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There are varied opinions on the usage of credit cards. Some may approve of its ease of convenience and some may disapprove, assuming it may add up more debt. Whatever may be the opinion, it is undeniable that a credit card is one of the best financial tools that helps in various financial emergencies. Not just emergencies, a credit card can also help in improving your lifestyle by making it easy to buy now and pay later. It’s a great way to pay for big-ticket items that you cannot immediately pay out of pocket.
In developed economies, credit cards are a popular means of payment. Credit cards are becoming increasingly common in many developing economies, such as India, due to their convenience and ease of use. A credit card can be used to purchase anything from jewelry to groceries. Having a credit card reduces the need to bring cash while making transactions. It is a more convenient payment form.
Credit cards are issued by banks and NBFCs approved by the RBI. There are a variety of credit cards catering to the needs of varied customers. One can choose the credit card that is best suited to his/her spending habits. Having a credit card can help the cardholder to save more on daily expenses through reward points, cashback, discounts, offers, etc.
A credit card is a plastic card that has a pre-loaded balance that the cardholder can use to make transactions and pay for them later. The card issuer will let you pay off the balance in full, interest-free, for up to 50 days from the date of payment. To prevent any fines, the cardholder can pay the minimum due amount on the total amount. The minimum amount owed could be anywhere from 5% to 10% of the total amount owed. The balance, however, will be carried forward to the next month and must be charged with interest set by the credit card company.
Credit card companies provide credit cards to individuals who have a consistent income and credit score. Others can get a secured credit card against a fixed deposit. Every credit cardholder is allocated a credit limit based on their income. You can spend up to the credit limit and repay it on or before the due date. In most cases, the credit limit will be equal to 3 to 5 times of your net monthly salary. However, this varies from different banks.
Though a credit card is provided by popular banks, the payment gateway is facilitated by Visa, MasterCard and RuPay. However, these payment facilitators cannot fix other terms and conditions on the card. Features such as interest rate, minimum due amount, reward points, etc., are fixed by credit card issuers.
A credit card does not mean that you have more money, it only means that it gives you more time to pay for your purchases. Using a credit card means that you change the way you pay for your purchases. Every time you make a purchase on your credit card, you are in effect borrowing that money from the credit card issuer until you pay it back at the end of the month.
Credit cards designed by credit card companies do not carry the same features across all cards. Each comes with its own distinct features and benefits. They are created with respect to the needs of the individuals and spending habits. For example, for a person who spends more on entertainment activities such as movies, clubs, etc., an entertainment credit card would suit more than the other categories. In general, based on different spending habits, we can classify the credit cards into the following categories.
Shopping Credit Card
Targeted at customers who spend more of their money for purchases such as clothes, jewels, groceries, gadgets, etc. There are also special credit cards designed for online shopping which offer special rebates on certain e-commerce portals. This type of credit card is best suited for housewives who have to manage all their grocery and other retail shopping.
Travel Credit Card:
Individuals who travel frequently may have to book flight tickets, hotel booking and need cash for international spends. Travel credit cards enable cardholders to do all of that and pay for them later. Complimentary lounge access at the airports and great amount of reward points are the perks of having a travel credit card.
Lifestyle Credit Card:
Lifestyle credit cards are generally premium credit cards that are best suited for the elite population who often indulge in dining out, make higher purchases, etc. These credit cards come with greater number of discounts, higher reward points and free concierge services. As the benefits are greater, the annual fee is also higher when compared to other credit cards.
Reward Points Credit Card
Reward points is one of the attractive features that credit cards offer and has become all the more reason to use a credit card for so many people. Understanding customer needs, most of the credit card companies have introduced credit cards that help you earn more reward points which can be redeemed against various gift items.
Cashback Credit Card
Much similar to reward points credit card, Cashback cards help you save on all your purchases. You can get a certain percentage of cashback on various spends such as dining, ticket booking, hotel booking, etc. Moreover, you can also use the cashback points to cut down your monthly credit card bill payment.
Fuel Credit Card
Commuting to office from home is unavoidable, and you will certainly be shelling out a sum for fuel expenses. Considering its importance, most of the credit card companies have created fuel credit cards that help you save more on fuel expenses. You can get up to 3% fuel surcharge waiver on these cards. Besides, there are also other benefits available on this card.
