Credit Cards


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Cashback
Rewards
Shopping
Lifestyle
Fuel
Travel

Cashback Credit Card

ICICI Platinum Chip Credit Card

Annual Fee
Nil
Joining Fee
Nil
Check Eligibility

Characteristics

  • Under the Culinary Treats Program, save upto a minimum of 15% on dining over 12 big cities at around 2600+ restaurants.
  • Earn exciting PAYBACK and redeem it to get vouchers and attractive gifts.
  • Protected against any kind of fraud.
  • Waive of 1% fuel surcharge at HPCL pumps.
  • On spent of every Rs. 100 for the retail purchases, excluding the fuel purchase, get 2 PAYBACK points

Pricing

  • Annual Fee- NIL
  • Joining Fee- NIL
  • Protected against any kind of fraud.
  • Annual Percentage Rate or APR- 40.8% per annum

Documents Needed

  • Identity Proof- AADHAR Card, PAN Card
  • 2 Passport Photographs
  • For Salaried Customers- Recent salary slip, Bank a/c Statement (if customers donot have ICICI salary a/c)
  • Residential Proof- Rent and Lease Agreement, Any utility bill like- Gas Bill, Electricity Bill, Driving License, Passport

Reward Credit Cards

YES Prosperity Business Credit Card

Annual Fee
Nil
Joining Fee
Nil
Check Eligibility

Characteristics

  • Waive on fuel surcharge from all the fuel stations across India when the transaction ranges from Rs. 400 to 5000.
  • For the Primary Card members in a year, get access to 3 complimentary international lounge.
  • For the Primary Card members, enjoy the complimentary priority pass membership

Pricing

  • Annual Fee- NIL
  • Joining Fee- NIL

Documents Needed

  • Identity Proof- AADHAR Card, PAN Card
  • 2 Passport Photographs
  • Salary Slip of last 3 months (if customers have YES Bank salary a/c), Salary slip of last 2 months(if customers donot have YES Bank salary a/c), Bank a/c Statement (if customers donot have YES Bank salary a/c)
  • Face Copy of Credit Card, ID card or Visiting card of Company, Credit Card Statement for the last 2 months
  • Credit Card number, ITR of last 2 financial year.

YES Prosperity Edge Credit Card

Annual Fee
Nil
Joining Fee
Nil
Check Eligibility

Characteristics

  • On every anniversary year, earn bonus reward points of 15,000 if Rs. 6 lakhs or more is spent.
  • For spent of every Rs. 100, get 6 reward points which never expires.
  • On Online, International, Birthday spends, accelerate your earn rate.
  • Get competitive interest rate beginning from 2.4% per month & 3% for Foreign Currency Markup*.
  • For booking of Airline Tickets/Movie Tickets/Hotel Booking from Rewards Redemption Portal, redeem the reward points.
  • Waive of fuel surcharge from all the fuel stations all over India for transactions ranging from Rs. 400 to Rs. 5000.
  • Enjoy access to Domestic Lounge & Complimentary Priority Pass Membership.
  • Enjoy access to Domestic Lounge & Complimentary Priority Pass Membership.

Pricing

  • Annual Fee- NIL
  • Joining Fee- NIL
  • Processing Fee- NIL
  • Rate of Interest (APR)- 2.4% per month

Documents Needed

  • Identity Proof- AADHAR Card, PAN Card, Passport, NREGA Card
  • 2 Passport Photographs
  • For Self Employed Customers- Credit Card Statement for last 2 months and also the card face image
  • For Salaried Customers- Recent salary slip of last 2 months (if the customer has YES Bank salary a/c, no need of salary proof), credit card statement of last 2 months alongwith the card face image
  • Proof of Signatuire- Passport, PAN Card, NREGA card
  • Residential Proof- Rent and Lease Agreement, Any utility bill like- Gas Bill, Electricity Bill, Driving License, Passport, Voetr ID card

YES Prosperity Rewards Plus Credit Card

Annual Fee
Nil
Joining Fee
Nil
Check Eligibility

Characteristics

  • Waive of fuel surcharge all over India from all fuel stations for transaction ranging between Rs. 400 to Rs. 5000
  • On International, Birthday, Dining spends earn accelerated rate.
  • On every spent of Rs.100 earn a maximum of 5 reward points.
  • ON every anniversary year, if you spend more than Rs. 3.6 lakhs, then you can enjoy bonus of 12,000 reward points.
  • Enjoy attractive interest rate beginning from 2.4% per month & 3.4% of foreign currency markup
  • Within 30 days of credit card set up, if spent more than Rs. 5000, then you can enjoy 1250 reward points as a welcome gift.

