Credit Cards

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Credit Cards

In the modern age, it is not practical to carry a stack of cash with you everywhere you go. The main reason is the security and other is that your wallet just looks full and it becomes difficult to carry around in the pocket. It is not convenient for us to carry bank notes in larger numbers and with respect with to the issue, every financial institution avails the customer with credit cards or ‘plastic money’. It is an alternative to paper notes and can be carried easily as it just slips into the wallet doesn’t acquire that much of space. Credit cards can be used instead of giving cash, but only selected outlets accept it. On the other hand, whenever you spend on your credit card like for movie tickets, dining, booking flight tickets and another spending, the financial institution providing credit card will provide you with reward points on your every spending made by the card. 


There are numerous credit cards offered by the banking institution and depending on the customer; the bank will provide it. Some of the popular credit cards offered by the banking institution focus on catering the financial requirements of the customer and it includes low-interest credit cards, Global credit cards, entertainment credit cards, co-branded credit cards, Business credit cards, student credit cards, fuel credit cards, premium credit cards, travel credit cards, cash-back credit cards, women credit cards and lifetime free credit cards. All the mentioned credit cards can be availed by the individual following that he/she falling under the eligibility criteria set by the financial institution.

Why Credit Cards? 

Plastic Money or credit cards are used by millions of individuals as it provides them with ease of making transactions hassle-free. Herein are the key benefits of availing credit card from the bank; 

Credit Cards are an alternative to Bank Notes:

Credit cards are easier to carry in comparison to carrying a stack of cash in your wallet. It makes transactions easier, and you don’t have to worry about changes and stuff thus, making your shopping experience stress-free and comfortable. On the other hand, credit cards are password protected, and hence, it ensures the safety of your money. 

Credit Cards can be used in emergencies:

When you are in need of some urgent cash or if there is a medical emergency, you can use the credit card to avail immediate cash under circumstances equivalent to emergencies.

Credit Cards can be used for making big purchases:

The credit cards work under the principle of buy now and pay later. Thus, it makes it easier for the cardholder to make high-value purchases like electronic appliances, home products and more. You can repay the outstanding credit amount you spend on your card using EMI which include flexible tenures and payment options. 

Building a healthy Credit Score:

The biggest advantage of availing for a credit card is that when you repay the entire outstanding credit amount on a timely basis, your credit score will genuinely improve by big margins. This way, looking at your credit history, you can easily avail the loan facility from the banking institutions. Maintaining a healthy credit history is necessary as depending on your credit history, the bank will offer you attractive products. 

Credit Cards provide with Welcome Offers:

Just for activating the credit card facility from the banking institution, they will provide you with welcome offers. Also, on every penny spend on your credit card, the bank will provide with rewards points, gift vouchers, discounts and more, which can be redeemed against fuel surcharges, movies tickets, dining bills and more. 

Cash Back or Reward Points:

On spending made on the credit card, the cardholder will be provided with cash back offers or reward points. The cardholder can use the cash back credited to his/her account or the reward points generated to avail certain gift vouchers. 

Credit Cards allow Secure Transactions:

The credit cards offered by the financial institutions sport electronic chips and are protected using a pin. This enhances the security of the card and avoids things like credit card fraud from happening. Carrying credit card is certainly a better idea instead of carrying a bundle of cash. Moreover, you can use your credit card for making online transactions. You will be required to provide the expiry date, card number, CVV number and a onetime password generated on your mobile device for authentication. 

Credit Cards allow tracking all the purchases:

When you make purchases using cash, it becomes difficult for you to keep a tab on every penny spent. With credit cards, it is not an issue; you can easily generate all the transactions you made with your credit card using the monthly statement facility provided by credit cards.      