Women Credit Card
Working women in the country are on the rise. Realizing the importance of providing financial freedom to women, some of the credit card companies have come up with exclusive credit cards for women. Women who love shopping can make use of this credit card to obtain offers and discounts.
Business Credit Card
Every business entity will have to spend a huge amount of money for business operations. Making all business purchases such as machinery, inventory, etc., through a business credit card can help earning huge reward points which in turn can cut down the expenses. Moreover, a business credit card helps keep track of all the expenses.
Secured Credit Card
An individual must have a good income and credit score in certain cases to get approved for a credit card. For someone who does not have both can get easy approval on a secured credit card if you have a Fixed Deposit. The credit limit on this type of credit card is provided up to 80% of the FD amount.
Student Credit Cards
There are credit cards specially designed for students who pursue their higher studies. The eligibility criteria for this card is established based on father or guardian’s income. Students can use this card to purchase laptops, gadgets, stationary items, etc.
Following are some of the important features of credit cards that everyone must know before applying for it.
Credit Card Type
As we already know that each credit card can be classified into any one of the above categories. The credit card you wish to apply must fall into any one of them. Understand your needs and spending habits to choose the credit card that is right for you. This can help the cardholder to get more reward points, cashbacks and discounts which can save money ultimately.
Every credit card comes with a credit limit which is the maximum amount allocated on your card. The user can spend up to the credit limit per month. When you feel that the credit limit is not enough, you may contact the credit card issuer to request for an increase in the credit limit. The approval for increase in the credit limit depends on your income and past repayment. Maxing out your credit card limit can affect your credit score. It is recommended to keep the credit card utilization ratio to 30% of the credit limit and below.
Known as grace period or interest free period is one of the main advantages of using a credit card. It allows you to make purchases with the pre-approved money and pay for them later without interest until a certain period. In general, the maximum grace period is usually up to 50 days. Interest free period starts from the day of the purchase and, it’s not after the bill has been generated. Also, read the fine print of the grace period as there may be some tricky terms and conditions.
Annual Percentage Rate (APR)
It is the interest rate applied on a credit card balance beyond the grace period. If you have paid only the minimum due amount on your outstanding amount, you will carry a balance which might attract interest rate after interest free period. The APR varies among each credit card company. It generally ranges between 12% to 24%.
Credit Card Fees
Though there are lifetime free credit cards which do not charge you any money on the usage, those are only a handful and come with fewer benefits. Most credit card companies charge joining fees and annual fees on their credit cards. These fees may vary depending on the type of credit card and their benefits.
Apart from the joining fee and annual fees, you will need to pay a fee for late payment, processing fees in case you do a balance transfer, fee for cash withdrawal from ATMs, etc.
When you are debt-ridden and unable to pay off the credit card bill on time, you can opt for a balance transfer option which enables you to transfer your outstanding balance to another card at no or lower interest rate for a particular period of time. This enables you to pay off the debt with an additional grace period. Most credit card companies provide this option to lure customers and increase their customer base.
Most credit card companies let you withdraw a certain percentage of cash out of your credit card limit from ATMs. However, this does not come for free. You need to pay a fee of a certain percentage of the amount withdrawn. This is usually up to 3% of the amount withdrawn. Cash withdrawal does not fall under interest free period and it is applicable from the day the amount is withdrawn.
Most people apply for a credit card when they begin their career or when they take on financial responsibility for the family. They find these cards resourceful especially when they need cash for purchasing some essential for the family or for some medical emergency. It provides you the ease of convenience wherein a personal loan will take at least minimum of 2 to 3 days to get instant cash. Following are some of the most common benefits of using a credit card.
Ease of Convenience
With all lines of businesses becoming digitized, carrying cash is no more a necessary part in our everyday life. Moreover, carrying a credit card is much safer than carrying cash. As the card is password protected, there is less chance of being misused. You can just swipe your card to make all the purchases. A credit card allows you to make all kinds of transactions with ease and pay for them later without any interest subject to the terms and conditions.
