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A credit card is a handy way to meet immediate expenses when you are low on cash flow. A credit card gives you access to funds for any purchase or expenses based on your limit. Following this, you get a month to make repayments towards the used up limit.
Credit cards are also convenient for both online and offline transactions. You do not have to worry about carrying cash with you anymore. Not just that, you can enjoy several perks and benefits with every spend.
To apply for the best credit card, all you have to do is follow a few simple steps:
|Identity Proof - Any one|
|Address Proof - Any one|
|Proof of Income - Salaried|
|Proof of Income - Self-employed|
|Other credit card documents|
While a credit card is a great financial aid, it can lead to serious debts. You may have the Best Credit Card in India, but if you do not use it wisely, you can land in trouble. Here are some tips on using your credit card effectively:
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Here is the list of best credit cards available in India basis on their categories, annual fees, and renewal fees. You can compare them and choose what suits you the best, depending on your need and budget.
|Credit Card Type||Category||Annual Fee||Renewal Fee|
|SBI SimplyCLICK Credit Card||Shopping||499||499|
|SBI Elite Credit Card||Lifestyle||4,999 + Taxes||4,999 + Taxes|
|IRCTC SBI Platinum Credit Card||Travel||500 + Taxes||300|
|SBI Prime Credit Card||Rewards||2,999 + Taxes||2,999 + Taxes|
|SimplySAVE SBI Credit Card||Shopping||499||499|
|Doctor's SBI Card||Lifestyle||1,499 + Taxes||1,499|
|RBL Bank Cookies Credit Card||Lifestyle||500 + GST||500 + GST|
|RBL Bank Monthly Treats Credit Card||Cashback||50 Monthly Fee||50 Monthly Fee|
|RBL Bank Shoprite Card||Rewards & Shopping||500||500|
How to pay credit card bill through net banking?
How to pay credit card bill through mobile banking?
Minimum income required to apply for a credit card is Rs. 20,000 per month. However, it may vary from lender to lender.
Every Credit Card has a revolving credit limit beyond which you cannot make any transaction. Banks approve these limits based on your eligibility. You cannot use the card for amounts exceeding your limit. The banks review the limits at the time of renewal. Based on the usage and repayment history, banks can enhance or reduce the limit.
The Add-On Credit Card is an additional credit card issued to the immediate family members of the principal applicant. The Add-On cards do not have any separate limits. Family members can use this card independently but within the limits of the primary Credit Card.
Every card has an interest-free period depending on the billing cycle and the due date for repayment. Usually, it is around 20 days to a maximum of 52 or 55 days. If you make the full payment on or before the due date, there is no interest. However, if you make a part-payment, the balance amount will attract interest. These credit card interest rates vary from bank to bank. Usually, it is in the range of 3% to 3.5% per month.
You need a credit score of 750 or above to be eligible for most credit cards.
When you have a low credit score, usually, you don't get approval for a regular credit card. However, there are some ways to still obtain a credit card, such as applying for a secured credit card or add-on credit card.
It is an essential concept. Credit Cards allow you an interest-free period ranging from 20 days to around 52 to 55 days depending on the billing cycle. Every month the bank sends the bill for the credit card. You should pay the entire balance to take advantage of the interest-free period in the subsequent billing cycle. However, you can opt to make a part-payment of the bill. Every bill has a minimum credit card payment due (usually 5% of the outstanding amount) amount. You can pay an amount equal to or more than the minimum payment due to enjoy the Credit Card limits. The difference between the bill amount and the payment you make is subject to interest in the range of 3% to 3.5% per month.
Debit cards enable spending money by drawing on funds you have deposited at the bank whereas credit cards allow you to borrow money from the card issuer up to a specific limit to purchase items or withdraw cash. Money is instantly deducted from your savings account if you transact with a debit card whereas in case of a credit card, you transact now and pay later on or before the due date.
Some common types of credit cards are:
The banks review the limits at the time of renewal. Based on the usage and repayment history, banks can enhance or reduce the limit.
Yes. Visa and Mastercard are widely accepted worldwide. However, it is better to ask your credit card provider about global acceptance of the card and bring a widely accepted credit card.
Every card has a CVV (Card Verification Value) number written on the reverse side of the card. It is usually a 3-digit number. American Express cards have a 4-digit CVV number embossed on the face of the card. The CVV number is an anti-fraud security feature.
Every transaction on your Credit Card can earn reward points that can be redeemed for fuel, shopping, air tickets, and so on, depending on the credit card features. Reward points can be redeemed through your net banking account, during payment option on various partner online shopping portals, while making credit card payment at the partner merchant's store, mobile app or website of the card issuer, or by calling the customer care number of the card issuer. Every credit card provider has their own redemption options. Look for the redemption terms of the card on the issuer's website or your credit card documents.
Almost all Credit Cards have a cash withdrawal limit. You can withdraw instant cash up to the limit from any ATM. Banks charge a cash withdrawal fee on every withdrawal, which can range anywhere between 2.5% to 3.5% of the amount withdrawn. This cash advance facility attracts interest from day 1.
The value of 1 reward point can be 10 paise to Re 1, depending on the terms of the credit card issuer.