Types of Credit Cards

There are numerous types of credit cards offered by the banking institutions for catering different needs of different customers. These credit cards come with numerous benefits and privileges and allow the cardholder to perform hassle-free transaction activities. Herein are some of the popular and common credit cards offered by the financial institutions; 

  • Regular Cards:

Regular credit cards are the most basic credit cards availed by the individual. These cars are used by the individuals who don’t perform much of credit card operations. Basically, Regular Cards come with a low credit limit, and there are few reward programs associated with these types of cards. 

  • Silver Cards:

Not every individual can apply for Silver credit cards; there are certain eligibility criteria set by the bank that must be followed to avail the Silver Card benefits. That is, those with a minimum experience of 4-5 years credit cards can apply for this type of card. This card doesn’t come with membership charges, and an average Indian customer can avail of it. 0% interest rate is applied for transferring the balance from one credit account to another one during a period of 180-270 days. 

  • Gold Cards:

The credit limit status set with Gold cards are literally higher than the silver cards, and the eligibility criteria are certainly higher and only a specific income group individuals can avail of it. You can avail the benefits of high cash withdrawal limit with the gold card. Also, there is a facility of add-on cards, which can be availed for your family member. Other benefits attached with are higher credit limit, reward points, travel insurance and more.

  • Titanium or Platinum Cards:

The features and functionality of Platinum credit cards are similar to that of gold cards but, there are additional benefits attached to it like protection against credit card fraud and theft, no annual fee, and personal accident cover. 

  • Reward Credit Cards:

These types of credit cards come with certain rewards, and the cardholder can avail the rewards based on his/her usage of the card. There are numerous types of rewards credit cards offered by the financial institutions such as credit card for women, entertainment credit cards, airline credit cards, fuel credit cards, cash back credit cards and more. 

  • Premium Credit Cards:

Those individuals whose monthly income is much higher can easily avail premium credit cards. This type of cards come with best reward programs and is designed to meet the certain financial requirements of the cardholder. A premium credit card usually comes with high annual and joining fees.

  • Kisan Credit Cards:

As the name suggests, Kisan credit cards are availed by the individuals related with agriculture and farming business mostly from rural areas. They can use this credit card for making certain purchases like agriculture equipments and other products like fertilizers and more. 

  • International Credit Cards:

If you are in a business that makes you travel the world or you just love to travel with your family, then the international credit card can help you meet your daily financial goals. You can use this type of credit card for making transactions overseas.

  • Student Credit Cards:

This type of credit card may not be issued by most of the financial institutions, but those who provide have certain eligibility criteria, that is; the student must be 18 years and above in age. 

  • Balance Transfer Credit Cards:

The balance transfer credit cards are availed by the individuals to pay off their other card’s outstanding amount. However, the interest rates attached to it differs from card to card. 

Eligibility Criteria for availing Credit Cards

Credit cards are considered as the best means for cashless transactions as the cardholder is not required to carry a bundle of notes with him/her every time he/she goes out for shopping. There are numerous benefits attached to credit cards such as traveling benefits, shopping benefits, dining benefits only at partnered restaurants and more. However, there are certain eligibility criteria required for applying for a credit card. And the eligibility criteria depend on the financial institution as for how they charge for the procedure. Here are the basic eligibility criteria requirements; 

  1. 18 years or above aged individuals can apply for credit cards. 
  2. The applicant for availing credit card must be a salaried or self-employed individual so that he/she can pay the bills and additional charges attached to the credit card. 
  3. Before availing for the credit card, the applicant must open a savings account first. 
  4. If he/she already possess a credit card and want to avail another one, then he/she should maintain a decent CIBIL score for that.  

Documents required for availing Credit Cards

The documentation is attached with availing credit cards is hassle-free. You can comfortably go to your preferred bank or financial institution and apply for the credit card. There is minimal paperwork attached with, and both Indian residents and non-Indian residents can easily avail the credit card facility from the banking institution by following few simpler processes. 