Best Companion During Financial Emergencies
Emergencies are unavoidable and running short of cash at such instances is so common and one needs a helping hand to bail out. Credit card can be your savior in such circumstances. You can use your card to make payments and pay for them later. As all business places have point of sale machines, using a credit card won’t be any problem.
Most credit card companies, in a bid to attract more customers, provide a lot of welcome benefits to the credit card holders. It includes e-gift vouchers, huge reward points, gift vouchers, etc.
Money Saver; Reward Points, Cashback and Discounts
Using credit cards for all your transactions can indeed save some money for you. With the intention to bring a lot of customers under their fold, credit card companies have introduced reward points, cashback, discounts and offers on various purchases.
Reward points are provided for each transaction which can be accumulated and redeemed against various gift items. Some credit card issuers allow you to convert your credit card reward points to cash which can be used to cut down your monthly bill.
Cashback is the buzzword in the e-commerce industry. Credit card companies partnering with certain e-commerce companies provide cashback on various purchases. This can be obtained only if you have a credit card. This can save a lot of money as you pay less than the normal price.
Discounts on dining, shopping, hotels, movies, flights, etc., can help you save a significant amount. You need to identify the channels through which you can get these discounts.
Complimentary Airport Lounge Access
This is one of the perks of using a credit card. You can get complimentary access to airport lounges wherein you can relax and enjoy unlimited free food and beverages. However, this is not applicable to all the cards. You need to check if your credit card provider offers this facility for your card. There may be a certain limit on complimentary access to the lounges. You can use all the facilities available at the lounge for free using your credit card. Certain credit card companies allow add-on cardholders to enjoy the same benefits.
To get the complimentary access, you need to get the Priority Pass Membership from the credit card issuer. You need to apply online for the Priority Pass Membership by giving your personal and card details.
Free Travel Insurance
Credit cards that are exclusively designed for travel purposes and other premium cards provide free travel insurance which can provide a cover against air accidents, baggage theft or loss at foreign countries, overseas emergency hospitalization, etc. These benefits are not available on all cards. Hence check with your credit card company if they provide such benefits on your card.
When you travel abroad or stay at a hotel, you can customize your travel and entertainment activities. Making airline reservations, booking hotels, etc., can easily be done by using the concierge services provided by the credit card companies. However, this service or assistance may be charged along with a monthly bill as per the rates.
Credit Score Builder
Credit score is an important criterion when you apply for a loan. This helps you get better terms on a loan. Using a credit card helps build a good credit score on consistent repayment. A loan may have a predetermined tenure and you will have credit history only for that particular period. But when you use a credit card, you have a long credit history and your credit score soars high with a positive track record of repayment.
Most premium credit cards offer complimentary golf rounds at golf courses around the world. You can get a complimentary training session, entry fee, green fees, etc. Rest of the fees have to be borne by the cardholder.
No Cost EMI
People who wish to purchase accessories, gadgets, appliances and various other household items can buy them using a credit card and pay for them in EMIs without any interest rate. Many find this a lucrative option to purchase their most favorite and essential items online. No Cost EMI is provided to only credit cards that have tie-up with the e-commerce website.
The cardholder can get an add-on card for his/her immediate family member. Add-on card members can make use of the credit limit of the primary cardholder and make purchases.
Lifetime Free Credit Cards
Most of the credit card companies issue lifetime free credit cards which can be availed at free of cost, and there is no annual fee charged on the card. It allows the user to use the card without having to pay anything for it.
Fuel Surcharge Waiver
When you fill fuel for your vehicle using a credit card, you may enjoy discounts on fuel surcharge. There are also exclusive credit cards for fuel purchases which can save you a lot of money if you are in the transport business or use vehicles often. You can usually get up to 3% of fuel surcharge waiver on fuel credit cards.
Keep Track of Your Expenses
Once a month, your credit card bill gets generated which lists out all the transactions done by you. You can go through to keep a track on your monthly spends and plan your budget accordingly.
Apart from the above benefits, the cardholder can get the annual fee waived off on reaching the spend of a certain amount set by the credit card company. Some offer additional reward points on spending a certain amount per annum.