Pricing

  • Annual Fee- NIL
  • Joining Fee- NIL
  • Processing Fee- NIL
  • APR- 2.4% per month

Documents Needed

  • Identity Proof- AADHAR Card, PAN Card, Passport, NREGA Card
  • 2 Passport Photographs
  • For Self Employed Customers- Credit Card Statement for last 2 months and also the card face image
  • For Salaried Customers- Recent salary slip of last 2 months (if the customer has YES Bank salary a/c, no need of salary proof), credit card statement of last 2 months alongwith the card face image
  • Proof of Signatuire- Passport, PAN Card, NREGA card
  • Residential Proof- Rent and Lease Agreement, Any utility bill like- Gas Bill, Electricity Bill, Driving License, Passport

Shopping Credit Cards

SimplyCLICK SBI Credit Card

Annual Fee
499
Joining Fee
499
Check Eligibility

Characteristics

  • If you spend Rs. 1 lakh annually, then enjoy the reversal of annual fee.
  • Get gift card of Rs. 500 from Amazon.in at the time of joining
  • Waive of fuel surcharge of 2.5% at all petrol pumps.
  • On the other online spendings, earn rewards upto 5X.
  • On spent of Rs. 1 lakh annually, get E-voucher of Rs. 2000
  • On online spends with the exclusive partners like- Lenskart / Foodpanda / Amazon / Cleartrip / OLA / FabFurnish / Zoomcar / BookMyShow, get rewards 10X

Pricing

  • Renewal Fee*- Rs. 499 (if spent Rs. 1 lakh annually, then the renewal fee is reversed)
  • Fee for the 1st year- Rs. 499

Documents Needed

  • Identity Proof- AADHAR Card, PAN Card
  • 2 Passport Photographs
  • For Self Employed Customers- FORM 16, Bank Statement of last 3 months & ITR for the last 1 year
  • For Salaried Customers- Salary slip or Bank a/c Statement of last 3 months
  • Residential Proof- Rent and Lease Agreement, Any utility bill like- Gas Bill, Electricity Bill, Driving License, Passport

Simply SAVE SBI Credit Card

Annual Fee
499
Joining Fee
499
Check Eligibility

Characteristics

  • Waive of fuel surcharge of 1% from all petrol pumps.
  • On movie & grocery spends, earn 10X reward points.
  • On spent of Rs. 90,000 in a calender year, get annual fee reversal.
  • In the first 60 days, if spent Rs. 2000, then earn bonus of 2000 reward points.

Pricing

  • Renewal Fee- Rs. 499 (if annual spent is Rs. 1 lakh, then renewal fee reversed)
  • Fee for 1st year- Rs. 499

Documents Needed

  • Identity Proof- AADHAR Card, PAN Card
  • 2 Passport Photographs
  • For Self Employed Customers- FORM 16, Bank Statement of last 3 months & ITR of last year.
  • For Salaried Customers- Salary slip or Bank a/c Statement of last 3 months
  • Residential Proof- Rent and Lease Agreement, Any utility bill like- Gas Bill, Electricity Bill, Passport

STYLEUP Contactless Credit Card

Annual Fee
499
Joining Fee
499
Check Eligibility

Characteristics

  • Get 1 reward point per spent of Rs. 100, on the retail spends excluding the fuel purchase
  • On fbb merchandise, get flat 10% off for the lifetime
  • On all the dining spends, earn 10X rewards
  • On spends at Standalone Fbb, Big Bazaar & outlets of Food Bazaar, get up to 10X reward points.
  • Enjoy free voucher of Rs. 500 which can be redeemed at ant fbb store.
  • Enjoy Contactless transactions.
  • Waive of fuel surcharge of 1% from all petrol pumps.

Pricing

  • Renewal Fee- Rs. 499
  • Fee for 1st year- Rs. 499

Documents Needed

  • Identity Proof- AADHAR Card, PAN Card
  • 2 Passport Photographs
  • For Self Employed Customers- FORM 16, Bank Statement for the last 3 months & ITR of last 1 year
  • For Salaried Customers- Salary slip or Bank a/c Statement of last 3 months
  • Residential Proof- Rent and Lease Agreement, Any utility bill like- Gas Bill, Telephone Bill, Electricity Bill, Driving License, bank account statement.

