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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 ?

To be absolutely sure of WHAT TO LOOK OUT, talk to IndianMoney.com on the phone for FREE financial consultation.

Expert Financial Advisors from IndianMoney.com would provide you unbiased, correct and up to date information so that you can make an informed financial decision.

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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Chrome, Firefox browser extensions leaked millions of users' data

Saturday, July 20, 2019, 5:42 PM

Extensions on Chrome and Firefox internet browsers leaked millions of users' data, including medical, credit card and tax returns information, cyber-security researcher Sam Jadali revealed. The data was leaked to a fee-based company Nacho Analytics, which gives unlimited access to any websites' analytics data, Jadali said. The data was reportedly put on sale for as little as $10 (nearly Rs.700).

Ex-Malaysia PM spent $800,000 on jewellery in 1 day, court hears

Tuesday, July 16, 2019, 6:40 PM

Ex-Malaysia PM Najib Razak used his credit cards to buy goods worth over $800,000 (around Rs.5.5 crore) at a jewellery shop in a single day in 2014, prosecutors told a court during his corruption trial. The credit card bills were presented as evidence against Razak, who allegedly diverted over Rs.4,804 crore from the state-run 1MDB wealth fund to his personal bank accounts.
 

Shell out fee on Paytm transactions from today

Monday, July 1, 2019, 10:48 AM

Starting today, using Paytm will get a little dearer. It will start passing on the MDR that banks and card companies charge for digital transactions to consumer, said the source. The charge amounts to 1% on payments through credit cards, 0.9% for debit cards and up to Rs.12-15 for transactions by net banking and the UPI, said the source.

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Credit Card Videos

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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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