What is a Credit Card and How It Works?

If you're searching for what is going to happen to your credit cards post the RBI's decision of giving a 3-month moratorium period for all retail borrowers in its monetary policy meet held on March 24-27, 2020, let's be told that it's going to cover you too. But, in your best interest, it is advisable to pay your bills on or before the due date as the interest will be accrued for three months and get combined together to form a tall amount at the end of the moratorium period. So, if you get your salary during this phase, look to pay off your bills. The moratorium, which was ending on May 31, 2020, has been extended till August 31, 2020.

A credit card is a plastic instrument that helps you buy groceries, accessories, travel & movie tickets, besides offering you the privileges of airport lounge access, 24x7 concierge assistance, etc. The money spent on the card helps you rake in rewards, discounts, cashback, fuel surcharge waivers, and much more. The rewards earned can be redeemed for exclusive gifts, cashback to the credit card account, etc. These rewards can mostly expire within 2-3 years of their accumulation. A few cards, though, come with never expiring reward points. You can also get rewards on spending a specific amount as mentioned by the credit card issuers. These benefits can be in the form of gift vouchers or the fee waiver, resulting in enhanced savings.

You can make purchases at both online and offline stores. The online purchases would require visiting an e-commerce portal, choosing the product of your choice and picking ‘Credit Card’ as the mode of payment from the scroll. If you don’t it comfortable buying online, you can also visit a retail store and swipe the card to buy your needs. You can either go for a straight purchase via credit card or opt for an EMI option. If you choose the first option and pay the entire due, there won’t be any interest. Else the credit card provider would charge interest at the rate of 2.50%-3.50% per month, accumulating to 30%-45% annually. The EMI option comes with an interest rate but at a lower rate of 13%-18% per annum.



Why Choose Credit Cards?

You can choose credit cards to make the most of the following benefits on offer

Comfort

Convenience

Luxury

Best-in-class services

Freedom to shop for anything from anywhere at anytime

And much more

Types of Credit Cards

There are tons of credit cards available these days, especially as India gears for a full-fledged cashless economy. Even as they are in abundance, not all can suit you. And so, you need to figure out your requirements properly before choosing from the premium credit cards, which are broadly categorized into the following.

Cashback and Rewards Cards

These cards offer cashback and rewards on spends. With cashback, the resultant cost of a purchase comes down, resulting in increased savings. Reward points, on the other hand, can be earned on spends. The rewards can be further redeemed for shopping at several online and offline stores. Here’s a list of top five cashback and rewards card.

Travel Cards

An avid traveller? Think of travel cards that offer miles on travel spends while also letting you chill at both domestic and international airport lounges. The miles earned can be redeemed for ticket and hotel booking. Don’t wait, just choose from any of these below you think would be the best in your case.

Fuel Cards

High fuel prices making it difficult for you to drive on the road? Don’t worry, there are fuel credit cards that earn you points on refilling your vehicle. You can even get discounts or cashbacks on refilling the vehicle at fuel stations. These top five premium credit cards (fuel) are up for grabs.

Dining Cards

Paying much more on dining outside than you would like to? Well, dining cards are right for you by letting you enjoy your meals at restaurants replete with great ambience while also offering discounts on your spends. Check out some of the best dining cards on offer below.

So click on the cards, compare them and choose a one for you.

Compare Best Credit Cards in India Sep 2020

When it comes to selecting the best credit card, you need to do a thorough research on offers, benefits, fees, etc. So, don't forget to compare different cards on the following parameters.

Fees/Charges

Cash backs

Rewards & Their Redemption Value

Latest Offers on Travel, Dining, Shopping, Entertainment, etc

Fuel Surcharge Waiver

Interest-free Credit Period

You can thus look below and see which one is the best for you according to above pointers.

Credit Cards Reward Points and Other Offers Fees and Charges SimplySAVE SBI Card 10x reward points per INR 100 spent on dining, movies, grocery and departmental stores

Earn 2,000 bonus reward points after you spend INR 2000 in the first 60 days

Spend INR 90,000 or above and get your annual fee reversed

1% fuel surcharge waiver available for transactions worth between INR 500-INR 3,000 across all petrol pumps One time Annual Fee - INR 499

Renewal Fee - INR 499 BPCL SBI Card Welcome offer of 2000 bonus reward points on the payment of joining fee. Reward points will be credited after 20 days of the payment of joining fee.