If you pay your credit card bills on time and in full on a monthly basis, you do not need to pay any interest on the money spent on your purchases. The credit card company allows you to use their money that month 'for free' if you repay them in time at the end of the monthly billing cycle. However, if you make only a partial payment, the issuer will charge interest on the remaining outstanding amount - or balance - that will be carried over to the next month's bill.
For instance, if you make purchases worth Rs. 20,000, and you pay the amount in full when you receive your credit card bill at the end of the month, you will not incur any charges on using the issuer's money on credit. However, if you pay only, say, Rs. 12,000, the remaining Rs. 8000 will be added to the next month's bill and you will be charged interest on it. Some credit card companies may charge interest for the total Rs. 20,000 as you have paid the minimum due. You need to read the fine print of minimum due payment and interest charges carefully before getting your credit card.
Some people do not pay their bill every month and make a full payment at the end of a few months, thinking it will not affect their credit score. This is not true. Every delayed or partial payment affects your credit score and makes it difficult to qualify for loans or new credit cards. Suppose you had a medical emergency in the family and had unexpected hospital expenses. Faced with a temporary shortage of funds, you might think it is alright to make late payments for a few months until you can make a full payment again. You might be confident that your previous good track record will excuse a few delayed payments.
This is not a correct assumption. Making a late or partial payment is probably the worst thing you could do for your credit score. Your repayment history forms up to 30% of your credit score and is the single most important factor in making up your score. Credit rating agencies record every late or partial payment in your credit report and any such marking has a substantial negative impact on your score. It is therefore important to make sure that you try and pay off your monthly credit card bills in full and on time to avoid doing any long-term damage to your credit health.
Payment due date is the date that your monthly payment is due. Any delay in payment beyond this date can cause the company to charge a late fee, report a late payment to the credit bureau, or even consider the account as delinquent. It is, therefore, important to ensure that you make your payment before the payment due date. There are several online tools that can send you reminders to make your payments on time. In case you are unable to make full payment on time, you can pay the minimum due to avoid any penalty for late payment.
The minimum payment due is the smallest amount you can pay before your payment due date and still keep to the legal terms of your card agreement. It is vital to make at least this minimum payment, or there is a chance that the credit card company can consider it a delinquent account, which has serious consequences for your credit history. The balance on the credit card will be carried forward to next month with interest. In general, most credit card companies keep the minimum due as 5% of your outstanding balance.
For example, you have made purchases for Rs. 10,000 in a month and your credit card bill is generated. You will now have a minimum due of Rs. 500 which needs to be paid to avoid any penalty.
Though the minimum amount due can provide you temporary relief, it is not recommended to pay a minimum due amount every month. The outstanding gets carried forward each month with interest and becomes a debt burden over time. Hence, it’s vital to pay off the credit card bill in full.
There are two types of cards that are popular among the people. They are credit and debit cards. While a credit card allows you to spend pre-approved money and pay later, a debit card allows you to spend your own money available in your savings or current account. Following are some of the common differences between a credit card and a debit card.
A credit card is a line of credit.
Debit card is directly linked with your savings or current account.
You have a credit limit only up to which you are allowed to spend on purchases.
It allows you to spend as per the amount available on your savings or current account.
Cash withdrawal from an ATM is allowed subject to a certain percentage of the credit limit. Moreover, cash withdrawal will incur a fee of a certain percentage of the amount withdrawn.
Free cash withdrawal from ATMs is allowed up to a certain limit. Beyond that limit is chargeable as per bank’s internal policies.
You get a monthly bill statement.
There is no monthly bill, but you can get a statement of your past transactions.
Interest rates are applicable if you fail to pay the credit card bill in full.
There is no interest charged.
Fees include joining fees, annual fees, late payment fees, bounced cheque fees, processing fees on balance transfer etc.
Fees on the card varies from bank to bank. There may be annual fee and PIN regeneration fee if applicable.
There are reward points, cashback, discounts and offers on various purchases.
There are no such options. However, few banks have now introduced reward points on certain debit cards.
Loans can be availed against the credit limit.
Overdraft facility is available with certain banks.
