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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.

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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 loan against credit card?

16 March 2020, Monday    

What is loan against credit card? Credit cards have made our lives easy. For instance, there could be months during which your budget crossed limits, or unexpected expenses or an emergency situation. Credit cards help deal with such circumstances. If credit cards are used efficiently, they can be ....

What are LIC Credit Cards?

29 February 2020, Saturday    

LIC in collaboration with Axis Bank limited have launched credit cards. It offers a number of privileges to the customers, like any other basic credit card. It includes travel, dining, shopping, and entertainment and so on. What makes LIC credit cards stand out from the rest is the complimentary ins ....

Does Poor CIBIL Score Affect Your Job?

26 February 2020, Wednesday    

The CIBIL Score is a 3-digit number ranging from 300 to 900. It’s a numeric measure of credit worthiness. The credit report shows loans and credit card transactions with each and every bank and financial institution in India. The Credit Score is a numeric representation of what is shown in the ....

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Credit Card News

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Paytm top-up via credit card faces 2% fee

Tuesday, January 7, 2020, 11:20 AM

Paytm users will have to pay a 2% fee if they load more than Rs 10,000 in their ewallets via credit card in a month, according to the company's new policy. Wallet top-up via debit cards and Unified Payments Interface (UPI) would continue to remain free. This is being seen as a move to save costs on such transactions, said the source.

Net banking & card frauds up 50%, Delhi is ATM con capital

Wednesday, December 11, 2019, 3:23 PM

Instances of unlawful transactions involving internet banking, ATMs and credit and debit cards shot up over 50% to cross 52,000 in 2018-19, with Delhi being the ATM-fraud capital accounting for nearly 27% of the reported cases of "siphoning off of cash". Bankers said India is seeing an increase in a number of such attempts as it tries to scale-up its infrastructure to shield itself.

LIC waives off charges on credit card payments

Tuesday, December 3, 2019, 4:05 PM

To promote digital transactions, Life Insurance Corporation has waived off the convenience fee on all payments to the national insurer, effective December 1. The Corporation said any credit-card originated payments towards renewal premium, new premium, or repayment of loan and interest on loans against the policies will not attract any additional charges or convenience fee its parlance, from December 1.

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Credit Card Videos

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Tips to Improve your Credit Score

Tips to Improve your Credit Score

5 Days Ago

Start your Journey to Become Rich with IndianMoney's Financial Freedom App, Download here: https://indianmoney.com/ffa/FmCSZ69pHo   There are certain numbers that play a very important role in your life One of them is the CIBIL Score, It is a very significant score as it depicts your financial creditworthiness In this video, CS Sudheer gives you some effective tips to improve your credit score So watch the entire video to know the right way to improve your credit score and learn the best way to ethical organic way to enhance your credit score 
Credit Card in Malayalam - Tips to Improve your Credit Score in Malayalam | നിങ്ങളുടെ ക്രെഡിറ്റ് സ്കോർ മെച്ചപ്പെടുത്തുന്നതിനുള്ള 10 ടിപ്പുകൾ

Credit Card in Malayalam - Tips to Improve your Credit Score in Malayalam | നിങ്ങളുടെ ക്രെഡിറ്റ് സ്കോർ മെച്ചപ്പെടുത്തുന്നതിനുള്ള 10 ടിപ്പുകൾ

8 Days Ago

Start your Journey to Become Rich with IndianMoney's Financial Freedom App, Download here: https://indianmoney.com/ffa/FmCSZ69pHo   A credit score is a three-digit number ranging from 300 to 900, 300 being the lowest, and 900 the highest. This score is calculated based on an individual’s credit history. That is, it will take into account the total number of accounts open, total levels of debt, credit repayment history, and so on. This will evaluate a person’s creditworthiness. Lenders consider the credit score before availing a loan to ensure the timely repayment probability of the borrower. So have you ever checked your credit score? Is it low? Are you looking forward to improving it? Then watch this video to know 10 practical tips to improve your credit score.  
CREDIT CARD 2020 in malayalam- how to get a credit card? | എങ്ങനെ ഒരു ക്രെഡിറ്റ് കാർഡ് എടുക്കാം?

CREDIT CARD 2020 in malayalam- how to get a credit card? | എങ്ങനെ ഒരു ക്രെഡിറ്റ് കാർഡ് എടുക്കാം?

8 Days Ago

Start your Journey to Become Rich with IndianMoney's Financial Freedom App, Download here: https://indianmoney.com/ffa/FmCSZ69pHo     Until today, credit cards are not widely used in India. There are only 5crore credit cards issued in India. This is because most people are unaware of the working of a credit card. A credit card can be very beneficial if used wisely. It is nothing but a credit facility provided by banks, which can be used to make payments. But, how can you get a credit card? Are you thinking about taking a credit card? What are the criteria the bank will look for before issuing a credit card? If you want to know all this, then watch this very informative video.    

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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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