4.25% Value back ~ 13X reward points on fuel purchases. An additional 0.75% value back will be credited as per mandate from Government of India.

Earn 1 reward point for every INR 100 spent on all fuel and retail purchases.

5X Reward points on every INR 100 spend at Groceries, Departmental stores, Movies & Dining.

5X Reward Points per INR 100 spent on standing instructions for Utility Bills payments.

1 Reward point on all other retail spends, except fuel ( 1 RP = Rs 0.25)

No Minimum Threshold. Surcharge Waiver applicable only on transactions up to INR 4000/- for a max of INR 100/- per month. Maximum surcharge waiver of INR 100 in a month, translating into an annual saving of INR 1,200. Maximum limit in a month is INR 10,000.

Reward Points can be earned for a maximum spend of INR 10000/- per month.Reward Points can be earned for a maximum spend of INR 10000/- per month.

Earn reward points at all 14000+ pumps of BPCL.

Redeem your reward points instantly for free fuel at select 1200 authorized BPCL retail outlets across the country or through BPCL fuel vouchers. 4 Reward points give you INR 1 of free fuel.

You can also redeem your reward points for exclusive products in lifestyle, leisure, and travel categories across major brands at SBI Card’s exclusive Reward Point Program -Shop n Smile. 1st Year Fee - INR 499 Per Annum + GST

Renewal Fee - INR 499 Per Annum + GST HDFC Moneyback card Earn 2 reward points on INR 150 spent

Earn 2X reward points on online spends

Get a fuel surcharge waiver of upto INR 500 per billing cycle

Zero Lost Card Liability post the reporting of card loss Annual Fee - INR 500 ICICI Instant Platinum Credit Card A minimum 15% savings on dining at over 800 restaurants via Culinary Treats Program

A discount of up to INR 100 on up to 2 movie tickets in a month

Reward points earned can be redeemed for cash

Earn 2 PAYBACK reward points on every INR 100 spent on all purchases excluding fuel Joining Fee & Annual Fee - NIL

Supplementary Card Fee - NIL Standard Chartered Platinum credit card 5x rewards at leading hotels, dining outlets and more

Earn 1 reward point for every INR 150 spent on all other categories

Enjoy a host of unrivalled offers on holidays, golfing retreats, movie tickets, dining and more

5x rewards on fuel spends in India

Get 5x reward points for every INR 100 spent at hotels Joining Fee - NIL

Annual Fee - INR 399 (First Year)

Annual Fee - INR 750 (Second Year Onward) The American Express Gold Card 1 membership reward point for every 1 spend of INR 50 except on insurance, fuel, utilities

spend of INR 50 except on insurance, fuel, utilities 4,000 Bonus Membership Rewards® Points, to be awarded on using the card 3 times within the first 60 days of Card membership, upon payment of annual fee.

1,000 Bonus Membership Rewards Points for simply using your Card 6 times on transactions of INR 1,000 and above every month.

Enjoy greater flexibility in spending with "no pre-set limit 2

Redeem from the fabulous 18 carat and 24 carat Gold Collection.

Enjoy up to 20% off every time you dine at select restaurant partners.

2 supplementary gold cards at no extra cost

Round-the-clock card-related assistance services

Emergency Card Replacement Facility Available

Additional gold credit card to be provided which is free for life3 as long as you hold the same Footnotes Till July 31, 2017, you will earn 1,000 membership reward points when you complete 4 transactions each of INR 1,000 or more in a calendar month. Starting July 1, 2017, you will earn 1,000 Membership Rewards points when you complete 6 transactions each of INR 1,000 or more in a calendar month on American Express Gold Card. This means that your charges are approved on the basis of your spending pattern, financials, credit record and account history. Please note that 'no pre-set limit' does not mean your spending is unlimited. In addition to this Card, you will also receive the American Express Gold Credit Card which is free for life. Please note, this Card will be Lifetime free as long as you hold the American Express Gold Card. In case, you want to apply for American Express Gold Card only, Please SMS "GOLD" to 5616166. Joining Fee - INR 1,000+Applicable GST

Annual Fee - INR 4,500+Applicable GST Citibank Cashback Credit Card 5% cashback on all movie ticket purchases