A secured credit card works just like a credit card except that you need to have a fixed deposit in order to get it. The bank uses it as collateral in case you default on your payment. A secured credit card is typically used by people who cannot qualify for a regular unsecured credit card either because they have bad credit or because they do not have a sufficient credit history. Since a secured card requires collateral in the form of a fixed deposit with the bank, even people with bad or no credit can get a card as the bank is safeguarded against default. It is a simple and quick way to improve your credit score and build your credit history, provided you make all your payments on time.
People with bad credit can make use of secured credit cards to improve their credit score. On clearing past negative issues, the credit score remains intact and does not reduce. However, to improve your credit score, you need a credit line active. In such circumstances, you can avail a secured credit card and improve your credit score.
Establishing a business and running it successfully will require a continuous cash flow for both long-term and short-term use. Business credit card is an instant means of getting finance much quickly. When you apply for a business loan, there is an interest rate attached to it which will be quite burdensome. But with a business credit card, you can enjoy 0% interest rate if you can pay the bills on time.
You do not need collateral to get a business credit card. Moreover, managing a company's finance and tracking the expenses are easier with a credit card as you get a monthly statement. Reward points, discounts and cashbacks on purchases can help you save more on the operational cost. Entrepreneurs who plan to start up a business can find a business credit card an ideal tool for managing the finances of the company.
As per the RBI guidelines, the customer will have zero liability in case of fraudulent transactions or if there is negligence on the part of the bank even if the fraudulence is not reported by the customer. In case of a third-party breach, the customer must inform about the unauthorized transaction within 3 working days to avoid any liability. If the customer informs after 7 working days, the bank is free to determine customer liability.
Card issuers now provide another layer of security with the addition of a PIN number. If you have a microchip on your credit card, you need to input a PIN number as well for the transaction to be approved. Your PIN number is known only to you. So, if your card is stolen, it cannot be used for fraudulent purchases as the payment will not be approved without the PIN number.
All the traditional cards are now replaced with EMV chip cards. EMV stands for Europay Mastercard and Visa who developed this technology. In a normal card, all the user data is saved on it and it remains forever. In an EMV card, fresh user data is created each time the card is used for any transaction. This prevents fraudsters from copying the user data and creating a new card with the same details. EMV cards protect the cardholder against phishing, skimming and vishing.
Though there are lifetime free credit cards, they only have a handful of benefits. But getting a credit card with all the fees makes you eligible for a greater number of features and benefits. Following are some of the fees levied on a credit card.
When you are approved for a card, you are charged an annual fee as the cost of owning the card. This fee is automatically added to your bill on an annual basis. Some cards do not have an annual fee.
If you do not make your minimum due payment in time, you can be charged a late fee. Make sure that you mail your cheque well before the due date or pay your bill online.
Credit card companies charge a variety of other fees which may include charges for exceeding your credit limit or returned cheques.
Your credit limit refers to the amount of credit available to you on your credit card. However, to maintain a good credit score, it is advisable to spend no more than 30% of your credit limit. So, for example, if your credit limit is Rs. 60,000, make sure that you do not spend more than Rs. 18,000 every month. Consistently spending more than 30% of your limit signifies that you are short of credit or that you do not have spending discipline.
As you move up in your career, your income may increase so does your eligibility to get a higher credit limit. If you have been prudent in repayment and have not defaulted, you can request for an increase in the credit limit. After you have made a request, the credit card company analyses your past payment record and approves the increase in the credit limit based on your income and eligibility.
Increase in credit limit helps you spend more and keep your credit utilization ratio on a good level. If you feel, you are eligible for an increase in the credit limit, approach the credit card issuer to approve your request.
Many must have come across promotional emails, SMS or website advertisements urging you to apply for a credit card. You may have tried applying for the card through them and found yourself to be not eligible or you may not have shown interest in applying for them.
If you are interested in applying for a credit card, you will first have to check your eligibility for the card before starting with the application process. By knowing the eligibility criteria, you can get quick guaranteed approval. Following are some of the most important eligibility criteria that you must know before applying for a credit card.
Age: The applicant must be a minimum of 18 years old. However, add-on card holders can be a minimum of 12 years old.
Residential Status: The applicant must be an Indian resident. Non-Resident Indians are also eligible for certain credit cards.
