained. The tips are extremely practical and important from the point of view of credit card users. What is your credit score? If it is a poor or average one, try to improve it, so that you can enhance your credit card limit. Keep your credit utilization ratio as low as possible, use your credit card regularly, ensure that you pay credit card bills before the stipulated deadline and show your income sources to the bank to get a higher credit card limit. For more details, watch the video and make use of your credit card in a better way.

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Credit Card Education

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What is FICO Score?

Monday, January 14, 2019, 12:21 PM

Fair, Issac and Company or FICO has a variety of credit scores used by lenders and credit card issuers. FICO scores range from 300 to 850. FICO is a data analytics Company, based in San Jose, California which focuses on credit scoring services. Before applying for credit card, auto loan or mortgage, check FICO score. FICO scores are assigned based on Credit Report.

What is a Card Protection Plan (CPP)?

Wednesday, September 19, 2018, 10:36 AM

The card protection plan is like insurance for your credit, debit, and other cards in case of theft, loss or fraud on cards. The card protection plan also provides protection to your PAN card, Aadhaar card, and other essential documents. In order to avail the services of card protection plans, the cardholder has to pay a fixed yearly fee.

Credit card safety tips

Sunday, July 29, 2018, 11:21 AM

Never let others use your credit card. Don't share account number and other information to people who ask for it online via email or chat. When using your credit card online, verify that you are on secure site before entering your credit card information. You are responsible for all charges on your card. Do not let others borrow it.

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