Lifestyle Credit Cards

ICICI Coral Credit Card

Annual Fee
500
Joining Fee
Nil
Check Eligibility

Characteristics

  • For every spent of Rs. 100 on grocery shopping at super markets, earn up to 4 PAYBACK points.
  • Enjoy 2 complimentary visit to domestic airport lounge per quarter.
  • Under the Culinary Treats Program, save a minimum of 15% on dining at 800+ restaurants all over India.
  • On groceries, dining get 2X cash rewards.
  • Under the offer of Buy One Get One movie tickets through bookmyshow.com, get every month 2 complimentary movies.

Pricing

  • Joining Fee- Rs. 500 (Within 60 days, if spend a minimum of Rs. 1000)
  • APR- 40.8% per annum

Documents Needed

  • Identity Proof- AADHAR Card, PAN Card
  • 2 Passport Photographs
  • For Salaried Customers- Recent salary slip of last 1 month or Bank a/c Statement of last 3 months (if customer has no ICICI salary account)
  • Residential Proof- Rent and Lease Agreement, Any utility bill like- Gas Bill, Electricity Bill, Passport

SBI Elite Credit Card

Annual Fee
4999
Joining Fee
4999
Check Eligibility

Characteristics

  • Enjoy annual fee reversal if spent Rs. 10 lakhs or more
  • Get e-gift voucher of Rs 5000 as a welcome gift
  • Get discounts at Lifestyle and Spa centres
  • Get Complimentary Silver membership of Club Vistara
  • Earn bonus of 50,000 reward points worth of Rs. 12,500 per year.
  • For spent of every Rs. 100 on Vistara flights, get 9 Club Vistara points
  • Enjoy 2 complimentary movie tickets of Rs. 500 every month from bookmyshow.com
  • Enjoy assistance with travel, hotel reservation, custimized holiday packages, movie and gift delivery.
  • Enjoy complimentary membership of Trident Privilege Red Tier
  • If the annual spend is Rs. 3 lakhs and 4 lakhs, then you can enjoy bonus of 10,000 reward points.

Pricing

  • Renewal Fee- Rs. 4999 (if annual spent is Rs. 10 lakhs, then the renewal fee is reversed)
  • Fee for the 1st year- Rs. 4999

Documents Needed

  • Identity Proof- AADHAR Card, PAN Card
  • 2 Passport Photographs
  • Salary Slip of last 3 months (if customers have YES Bank salary a/c), Salary slip of last 2 months(if customers donot have YES Bank salary a/c), Bank a/c Statement (if customers donot have YES Bank salary a/c)
  • Face Copy of Credit Card, ID card or Visiting card of Company, Credit Card Statement for the last 2 months
  • Credit Card number, ITR of last 2 financial year.

Fuel Credit Cards

ICICI HPCL Credit Card

Annual Fee
Nil
Joining Fee
Nil
Check Eligibility

Characteristics

  • On movie tickets booked with www.bookmyshow.com get Rs. 100 off maximum 2 times a month.
  • Enjoy cashback of 2.5% on purchase of fuel (Rs. 100 per month maximum) from HPCL pumps.
  • Under the Culinary Treats Program, save a minimum of 15% on dining bills at around 800+ restaurants.
  • On spent of every Rs. 100 on fuel from HPCL pumps, earn 5 PAYBACK Points. Also, earn 2 PAYBACK points on other spendings excluding fuel.
  • Waive of fuel surcharge of 2.5% (Rs. 4000 maximum) from HPCL pumps.

Pricing

  • Annual Fee- Rs. 199 (if spent Rs. 50000 or more in the previous year, then waived off)
  • Joining Fee- Rs. 199 or NIL (if spent a minimum of Rs. 5000 within 2 months)
  • Annual Percentage Rate or APR- 40.8% per annum

Documents Needed

  • Identity Proof- AADHAR Card, PAN Card
  • 2 Passport Photographs
  • For Salaried Customers- Recent salary slip, Bank a/c Statement (if customers donot have ICICI salary a/c)
  • Residential Proof- Rent and Lease Agreement, Any utility bill like- Gas Bill, Electricity Bill, Driving License, Passport

BPCL SBI Credit Card

Annual Fee
499
Joining Fee
499
Check Eligibility

Characteristics

  • On all retail spends excluding fuel, earn 1 reward point which is equal to Rs. 0.25.
  • On every spent of Rs. 100 for payments of utility bills, earn 5X reward points.
  • Enjoy bonus of 2000 reward points as a welcome offer.
  • On spent of Rs. 100 on Departmental Stores, Movies, Groceries & Dining, earn 5X reward points.
  • On purchase of fuel all over India from authorized BPCL outlets, get 4.25% value back offered only by the fuel co-brand card. Where, 4.25% is approximated as 13X reward points on purchase of fuel.