Income: The applicant should have a steady income as required for the credit card. Both salaried and self-employed individuals are eligible to get a credit card. In general, the minimum annual income is Rs. 2 Lakhs.
Credit Score: You should have a good credit score to get approved for specific credit cards. Individuals who have no credit score can avail a credit card using their current income. Individuals who have low credit scores can avail a secured credit card using their fixed deposit.
Apart from the above eligibility criteria, the banks have their internal policies and the approval is subject to the sole discretion of the credit card issuer.
After you have checked whether you are eligible for the credit card and studied its features, you can apply for the card through the following ways.
Apart from applying through the portals of the banks, alternatively, you can also apply through financial portals like CreditMantri wherein you have the option of comparing multiple cards from various banks. It provides you the option of choosing the best credit card suited for your needs by comparing their features and benefits in a minute.
SMS: Most banks let customers contact them through SMS facility. You can send an SMS to the respective bank as per the syntax provided to get in touch with you with the application process.
Customer Care: All the banks have toll-free numbers to contact the customer support team to enquire about any queries. You can contact them from your mobile and get help to proceed with the application process.
Mobile Banking: Each bank has a mobile app that provides all updates and services. You can download the app to apply for a credit card.
Visiting the Branch: If you are unfamiliar with the above methods, you may walk into any nearby branch of the bank and apply for the credit card. You may have to carry documents that support your income and personal details.
There is no ideal or average number of credit cards an individual should have. It depends on factors like your income, monthly expenses, how you manage your finances and your ability to plan and make timely repayments on multiple cards. If you are new to credit cards, then it is a good idea to use one for some time and get used to the payment method. Once you are comfortable and are confident that you can take on additional repayments, you can apply for another card.
Low utilization ratio of credit cards is considered a prudent credit behavior by credit bureaus who generate your credit score. Having more than one card can help you maintain a good credit utilization ratio and keep a positive credit score. Moreover, multiple credit cards can help get you a higher credit limit. You can split the costs and manage your finances effectively.
With more than one credit card, you can get more reward points, cashback, discounts and offers on plenty of partnering outlets and e-commerce portals. Because a credit card company having partnership with one leading merchandise may not have tie-up with another. Thus, having another card provides you the option of covering out partner outlets to grab the discounts which can save you more money.
Many people ask about the best credit card. There is no such thing as the best credit card but the right credit card which can be best suited for your spending habits. Everyone will have different needs in life based on their lifestyle, likes and dislikes. Understanding this, many credit card companies have designed exclusive credit cards to individuals under various categories. The user can do a comparative analysis and choose the one that would best suit their interests and spending behavior.
If you are a person who loves shopping, you can choose a credit card that comes with huge reward points and discounts on shopping related aspects. If you travel frequently, you can choose a travel credit card that comes with discounts on flight and hotel booking.
Study your spending habits and compare the benefits on the cards from multiple credit card issuers. Choose the one that matches your needs. Use the reward points and discounts to save on your monthly expenses.
Paying your credit card bills is important, and it helps improve your credit score. You can choose the following ways to pay your credit card bills.
Auto Pay: You can opt for an auto pay option while buying a credit card which enables the card issuer to automatically detect the bill amount. This helps pay you credit card bills on time and keep your credit score safe. You can also opt out of the auto pay option if you feel that you are not able to pay the full amount.
Online Payment Options: Every credit card issuer lets you pay the bills online. You can visit their online portal and pay the bill by entering your card details and amount to be paid.
NEFT/RTGS: If you have a bank account and use net banking, you can pay your bill using NEFT facility. You can just add the payee details and transfer funds from your account to the credit card company.
If your bill payment is huge, you can choose the option of RTGS which allows you to transfer more amounts. This mode is best to ensure that your credit card bill payment is made on the same day.
ECS Payment: Electronic Clearance System is an ideal option if you pay specific bills regularly. You can set up an ECS mandate wherein you can ask your credit card company to present an ECS payment request to your bank.
Mobile Applications: Banks and credit card companies have come up with their own mobile application which lets you pay off the monthly bill. Apart from that, there are certain mobile applications that let you pay your credit card bills and offer discounts at partnered outlets and companies. You can just download the app and pay your credit card bill using your bank account.