Required Documents (Indian Citizens):

  1. Applicant’s identity proof like Adhaar card, driver’s license, PAN card, voter ID, passport, etc. 
  2. Applicant’s residence proof like electricity bill or telephone bill but a current one, driving license, rent agreement, ration card, bank statement, passport, etc.  
  3. Applicant’s income proof which includes last six months bank statement and salary slip of previous three months (for salaried individuals) and (for self-employed individuals) certified financial documents, latest income tax returns and business continuity proof. 
  4. Applicant’s age proof like class 10th mark sheet, Adhaar card, voter ID and birth certificate. 

Required Documents (Non-Indian Residents):

  1. Applicant’s mailing or overseas address proof (in case the applicant and the bank representative are met in person).
  2. Declaration in the non English language for the documents being written in the native language of the country. Further, the applicant is required to self-attest the documents and the bank’s regional manager is also required to self-attest it stating ‘seen and verified’.

Rate of Interest attached with the Credit Cards

There are numerous factors that will affect the returns applied on the credit cards. However, among the numerous debt instruments offered by the financial institutions, the credit card rates of interest are always higher. The interest rates attached to the credit card may increase or decrease depending on various factors such as the cardholder’s credit history, CIBIL score and more. Also, the type of card the cardholder is availing also decides the rates of interest. 

Thus, before availing for a credit card, it is necessary for the applicant to perform a background check online or via other sources. Different banks provide with different rates of interest on the cards, and it also depends on the applicant’s credit history. There are several factors that decide the CIBIL score or the credit history of the cardholder. Some of them are; 

  • Previous payment history

The bank will review the cardholder’s history of previous payments as it ensures the bank or the financial institution that the money lent to the cardholder will be repaid quickly. On the other hand, the cardholder can avail attractive rates on his/her credit card if he/she maintains a healthy CIBIL score. It can be achieved by paying the outstanding credit card bills on time. Moreover, if the cardholder fails to repay the credit loan on time, then the bank will charge higher returns on his/her credit card. 

  • The credit amount the cardholder owes

It is one of the crucial parts that decide the rate of interest applied on a credit card. Based on the total available credit used, the amount the cardholder owes to the lender or the financial institution is calculated. Therefore, it is recommended that the cardholder must always owe lesser credit amount so that the loan repayment can become easy and burden free. By this way, the cardholder can pay out the credit amount on time and in return increase the CIBIL score. 

  • Length of Credit History

This is the phenomenon that reveals for how long the cardholder has been using the credit amount. The bank or the financial institution will review in on the credit history dates so that they can deduct the tenure of the credit and charge accordingly. On the other hand, if the cardholder maintains a healthy rapport with the banking institution by paying out all the outstanding amount on time, then it will affect the interest rates he/she will be charged with. That is, if the credit history is not so long or if it is long, the interest rate will only depend on the loan repayment capacity. 

  • New Credit 

The new credit is availed by the individual in cases like he/she is in urgent need of money. The individuals end up opening numerous new credit accounts. This directly affects the CIBIL score of the individual as with every new credit will come with the attached rate of interest and paying out the new credit with the running current credit can prove to be a hassle of a process. 

Credit Card Charges

There are numerous charges that come with a credit card such as joining fee, annual fee and more. Let’s have a look at it;  

  1. Credit card joining fee is the fee attached to the credit card which has to be paid only during the time the time of purchase. 
  2. The credit card annual fee is the fee attached to the card where the cardholder is required to pay a specific amount to the bank in order to continue availing the card. 
  3. Credit card duplicate amount fee is the fee attached to the card charged when the cardholder asks for a duplicate card statement in physical form. 
  4. Credit card late payment fee is the fee attached to the card which is charged by the bank when the cardholder fails to make timely payments. 
  5. The credit card cash withdrawal fee is the fee attached to the card which is charged by the bank when the cardholder uses the credit card for withdrawing cash. 
  6. Credit card service tax is charged by the bank on the cardholder for spending made against the credit card. 
  7. Credit card cheque return fee is the fee attached to the card which the cardholder has to pay in case of cheque bounce or ECS failure. 
  8. Foreign currency transaction fee is charged against the credit card for transactions done against foreign land. 
  9. Credit card over-limit fee is the fee attached to the card which is charged by the financial institution when the cardholder exceeds the credit limit.  

