Features & Benefits of a Credit Card
| Welcome Gift | Many banks offer a welcome gift to new credit card applicants once the card is issued to them in the form of bonus reward points, vouchers, discounts, etc. |
| Rewards Program | All credit cards generally have a reward program, which allows cardholders to earn reward points on every transaction they make using their cards. |
| Fuel Surcharge Waiver | Banks offer a fuel surcharge waiver to the cardholders on spending a specific amount of money on fuel every month. |
| Cashback Benefits | Many credit cards offer cashback benefits to the customers. |
| Lifestyle Benefits | Cardholders can enjoy various lifestyle benefits on their credit cards such as offers on dining, shopping, wellness, entertainment, etc. |
| Travel Benefits | Travel benefits of credit cards include air miles, airport lounge access, travel insurance, airline offers, hotel offers, etc. |
| Airport Lounge Access | Some credit cards offer complimentary airport lounge access to the cardholders. The offer varies from one bank to another. |
| Add-on Cards | Many banks allow their credit cardholders to apply for add-on credit cards for their immediate family members. |
| Insurance Coverage | Some premier cards provide a comprehensive insurance policy that provides coverage against air accident, life, lost baggage, lost card, outstanding, etc. |
| Balance Transfer | Credit cardholders can transfer the outstanding balance of their existing cards issued by one bank to the credit card account of another bank. |
| Global Acceptance | Today, most credit cards that are issued in India are international credit cards and are accepted by various merchants all over the world. |
| EMI Conversion | The feature allows the credit card members to convert their credit card transactions into easy monthly installments (EMI). |
| Credit Score | Owning a credit card helps you build a healthy CIBIL score. By making timely payments on your card and in full, you receive a positive credit score from credit bureau, CIBIL. |
Credit Card Eligibility
The eligibility criteria of a credit card are dependent on a range of factors. Check out the primary eligibility criteria for credit cards
| Eligibility Criteria | Requirement |
|---|---|
| Nationality | Indian |
| Age | 18 years |
| Employment status | Salaried or Self-employed |
| Income | Depends on one bank to the other |
| Credit Score | Good credit score (700 and above) |
Documents Required to Apply for a Credit Card
Applicants can submit any one of the ID proof, address proof, and income proof documents listed below.
| Requirements | Salaried Individuals | Self Employed |
|---|---|---|
| ID Proof | Passport, PAN card, Aadhar card, Voter’s ID | Passport, PAN card, Aadhar card, Voter’s ID |
| Residential Proof | Aadhar Card, Electricity Bill, Telephone bill | Aadhar Card, Electricity Bill, Telephone bill |
| Income Proof | Salary Certificate, Recent Salary slip/s, Employment Letter | Certified Financials, Recent ITR Statement, Passport |
Which is the Best Credit Card for You?
- Your spending pattern: Your monthly spending pattern is a significant factor in choosing the right credit card.
- The reward type: Credit cards offer rewards in terms of cashback, rewards points & air miles.
- Fees and charges: Compare the interest rate on different cards and the fees and charges that apply.
- Offers on the card: Some cards have great offers and discounts when you use them to shop on a particular website or when you use it in a specific store.
- Welcome bonus or gift: Some banks offer welcome gifts and joining bonuses on applying for a credit card. Gifts could be the latest gadget or bonus points and miles.
- Payment options: Most cards will allow you to make payments via multiple channels.
How to Apply for a Credit Card?
You can apply for a credit card, both online and offline. Due to the COVID-19 pandemic, the credit card application process has been digitized, making it simpler and faster.
The Process to Apply for a Credit Card Online
You can Compare & Apply for a Credit Card by Following 4 Simple Steps:
- Step 1: Compare credit card offers
- Step 2: Select from the top cards offered by leading Indian banks
- Step 3: Check your eligibility by entering a few personal details
- Step 4: Enjoy instant approval online after filling out your application form
Alternately, you can also apply for a card online on the bank’s website by following these steps:
- Step 1: Visit the bank’s website.
- Step 2: Explore the cards offered by the bank.
- Step 3: Use the comparison tool if available to compare their features and benefits
- Step 4: Select the card that is the right one for you and hit the ‘Apply’ button.
- Step 5: Fill in the required details and upload all necessary documents.
- Step 6: Submit your form.
Note: Each bank may have a different application procedure. Visit the bank’s website for more details regarding how to apply for their card online.
Tips for Using Contactless Credit Cards
- Always keep a check on the breakdown of all your contactless payments. This way, you can keep track of all your transactions and escalate any unusual activity.
- If you need to initiate the payment on your own, make sure to hold the credit card flat on the payment area or the terminal.
- Try to keep your contactless credit card in your wallet at all times. Most contactless credit cards do not require you to remove it from the wallet.