Pricing

  • Renewal Fee- Rs. 499 per annum+GST
  • Fee for 1st year- Rs. 499 per annum+GST

Documents Needed

  • Identity Proof- AADHAR Card, PAN Card
  • 2 Passport Photographs
  • For Self Employed Customers- FORM 16, Bank Statement of last 3 months & ITR of last year.
  • For Salaried Customers- Salary slip or Bank a/c Statement of last 3 months
  • Residential Proof- Rent and Lease Agreement, Any utility bill like- Gas Bill, Electricity Bill, Driving License, Passport

Travel Credit Cards

YATRA SBI Credit Card

Annual Fee
499
Joining Fee
499
Check Eligibility

Characteristics

  • On spent of Rs. 100 in all other sectors, get 1 Reward Point.
  • Waive of 1% fuel surcharge from all the petrol pumps.
  • Earn 1 reward point which is equivalent to Rs. 0.25 where the reward points can be redeemed at Yatra.com
  • Get access to MasterCard airport lounges all over India.
  • On spent of Rs. 90000 annually in the previous year, get waive on the annual renewal fee.
  • If you are a primary account holder and book tickets from Yatra.com using your Yatra SBI Card, you will enjoy an air accidental death benefit of Rs. 50 lakhs.
  • On the payment of the joining fee, enjoy the the gift of Rs. 8250 Yatra.com vouchers.
  • On spent of every Rs. 100 on movies, International spends, Departmental stores, dining, entertainment and groceries, earn 6 Reward points.
  • Travel Advantages-
    • At time of booking, just use the promo code ‘TRAVEL’ to enjoy the travel advantages
    • For Bookings on Domestic Flight- The minimum booking amount must be Rs. 5000 and above. On the total fare, waive of Rs. 100.
    • For bookings of domestic hotels- On each transaction, get a maximum discount worth of Rs. 2000. On the minimum booking of Rs. 3000, get Flat of 20% off.
    • For Bookings on International Flight- The minimum booking amount must be Rs. 40000 and above. On the total fare, waive of Rs. 1000.

Pricing

  • Renewal Fee- Rs. 499 (if spent Rs. 90000 annually, then the renewal fee is reversed)
  • Fee for the 1st year- Rs. 499

Documents Needed

  • Identity Proof- AADHAR Card, PAN Card
  • 2 Passport Photographs
  • For Self Employed Customers- FORM 16, Bank Statement of last 3 months & ITR for the last 1 year
  • For Salaried Customers- Salary slip or Bank a/c Statement of last 3 months
  • Residential Proof- Rent and Lease Agreement, Any utility bill like- Gas Bill, Telephone Bill, Electricity Bill, Driving License, bank account statement.

IRCTC SBI Platinum Credit Card

Annual Fee
300
Joining Fee
500
Check Eligibility

Characteristics

  • Waive of 1% fuel surcharge all over India from all the petrol pumps
  • When train tickets are booked from irctc.co.in, enjoy waive of 1.8% transaction charge.
  • When ACI, AC2, CC and AC category train tickets are booked from irctc.co.in, get reward points up to 10% value back.
  • Use 1 reward points which is equivalent to 1 rupee for train ticket bookings
  • On spent of every Rs. 125 on the purchases excluding the fuel, earn 1 reward point.
  • Within 45 days of credit card issuance, earn bonus reward points of 350 if spent Rs. 500 or more.