Top Banks in India Providing Credit Cards 

There are numerous banking corporations that avail the facility of credit card issuance. The Indian consumers, depending on their specific financial requirements can opt for the credit cards. There are numerous credit cards offered by the banks. Herein are some of the best Banks availing credit card facilities to the customers. 

  • ICICI Bank Credit Cards:

ICICI Bank is offering the customers with a host of benefits and privileges on their credit cards that come at attractive interest rates and offers numerous benefits which include cash rewards, travel benefits, discounts movies, shopping, dining, etc. Currently, there are five types of credit cards offered by ICICI Bank, and they are ICICI Bank Coral Credit Card, ICICI Bank Coral American Express Credit Card, ICICI Bank Rubyx Credit, Card ICICI Bank Sapphiro Credit Card, and ICICI Bank Diamond Credit Card. All the mentioned credit cards from ICICI offer different schemes and benefits.  

  • HDFC Bank Credit Cards:

HDFC Bank also offers the customers with a wide range of credit cards depending on their requirements. Other than that, the bank will consider the applicant’s credit history, income and more before availing the card. All the cards provided by HDFC are affiliated with MasterCard and VISA platforms. Currently, there are eight types of credit card alternatives availed by HDFC Bank, they are, JetPrivilege HDFC Bank World, JetPrivilege HDFC Bank Diners Club, JetPrivilege HDFC Bank Titanium, JetPrivilege HDFC Bank Platinum, Maruti Suzuki NEXA HDFC Bank AllMiles Credit Card, Titanium Times Card, Snapdeal HDFC Bank, and Platinum Times Card.

  • State Bank of India Credit Cards:

Like all other banks, State Bank of India also provides with an array of credit card options which can be availed by the consumers on their specific needs and requirements. Currently, State Bank of India offers six different types of credit cards which can be used for numerous purposes like booking movies tickets, dining, traveling and more. The credit cards offered by State Bank of India are IRCTC SBI Platinum Card, FBB SBI STYLEUP Credit Card, Advantage Platinum SBI Credit Card, Simply Save Credit Card, Simply Click SBI Credit Card and Yatra SBI Credit Card. 

  • Axis Bank Credit Cards:

The Axis Bank Credit Cards come with benefits, privileges and other offers and are designed to cater the needs of every individual. The credit cards can be availed easily with minimal documents required. On the other hand, the credit cards offered by Axis Bank come at attractive interest rates. However, to avail the best out of the Axis Bank credit card, you are required to maintain a good CIBIL score and have to pay your credit card bills on a timely basis. Currently, there are six types of credit cards offered by Axis Bank specially designed to cater different needs of the consumers. The credit cards offered are Axis Bank Buzz Credit Card, Axis Bank Select Credit Card, Axis Bank Reserve Credit Card, Axis Bank Vistara Infinite Credit Card, Axis Bank Vistara Signature Credit Card and Axis Bank Vistara Credit Card. 

  • Punjab National Bank Credit Cards:

Punjab National Bank in association with MasterCard has designed specific sets of credit cards that can be availed by the customer with minimum paperwork. On the other hand, the credit cards provided by PNB are accepted for all merchandise and outlets worldwide. Currently, there are only two types of credit cards offered by Punjab National Bank, and they are PNB Essentials MasterCard and PNB Platinum MasterCard.   

Last Updated on : 06/Oct/2020

Know More About CREDIT CARDS

Credit Cards

You're eligible for a Credit Cards if you:

Are legally adult enough to handle it

Have still got it

Get a regular pay check

Make more than a basic buck

Your eligibility depends on:

Earn more than minimum income required

Maximum allowed Credit Cards is Rs. 10K to Rs. 45 lakhs

EMIs of other loans loweryour eligibility

Boost your eligibility by:

Pay off your credit card bills

Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account