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Credit Card

Credit cards are your safe haven in an emergency situation or during a cash crunch. A credit card allows you to take credit/loan from the bank (the bank that your credit card belongs to) while making purchases. You are supposed to repay before the next billing cycle, to avoid paying any interest. However, if you repay after the stipulated time period, you have to pay the interest as per the prevailing rates.

The benefit of credit card is that the revolving credit gives you enough time to repay. Applying for a credit card also requires you to meet certain criteria especially a good credit score and minimum income constraints. American Express, Citi, RBL, SBI are some of the banks which offer the best credit cards, customized as per your needs and lifestyle.

Types of Credit Card

Credit cards today are customized as per the customer needs with varying interest rates, rewards and fees. Let us take a look at few of the main types of credit card out of the plethora of options available today

  • Rewards Credit Cards – Earn reward points on your purchases which can be redeemed for buying merchandise and other items
  • Women's Credit Cards - Designed exclusively for women with a range of benefits on shopping, travel, etc
  • Travel Credit Cards – If you are a frequent traveller then this card can offer you several privileges and discounts on flight and railway bookings
  • Lifestyle Credit Cards- Get rewards on your lifestyle and shopping usage in the form of vouchers, reward points and more
  • Cash back Credit Cards- Get a small portion of the amount spent on shopping, fuel, travel, dining and other expenses as cashback
  • Student Credit Cards - Exhausted your pocket money? These are credit cards designed exclusively for students with very low interest rates
  • Business Credit Cards – If you are a sole propietor, partner or any other business owner, this card gives you benefits on your business trips on travel, stay, dining and more
  • International Credit Cards – Benefit from a range of privileges on travel, shopping, stay and dining across the globe
Features & Benefits

Below are the features & benefits of owning a credit card

  • Revolving credit
  • Cashless transactions
  • Instant loan facility
  • Nominal annual fee
  • Reward points, cash backs, discounts and other offers
  • Microchip in credit card facilitate secure transactions
  • Fuel surcharge waiver on transactions
  • Best deals on dining, shopping, travel, entertainment and more
  • Card issuer assumes responsibility in case of fraudulent activities
  • Timely payment of credit card dues can improve your credit score
  • Using balance transfer, switch the outstanding amount to another bank
  • Insurance and loan facility can be availed against credit cards
Eligibility

Eligibility to apply for a credit card differs for each bank. However below are few criterias in general

  • 1. Age Criteria: Varies according to the bank

  • Min age limit is 18 or 21 years
  • Max age limit is 65 or 70 years
  • 2. Income: Stable & minimum monthly income

  • Min. starts at 1.8 Lacs pa for salaried
  • Min. starts at 1.5 Lacs pa for self employed
  • 3. Good Credit History

  • 4. Few banks require you to have a bank account with them with active transaction for atleast one year

Documentation

Identity Proof (Any One)

  1. Aadhaar Card/ e-Aadhaar Card
  2. Passport
  3. Driving License
  4. Voter ID
  5. PAN Card

Age Proof (Any One)

  1. PAN Card
  2. Passport
  3. Certificate from Statutory Authority

Residential Address Proof (Any One)

  1. Telephone Bill
  2. Electricity Bill
  3. Piped Gas Bill
  4. Ration Card
  5. Election Card
  6. Passport
  7. Driving License
  8. Certificate from Statutory Authority

Income Proof

  • Salary Slips/ Income Certificate

Documents for salaried individuals

  • Recent salary slips
  • 1 year employment continuity document (if required)

Documents for self employed professionals

  • Recent bank statements
  • Recent Income tax returns along with computation of income
  • Recent audited balance sheeet + profit & loss statements duly certified by CA

Documents for businessmen

  • Recent Income tax returns along with computation of income
  • Recent bank statements
  • Proof of business existence
  • Recent audited balance sheeet + profit & loss statements duly certified by CA
  • Last 6 month's operative a/c statements of both the entity and the individual
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