Pricing

  • Renewal Fee- Rs. 300
  • Fee for 1st year- Rs. 500

Documents Needed

  • Identity Proof- AADHAR Card, PAN Card, Passport
  • 2 Passport Photographs
  • For Self Employed Customers- FORM 16, Bank Statement of last 3 months & ITR of last 1 year
  • For Salaried Customers- Salary slip or Bank a/c Statement of last 3 months
  • Residential Proof- Rent and Lease Agreement, Any utility bill like- Gas Bill, Electricity Bill, Driving License, Passport

YES First Preferred Credit Card

Annual Fee
Nil
Joining Fee
Nil
Check Eligibility

Characteristics

  • On the YES Assist Concierge Services, you can book for your special requests. Get Concierge Desk exclusively on the credit card.
  • Get attractive interest rate beginning from 1.2% per month &1.75% for Foreign Currency Markup*.
  • Get waive of fuel surcharge from all the fuel stations all over India for transactions ranging from Rs. 400 to Rs. 5000.
  • Enjoy Priority Pass Membership alongwith access to Complimentary Lounge. Also, get accessto Domnestic Lounge.
  • On spent of every Rs. 100, earn 8 reward points which never expires.
  • For booking of Movie Tickets/Airline Tickets/Hotel Booking from Rewards Redemption Portal, redeem the reward points.
  • On every anniversary year, earn bonus of 20,000 reward points on spent of Rs. 7.5 lakhs or even more.

Pricing

  • Annual Fee- NIL
  • Joining Fee- NIL
  • Processing Fee- NIL
  • Rate of Interest (APR)- 1.2% per month

Documents Needed

  • Identity Proof- AADHAR Card, PAN Card, Passport, NREGA Card
  • 2 Passport Photographs
  • For Self Employed Customers- Credit Card Statement for last 2 months and also the card face image
  • For Salaried Customers- Recent salary slip of last 2 months (if the customer has YES Bank salary a/c, no need of salary proof), credit card statement of last 2 months alongwith the card face image
  • Proof of Signatuire- Passport, PAN Card, NREGA card
  • Residential Proof- Rent and Lease Agreement, Any utility bill like- Gas Bill, Electricity Bill, Driving License, Passport

Air India SBI Platinum Credit Card

Annual Fee
1499
Joining Fee
1499
Check Eligibility

Characteristics

  • For free travelling, get 1 reward point which is equivalent to 1 Air India Air Mile.
  • Earn 2000 reward points as card anniversary gift evry year.
  • Enjoy 5000 reward points as a welcome gift.
  • If annual spent is Rs. 2 lakhs & more, earn bonus reward points upto 15000
  • For every spent of Rs. 100 for Air India tickets which are booked through airindia app, airindia.com, get 15 reward points.

Pricing

  • Renewal Fee- Rs. 1499
  • Fee for 1st year- Rs. 1499
  • Annual Fee- Rs. 1499

Documents Needed

  • Identity Proof- AADHAR Card, PAN Card, Passport, NREGA Card
  • 2 Passport Photographs
  • For Self Employed Customers- FORM 16, Bank Statement of last 3 months & ITR of last year.
  • For Salaried Customers- Recent salary slip or Bank a/c Statement of last 3 months
  • Residential Proof- Rent and Lease Agreement, Any utility bill like- Gas Bill, Electricity Bill, Driving License, Passport

Air India SBI Signature Credit Card

Annual Fee
4999
Joining Fee
4999
Check Eligibility

Characteristics

  • Based on the annual spends, earn bonus reward points up to 1,00,000.
  • Waive of fuel surcharge of 1% from all the petrol pumps.
  • Enjoy reward points of 20,000 as a welcome gift.
  • For free travelling, enjoy 1 reward point which is equal to 1 Air India Air Mile.
  • Enjoy Air India Complimentary frequent flyer membership.
  • For spent of every Rs. 100 on booking of Air India tickets through airindia app, airindia.com, get a maximum of 30 reward points.

Pricing

  • Renewal Fee- Rs. 4999
  • Fee for 1st year- Rs. 4999

Documents Needed

  • Identity Proof- AADHAR Card, PAN Card, Passport
  • 2 Passport Photographs
  • For Self Employed Customers- FORM 16, Bank Statement of last 3 months & ITR of last year.
  • For Salaried Customers- Recent salary slip or Bank a/c Statement of last 3 months
  • Residential Proof- Rent and Lease Agreement, Any utility bill like- Gas Bill, Electricity Bill, Driving License, Passport

YES First Business Credit Card

Annual Fee
Nil
Joining Fee
Nil
Check Eligibility

Characteristics

  • Waive of fuel surcharge all over India from all pump stations for transactions ranging from Rs. 400 to Rs. 5000
  • Get 6 complimentary visits to international lounge in a year. But it is applicable for Primary Card membre.
  • Get Complimentary Priority Pass Membership