Cheque Payment: This is another easiest way to pay your credit card bill. Just enter your card number and payee name on the cheque and put in the drop box in the bank. It usually takes 2 to 3 days to process the cheque and make the payment.
Cash Payment: This is the best option when you are unfamiliar with the above options or unable to do so. You can just walk into the branch of the credit card issuer and pay in cash by filling up a form that includes payee details and card number.
1. What is the best way to get a credit card?
You can apply online at the official website of the credit card issuer or at the third-party financial websites. You can also get quick approval on credit cards from the bank where you maintain a salary or savings account.
2. What is the minimum income required to get a credit card?
Each bank has a different income limit to provide a credit card. In general, most companies have a minimum limit of Rs. 2 Lakhs per annum.
3. Can I get a credit card without a credit score?
Yes, you can! There are few credit cards specially designed for the purpose of score building. You can also become eligible for a credit card with a steady source of income.
4. What is the minimum due amount on a credit card?
Minimum amount due is a certain percentage of your outstanding balance. Lenders allow you to pay a minimum due amount so that you can avoid a late payment fee. The rest of the balance will be carried to next month's bill statement. However, the balance will carry an interest rate as prescribed by the bank.
5. How many credit cards can a person have?
An individual can have as many credit cards possible. There are no restrictions. But you need to ensure that payment is done on time and preferably in full to avoid paying interest rate.
6. What can I do if there is an unauthorized transaction done using my credit card?
You can report it to the credit card company that it’s not you who conducted the transaction. You won’t be liable for the transaction and the payment will be revised as per your complaint. It should be reported within 3 days of the fraudulent transaction.
7. How is the credit limit on your card determined?
The bank checks a variety of factors to determine your credit card limit. It includes income, credit score, debts, limits on other cards, etc. It’s usually up to 5 times of your net monthly salary. However, this may vary for different individuals based on their credit profile.
8. Can I increase my credit limit on my credit card?
Yes, you can increase the credit limit by contacting the credit card issuer. Based on your past repayment record and income, your credit limit will be revised.
9. Can I use my credit card in foreign countries?
Yes, but it depends on the type of credit card you use. Some cards can be used worldwide without any restrictions. Such cards may carry higher annual fees but come with greater reward points and benefits.
10. What is the CVV number on a credit card?
CVV stands for Card Verification Value which is printed at the back side of the credit card. It has to be kept secret as it’s used for various online transactions.
11. How many add-on credit cards can I get for my family?
Most credit card companies allow up to 3 add-on cards for your spouse and children. The add-on card holder must be your immediate relatives.
12. How can I redeem my reward points?
You can redeem your reward points by visiting the official website of the card issuer. You can either redeem the points for gift items that are available on your card or convert it to cash if the card issuer provides that facility.
13. What is the value of reward points?
The value on the reward points may vary from bank to bank. In general, 4 reward points are equal to Rs. 1. However, some banks may consider 2 reward points equal to Rs. 1. It depends on the type of credit card and the benefits attached to it.
14. How to convert my big purchases using a credit card to EMI?
Initially, you can check if the product you purchase has the EMI facility. If so, you can avail by choosing the EMI option. You can also contact the card issuer through customer support team, SMS, mobile banking, etc., and request them to convert your big purchase to EMI. The banks usually allow any purchase made above Rs. 2000 to be converted to EMI.
15. What are the charges for withdrawing cash using my credit card?
Most banks charge up to 3% of the amount withdrawn. For example, if you have withdrawn Rs. 10,000 using your credit card, you may have to pay a fee of Rs. 300. The cash withdrawal using credit card does not come under interest free period.
16. Which bank’s credit card is the best in India?
There’s no single answer. The best credit cards are largely determined by your needs. Signature Visa Credit Card, Yatra SBI Credit Card, HDFC Regalia Credit Card, and Diners Club Black Credit Card are some of the popular credit cards available. Make sure to use our credit card selector to filter and find the best credit cards based on your needs.
17. Which is the best credit card with no annual fee in India?
There are quite a few credit cards in India that offer nil annual fee. Some of them are IndusInd Pioneer Legacy, HSBC Visa Platinum and Citibank Rewards Credit Card.
