RuPay credit cards are currently issued by over 1,100 banks in India including Public Sector Banks, Private Sector Banks, Regional Rural and Co-Operative Banks. These cards offer attractive features and benefits including a nominal joining fee of up to 500 and nil annual fee. You also get Rs. 10 Lakhs for loss of life (by Air) and Rs. 8 Lakhs (other than Air). The card also offers 4 free lounge access per year in 300+ cities across world.
Rupay is India's first Debit and Credit Card payment network. It is accepted across several ATMs, e-commerce websites and POS machines across the country and internationally. The name Rupay is derived from the two words Rupee and Payment which shows that it is India's solution to making Debit and Credit card payments simpler. Equivalent to international payment networks like Visa and MasterCard, Rupay features several benefits for all its users. This payment network was introduced as part of the vision of the Reserve Bank of India to convert India into a cashless economy. They have been quite successful in achieving this vision by encouraging banks and financial institutions to incorporate latest banking technology and offer easy electronic payment options to all their customers.
Rupay is a payment network that is offered by more than 600 local, regional and international banks in India. It has a network of 10 banks that are its primary promoters. This includes Canara Bank, Punjab National Bank, State Bank of India, Union Bank of India, Bank of Baroda, ICICI Bank, Bank of India, Citibank, HDFC and HSBC Bank. In an attempt to include more banking sectors under its network, Rupay has also increased the shareholding to 56 banks in India.
The RuPay Payment Network was created by the National Payments Corporation of India. This is the organization that overlooks all retail payments in India. The RuPay Payment Network was credited under the Payment and Settlement Systems Act of 2007 as an option to help the RBI and the Indian Bank's Association to provide customers with an electronic payment systems that is secure and simple.
The National Payments Corporation is an initiative by the RBI and the Indian Bank's Association that was established as a Not For Profit Company. The idea behind it was to help create banking infrastructure that would enable India to become a truly cashless economy. The NCPI helps create innovative retail payment systems that is available to a larger audience in India.
In order to encourage more Indians to accept RuPay as the primary Payment Network of India, several features have been introduced. These features are extended to all credit cards and debit cards that have been issued under this network.
The highlights of RuPay Cards are:
RuPay card holders have access to 24/7 concierge services that helps them save a lot of time and also simplify their lives. To avail the concierge services, customers simply have to dial the toll free number 1800-26-78729. These services are available in both Hindi and English. Concierge services are available only on RuPay Platinum and RuPay select cards.
Cardholders can avail a host of different concierge services including:
Customers can get access to domestic and international airport lounges to enjoy a comfortable and safe journey. You can get the list of airport lounges that you have access to on the Rupay Website.
RuPay has partnered with premium brands across the country to provide great offers and discounts to card holders. The list of current offers is available on the RuPay website. Customers can make use of coupon codes provided on the website to avail discounts and offers with brand partners like Grofers MakeMyTrip and BookMyShow. These offers are available against a host of different products and services including retail, dining, movies, entertainment, shopping and a lot more.
There are several benefits of RuPay cards that is slowly making it the most preferred payment network in the country. These benefits include:
RuPay gives you a host of different card options including debit cards, prepaid cards, global cards, contactless cards and credit cards. Currently, there are three types of credit cards that you can avail with the RuPay Payment network. These cards include:
This credit card helps you become part of the elite RuPay Select Network. This is a card that is perfect for those who enjoy a premium lifestyle. The features and benefits of the Rupay Select Credit Card are as follows:
The RuPay Platinum Credit Card is designed to give you maximum cashback benefits for utility bill payments and for dining spends. The features and benefits of this card include:
The RuPay Classic Credit Card is a great entry level credit card that gives you benefits like:
You can now get your own RuPay Credit Card using the following options:
Through My Money Mantra
Through the issuing bank
You have the option of applying directly through the issuing bank of your choice. You have both online and offline application options with banks. To apply online, visit the official website of the bank and choose the card that you want to avail. Click on the Apply Now option to initiate the process. Alternatively, you can visit any branch of the bank that you prefer and submit an application form along with necessary documents.
The eligibility criteria for RuPay Credit Cards varies from one Issuer Bank to the other. You can check your eligibility by using tools like the eligibility calculator that are available online. The primary factors that determine the eligibility of the customer are the age, income and the credit score.
The higher the income and credit score, the better the repayment capacity of the customer. This improves the eligibility of the customer for the selected RuPay Credit Card variant.
The documents that you need to submit for your RuPay Credit Card are as follows:
The income proof to be submitted depends on the requirements of the issuing bank. You may also have to submit other documents as per the internal policies of the issuing bank in order to complete the application process.
To make it easier for you to repay your dues towards your credit card on time, Issuing banks offer several repayment options to customers. The types of payment options vary from one bank to another. The most common ones that are available across different banking sectors are:
The fees and charges towards your RuPay Credit Card depend on the internal guidelines of the issuing bank. The most common charges that are applicable on credit cards are as follows:
Make sure that you get a detailed list of charges applicable with your issuing bank to prevent any disputes and issues in the future.
For any queries regarding your RuPay card, you can fill up a feedback form or complaint form on www.rupay.co.in and submit it along with necessary details. When you send an email, you will be provided with a support ID that you can use for any reference in the future.
Alternatively, you can contact the customer care service provided by your issuing bank for any issues related to your RuPay Card.
Customers can use RuPay cards on any ATM machine, POS systems and E-commerce websites in India. In case of international transactions, RuPay cards can be used in ATMs, POS machines and Ecommerce websites that have enabled the Discover Financial Service Feature.
No. Most credit cards are sent to customers in a deactivated state. This will be indicated with a sticker that is applied on the card. Customers must activate the card as per the guidelines of the issuing bank in order to start using it for different transactions. The common methods of activating a card are at the ATM of the issuing bank, by conducting any PIN based transactions or by calling customer care.
The credit limit provided on your RuPay card is subject to the discretion of the issuing bank. The credit limit is based on the repayment capacity of the customer and is usually determined by the income and the credit score. The higher the credit score and the income, the higher is the credit limit offered to the customer by the issuing bank. Based on the repayments made and the relationship with the issuing bank, the customer can extend the credit limit in the future.
A chip card comes with a microchip which contains all the data pertaining to the account of the card holder. These cards require a PIN number unlike magnetic strip cards that could be authenticated with the signature of the customer. The PIN number is a unique code that provides you with an additional security layer to ensure that the cad is not used for any fraudulent transactions.
The first step is to call the customer care of your issuing bank and block the card. Then, you can dispute the unauthorized transactions that have been made on your card. Usually, the disputed amount is blocked on the card until it is resolved and the customer is not liable to make any payments until such time. With most banks, customers have zero lost card liability provided that they report the lost or stolen card within the time stipulated by the issuing bank. You can also get insurance coverage for such transactions.