Pricing

  • Joining Fee- NIL
  • Annual Fee- NIL

Documents Needed

  • Identity Proof- AADHAR Card, PAN Card, Passport, NREGA Card
  • 2 Passport Photographs
  • For Self Employed Customers- Credit Card Statement for last 2 months and also the card face image
  • For Salaried Customers- Recent salary slip of last 2 months (if the customer has YES Bank salary a/c, no need of salary proof), credit card statement of last 2 months alongwith the card face image
  • Proof of Signatuire- Passport, PAN Card, NREGA card
  • Residential Proof- Rent and Lease Agreement, Any utility bill like- Gas Bill, Electricity Bill, Driving License, Passport

What is Credit Card?

A Credit card is a card issued by a financial institution which allows the card holders to borrow funds according to his convenience. At the time of the card issuance, the financial institution or the bank pre-set the maximum credit limit. The card holder can use the available funds at the time of his need. The credit card is issued given the condition that, the card holder will repay the borrowed fund in addition to any other agreed upon charges. You can apply for an online credit card to enjoy the facilities of the best credit card.

Credit card is one of the most popular forms of payment for good and services. As compared to other forms of consumer loans, credit card charges a higher annual percentage rates (APRs). Usually, on the unpaid amount, the interest rate is charged beginning from one month after making a purchase.

Features of Credit Card

Global Acceptance

In India, most of the credit cards issued are international cards which are accepted round the globe by different merchants.

Fuel Surcharge Waiver

The best credit card offers the facility of fuel surcharge waive. This facility waives off 1% surcharge which is charged on all transactions that is carried out on petrol stations.

EMI Conversion

The best credit card offers the facility of EMI conversion. Using this feature, card holders can convert their credit card transaction into equated monthly installments (EMI). This particular feature have different repayment options and attractive interest rates.

Balance Transfer

Using the balance transfer facility, card holders are able to repay the borrowed amount at a low interest rate and can save money. Under this facility, cardholders can transfer the outstanding balance of their existing credit cards issued by a bank to the credit card account of another bank.

Reward Points Program

Using this program, cardholders use this card to make their payment can earn reward points. Card holders can redeem the reward points after earning minimum reward points.

How Credit Card works? 

The working of a credit card is very simple to understand. Using a credit card online for your purchase simply means, it provides you with more time to pay for your purchase. After using a credit card, you need to repay the outstanding amount at the end of every billing cycle. You can easily swipe the card at merchant stores and authenticate the transaction by entering their PIN number. For some of the credit cards, you are not required to enter the pin number. While going for online payment via your credit card, it is always advisable to make sure that the website is well secured.

Types of Credit Card

The eligibility criteria to apply for credit card online varies for different bank and different types of credit card. Usually, the credit card depends on the following factors-

  • Reward Cards
  • Shopping Card
  • Golf Credit Cards
  • Fuel Credit Cards
  • Co-branded Cards
  • Utility Credit Cards
  • Travel Credit Cards
  • Airline Credit Cards
  • Dining Credit Cards
  • Lifestyle Credit Cards
  • Business Credit Card
  • Corporate Credit Cards
  • Entertainment Credit Cards

What is Secured Credit Card?

A secured credit card or free credit card is secured by fixed deposits which acts as a collateral when you open the account. The amount you deposit equals the credit limit. The deposit reduces the risk of the bank. When you pay the credit card bill on time, you will get back the fixed deposit. But in case you fail to pay, the bank will use the fixed deposit. The secured credit card or free credit card helps in improving your credit and apply for the regular or secured credit card in the later stage. Individual with poor credit history can opt for this card to rebuild their credit. When you start repaying this credit card bill on time the credit score increases. Customers with good repayment behaviour enjoys the advantage of an increase in credit limit without an additional collateral deposit. The increased credit limit adds up to the credit score.