18. Can I apply for a credit card online?
Yes, you can very much apply for a credit card online. You can either apply on the Creditmantri website or apply from the bank’s official website. On the CreditMantri website, you can use the credit card eligibility calculator to find out the best credit cards to suit your needs. You can then apply for the one you find suitable.
19. Can I get a credit card without a job?
You can get a credit card even though you don't have a job but have a good amount of money coming into your account every month or so. Alternatively, if you have a fixed deposit you can apply for a secured credit card against it.
20. Can I get a credit card in one day?
Yes, in today’s digital age, credit card applications could be processed within a day. Just make sure that you have all the required documents in hand to complete the process quickly.
Only 3 in 100 Indians Have a Credit Card: Says Uni 25 Sep 2021
Uni, a fintech start-up that was established in October 2020, aims to increase credit card penetration and usage by offering a special Visa 1/3 card. This is an instalment card offered in partnership with RBL Bank and SBM Bank (a Mauritius-based bank...
Uni, a fintech start-up that was established in October 2020, aims to increase credit card penetration and usage by offering a special Visa 1/3 card. This is an instalment card offered in partnership with RBL Bank and SBM Bank (a Mauritius-based bank). The instalment card works just like a credit card, but cardholders can divide their payments into three instalments, that are repaid over three months without incurring extra interest. Uni aims to issue over a million such cards by next year.
Pay All Bank Credit Card Bills using the iMobile App from ICICI 20 Sep 2021
Are you an iMobile user? Now, you can pay all bank credit card bills using the iMobile Pay app from ICICI Bank. All you have to do is login to the iMobile app, navigate to the “Cards and Forex” section, tap on “Other Bank Credit Card,” add the card d...
Are you an iMobile user? Now, you can pay all bank credit card bills using the iMobile Pay app from ICICI Bank. All you have to do is login to the iMobile app, navigate to the “Cards and Forex” section, tap on “Other Bank Credit Card,” add the card details and authenticate the transaction with the OTP sent to your registered mobile number. Once the card is added, you can pay the bill using the balance in your savings bank account. This feature makes it easy to pay and track all your credit card bills using a single app.
ECommerce Sites can Store Tokens of Credit Cards Clarifies RBI14 Sep 2021
The RBI has barred eCommerce sites from storing the credit card details of customers from January 1, 2022. However, the RBI has clarified that fast checkouts will still be allowed. But, eCommerce sites can store only tokens of cards and not actual cr...
The RBI has barred eCommerce sites from storing the credit card details of customers from January 1, 2022. However, the RBI has clarified that fast checkouts will still be allowed. But, eCommerce sites can store only tokens of cards and not actual credit card details. Customers who wish to use the fast checkout facility will have to request their banks to issue tokens to the online merchants in place of actual card details. Tokenisation will prevent credit card numbers from falling into the hands of scammers and will ensure enhanced credit card safety for online transactions.
Karur Vysya Bank tops the Market in Highest Spend Per Credit Card 8 Sep 2021
One of the key metrics in credit cards is the average per card spend. Surprisingly, Karur Vysya Bank though it has a minimal market share dominates the industry when it comes to the highest spend per card. KVB’s per card spend is 2.17 times more than...
One of the key metrics in credit cards is the average per card spend. Surprisingly, Karur Vysya Bank though it has a minimal market share dominates the industry when it comes to the highest spend per card. KVB’s per card spend is 2.17 times more than the industry average and 1.83 times more than HDFC, the largest credit card issuer in India. KVB is followed by IndusInd Bank and IDFC First Bank in highest spends per card.
Credit Card Spends See Steady Recovery 3 Sep 2021
Following the dip in credit card usage in April and May of this year due to the second wave of the pandemic, banks report a steady and gradual rise in credit card spending. Credit card spends across banks saw an increase of 20% in June and RBL Bank s...
Following the dip in credit card usage in April and May of this year due to the second wave of the pandemic, banks report a steady and gradual rise in credit card spending. Credit card spends across banks saw an increase of 20% in June and RBL Bank saw the highest growth in credit cards used during this period, followed by Axis Bank, SBI Cards, HDFC Bank, and Citi Bank.
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