WHAT IS A CREDIT CARD?

A credit card is a card issued by a bank that allows its owner to pay for goods and services with merchants that allow card payments. Basically, it is a small loan, just like any other loan, because you are substantially borrowing cash from your card issuer that must be paid back with an additional charge (depending on your card issuer), which is; interest rate.

HOW DOES A CREDIT CARD WORK?

Each credit card has a fixed limit of funds known as credit that you can access through the card which you can use in advance to purchase goods and services and pay back the funds at the end of the month or according to the repayment schedule with or without interest charges.

HOW MANY TYPES OF CREDIT CARD ARE AVAILABLE IN INDIA?

• No Annual Fee Credit Cards
• Cashback Credit Cards
• Rewards Credit Cards
• Petrol Credit Cards
• Travel Credit Cards
• Dining Credit Cards

WHAT IS THE ELIGIBILITY AND DOCUMENTS REQUIRED TO APPLY FOR CREDIT CARD IN INDIA?

To be eligible for a credit card you have to meet 3 major criteria. Availing a personal loan is no big deal, once you meet them. The 3 criteria that you must meet to be eligible for a personal loan are:

You have to be Above 21 Years of Age while applying for the Loan.

You must have a minimum income of Rs. 15000/month.

To prove your employment stability you must have worked at least for 2 years in your current profession, be it business or service (including at least 1 year of service in the current organization, if employed.)

To avail a credit card, the documents you need to provide are:

• Aadhar card/ Voter Id Card (To verify your name, address proof and nationality)
• Bank Account Details (To transfer the funds)
• Income Proof (To prove that you have a certain earning and are capable of repaying the loan.)

WHAT IS THE MINIMUM CREDIT SCORE TO REQUIRED?

A credit score above 750 is usually an ideal score to be able to avail a credit card.

WHAT FACTORS ARE THERE TO COMPARE CREDIT CARD?

Some of the factors that you need to compare include the Repayment amount, Interest Rate and Fees and charges.
If you want an easy way to compare different credit cards, then make sure to have a look at our credit card page and compare your choices efficiently.

WHAT TO DO IF I MISPLACE/STOLEN/LOST MY CREDIT CARD?

You must contact your respective bank immediately and request them to block your card. Ensure to report to the police to protect yourself from any unauthorised usage too. If you do not inform the respective bank within 24 hours, you are liable to be accountable of the charges made.

WHICH CREDIT CARD IS BEST FOR ME?

Your first step is to understand your requirements and depending on the features and benefits you are looking for you can choose the credit card accordingly.

WHAT IS THE VALUE OF REWARD POINTS?

The value of 1 reward point can vary from 10 paisa to Rupee 1 depending on the terms of the credit card issuer.