Eligibility Criteria for Credit Card

The eligibility criteria to apply for credit card online varies for different bank and different types of credit card. Usually, the credit card depends on the following factors-
  • Fixed source of income
  • Good credit score
  • Purpose of the credit card
  • Working as salaried, self employed business or self-employed professional

Documents Required to apply for Credit Card

Following are the set of documents which are required for credit card apply online-
  • ID Proof
    • PAN card
    • Aadhar card
    • Voter ID card
    • Driving License
  • Address Proof
    • Rental Agreement
    • Electricity Bill
    • Telephone Bill
    • Passport
  • Income Proof (For Self-employed)
    • Business Continuity Proof
    • Statement of recent ITR (Income Tax Returns)
    • Balance Sheet or Audited Profit and Loss Statement
  • Income Proof (For Salaried)
    • Appointment letter
    • Salary Certificate
    • Recent Salary slip/s

What are Credit Card Numbers?

On every best credit card, there are 16 digits. These numbers are coded to identify the issuer and prevent any kind of fraud.

The very first digit of the credit card signifies the system-
  • 6- Discover Card
  • 5- Master Card
  • 4- Visa Card
  • 3- Travel or Entertainment Card
The structure of the credit card number varies by the system. For ex- Carte Blanche and Diners Club starts with 38 and American Express card numbers starts with 37.

Master Card

The 2nd and the 3rd digit, the 2nd digit up to 6th digit, the 2nd digit up to 5th digit or the 2nd digit up to 4th digit is your bank number. This depends on whether the 2nd digit is 1,2,3 or other than that. After the bank number, the digits up to the 15th digit is the account number. The 16th digit is the check digit.

Visa Card

From 2nd digit up to the 6th digit is the bank number. From the 7th digit to the 15th digit or from 7th digit to the 12th digit is the account number. The 16th digit or 13th digit is the check digit.

American Express

The 3rd and 4th digit signifies the type and currency. The 5th digit up to the 11th digit is the account number. The 12th digit upto the 14th digit is the card number. The 15th digit is the check digit.

Some important terms related to Credit Card

Line of Credit

A sort of arrangement between the bank and the credit card holder which allows him to borrow a maximum amount of money. To meet any financial requirements, the card holder can use the line of credit to access fund until he doesnot exceed the maximum credit limit. While using the line of credit, customers pay interest only on the amount they use and not on the whole credit line. They can adjust their repayment method i.e, either paying minimum monthly payments or paying the entire outstanding amount at once.

Revolving Credit

Revolving Credit is a line of credit which allows the credit card holder to access the fund upto the credit limit. It is a kind of arrangement where you can withdraw loan, repay, redraw again any number of times until the arrangement ends. Under this revolving credit, the cardholder can use the credit card repeatedly. The available credit amount increases as it is repaid and decreases as it is borrowed. The card holder repays the amount he withdraws plus the interest charged on it.

Revolving Account 

Revolving account is a type of credit account where the cardholder does not pay the outstanding amount in full every month and allows him for varying credit availability. Here, the customer have to repay between the minimum amount and the full amount. When you dont pay the balance in full at the end of the monthly billing cycle, interest will be charged on the remaining balance amount. And the total amount will revolve into the next month.

Credit Card Balance

It is the amount of money that you owe to the credit card company. The credit card balance can be positive, negative or zero. It is positive if you owe money to the credit card company. It is negative, if the payment is greater than the balance. It is zero, if the balance is fully repaid. In order to avoid high interest rate and manage the credit card efficiently, you should go for zeron credit card balance. The credit card balance includes- interest charge, recent purchases, unpaid balance, annual fee, late fee or any other fees. Your each payment reduces the balance and your each purchases adds up to the balance.

Minimum Payment Amount

Minimum payment amount is a small portion of the outstanding balance. It is the minimum amount you need to pay for your credit card bill in order to avoid any kind of penalty charges. So, you need to pay atleast the minimum amount by the due date of each month after the monthly billing cycle. If you donot pay the minimum payment amount, then your credit score will be affected adversely.

Payment Due Date

When you have a balance on your online credit card, you need to do monthly payment towards the balance, This payment should be made within a certain specified date known as payment due date. If you delay your payment beyond this due date, then the credit card issuer can charge penalty and also can report a late payment to the credit bureau. 

Grace Period 

Grace Period is the time gap between your monthly billing cycle and your payment due date.If you make your payment within the grace period, then no interest is charged i.e, free credit card. If you fail to pay your credit card bill within the grace period, then interest will be charged on the entire outstanding amount and also on the new purchases made using the online credit card. Generally, banks grant a grace period of 20 to 60 days (varies from bank to bank) in India. Most banks in India does not grant a grace period for cash advances on your online credit card. The factors which affect the credit card grace period are- your credit card balance, the payment due date and the closing date on your credit card statement.

Credit Limit

Credit card limit is the maximum purchase limit set by bank or the credit card company on a particular credit card. It is the maximum amount that a cardholder can access within a monthly billing cycle. The credit limit is determined depending on the factors like- monthly income, credit score, purchase habits, loan repayment history, and other criterias. Credit limit varies for different customers. If your monthly obligation (through bank account statement) is less, then you can expect a high credit card limit. But if your monthly expense is high, then you should expect a low credit card limit (doubting your ability to spend and pay).  There are 2 types of credit card limit.
  • Total Credit Card Limit- It is the maximum credit limit that you can avail on your credit card.
  • Available Credit Card Limit- It is the due amount which is the difference between the total credit card limit and the amound paid using the credit card.

Fees charged on the Credit Card

Following are the different types of fees that are charged on the best credit card-
  • Annual Fees

    After you have been approved for the credit card online, an annual fee is charged as the cost of owning the credit card. On an annual basis, this fee is added to your bill. But best credit cards do not charge any annual fees.

  • Late Fees

    You are charged a late fee, if you fail to make your minimum due payment in time. So, it is advisable to pay your bill on time or mail your cheque before the due date.

  • Other fees

    Credit card companies often charge a range of other fees which includes- returned cheques or charges for exceeding the credit limit.

EMI on Credit Card

Credit cardholder can choose to pay monthly installments and the repayment period for the EMI (Equated Monthly Instalment) to pay for the credit card bills. Some banks offer 0% interest on an instalment payment. This means the cardholder have to pay the principal amount through monthly instalments within the selected repayment period and no interest will be charged.

Also, some banks charge a low interest rate on the EMI of the credit card. In this case, the cardholder has to pay the EMI which includes the principal amount and the interest rate, until they clear off the debt.

Interest Rate charged on Credit Card

The interest rate is computed as the Annual Percentage Rate (APR) which depends on the credit card type. Customer's credit score determines the APR. In case the monthly outstanding amount has not been repaid by the cardholder, then banks charge a certain interest rate % on the borrowed amount.

Customers who are comfortable in regular monthly repayments can opt for a credit card with travel loyalty programs and reward programs, which have a higher APR. While customers who wants payment flexibility can opt for the credit card with low APR. Credit cardholders enjoys an additional feature of interest free period from 20 to 50 days, offered by banks.

Apply Credit Card Online

Now availing credit card has become very easy. You can opt for online application for credit card which is a very flexible and convenient process. Let's have a look at the process of apply credit card online-
  • Firstly, you need to visit freemi.in to apply for credit card online.
  • Then you need to click on the 'Credit Card' button.
  • After that, you need to check the eligibility criteria for online credit card apply.
  • Then you need to fill up some basic details like- phone number, mail id, address etc for the next step.
  • Lastly, you need to click on the 'Submit' button for availing the credit card.

Key points to remember for new Credit Card User

In order to enjoy the facilities of best credit cards, here are some key points to remember for a new credit card user-
  • To get the complete information on credit card, how to apply online credit card, the interest charges, terms of agreement and other fees, you need to read all the terms and conditions carefully.
  • Try not to buy the expensive things which you cannot afford, even after having easy access to credit.
  • In case of any misuse of your online credit card, you should always keep the details of your card and the card issuer's number with you.
  • Always pay your credit card bills in time. Any delayed payment will affect your credit score adversely.
  • To improve your credit score, try to spend less. Always try not to spend more than 50% of the credit limit on your credit card.
  • You should keep a track of your credit card sales slips to compare with your monthly credit card statement. Any kind of discrepancies should be reported, as they can be reversed.

Benefits of Credit Card

In our discussion, we have explained credit card apply, best credit cards, free credit cards, apply credit card online. Now, we will discuss about the benefits of credit card-
  • Cashback benefit
  • Improves credit score
  • Complimentary extras
  • Meets any kind of emergency
  • Safer than carrying liquid cash
  • Waive fees for international payments
  • Interest free days to pay off your credit card bill
  • Debt consolidation and saves money on the existing balance

Conclusion

From the above discussion of credit card, we came to know about the credit card details. We got a broader idea on types of credit card, the eligibility criteria and documents required for credit card. Using credit card for your online purchases and repaying your credit card bill on time helps to improve your credit history. Also, credit card has reduced the risk of carrying liquid cash and make your payment risk-free and hassle free.