5% cashback on all utility bill payments paid through Citibank online bill pay

5% cashback on all telephone bill payments

Cashbacks on above limited to INR 100 per month

Up to 15% savings across participating restaurants

0.5% cashback on all other spends

Simple redemption policy

Get redemption in multiple of INR 500

Get your cash back conveniently and automatically as statement credit

Multiple repayment options Joining Fee - As Applicable by bank from time to time

Annual Fee - INR 500 RBL Platinum Maxima Card A welcome gift of 8000 reward points

Get 2 reward points for every INR 100 spent

Earn 2 reward points for every INR 100 spent on dining, fuel, entertainment, utility bills and international purchases

Earn 10000 reward points for spends of INR 2 lakhs and more in a year

10000 bonus reward points for spending more than INR 3.5 lakhs in a year

One complimentary movie ticket free up to INR 200 in a month on purchasing 2 movie tickets at BookMyShow

Enjoy complimentary visits to all major domestic airport lounges every quarter in a calendar Joining Fee - INR 2,000

Annual Fee - INR 2,000

Note - The annual and joining fees shown above are exclusive of 18% Goods and Services Tax (GST). The tax would be added to these fees.

So, you must have zeroed on you want to have after looking at the list of premium credit cards.

Eligibility Criteria

You should be at least 18 years of age at the time of application.

You must not be more than 65 years old by the time you apply.

Salaried must have an annual income of at least INR 2 lakhs. On the other hand, self-employed must be earning a minimum of INR 1.5 lakh to get the approval. However, the income criteria can differ from bank to bank.

The credit score must be 750 and above for a hassle-free approval

Note - The eligibility criteria shown above can vary according to the type of credit card offered.

Income Eligibility With Respect to Credit Card Application

You should first check with the lender whether the income sought for a credit card is on a gross or net basis. Also, be clear that banks generally consider the fixed income for approving the application. The fixed income does not include the incentives and other variables earned by an individual. So, see whether the fixed income is equals the amount needed to gain an approval. If so, then you can apply. If not, then look for banks that can offer you the cashless instrument based on your fixed income.

Example - Ravi applies for a credit card at a bank which considers gross fixed income to approve or reject the application. The income requirement is INR 5 lakh a year. Income particulars of Ravi for 1-year period is shown below.

Average Gross Monthly Income - INR 45,000

Fixed Monthly Income - INR 25,000

Average Incentives in a Month - INR 20,000

Total Annual Income (Including Incentives) - INR 5,40,000 (45,000 x 12)

Total Annual Income (Without Incentives) - INR 3,00,000 (25,000 x 12)

Keeping this in mind, Ravi's application would be rejected even as the income including incentives is above the amount of INR 5 lakh as sought. He must earn a minimum gross fixed monthly income of INR 41,667 to gain an approval on the grounds of income.

Documents Required

Passport size photographs

ID Proof - Any one from Passport, PAN Card, Ration Card, Adhar Card, Voter's ID Card, Driving License

Address Proof - Any one from Passport, Rent Agreement, Telephone Bill, Ration card, Electricity bill, Aadhar card

Applicants should have PAN Card, Form 16 and Income Tax Returns Statement.

Recent salary slips/certificate for last 3 months/latest bank statement showing the credit of salary for a minimum of 3 months

Credit Card Apply Online

After glancing at the reward points, cashback and other benefits, it's time to apply for your favourite credit card, right? You can thus apply for the card online at Wishfin, a neutral marketplace for loans and other financial products. There are three ways by which you can apply here. All three are described below.

Apply on WhatsApp

Click on 'Apply with the ease of Whatsapp Chat' on the 'Credit Card' section.

A new page will appear asking you to enter your mobile number.

Enter the number and then click on 'Continue with WhatsApp' at the bottom.

You will get added to a Whatsapp group with Wishfin being the other member.

A message regarding the credit card application will be sent to the group.

Mention a few details in the conversation before submitting your application.

This was all about credit cards apply on WhatsApp. Use this one-of-a-kind service to get your favourite cards.

Apply via Filling Form

Provide your personal and professional details

Click on 'Explore Credit Cards' post filling the details

Choose from a customized list of cards to apply

After that, you will receive a call from the dedicated executive verifying the details filled

Subsequently, you will receive an SMS with a link

Click on it to check the details filled by you at the time of application

Click on Instant Approval at the bottom to get the application processed

Apply via Wishfin Chat

You can even explore chat option to apply. You just need to answer a few questions. As soon as you are done with those, you would be given a choice of credit cards to apply for.

Benefits of Applying at Wishfin

The online application at Wishfin offers the following benefits.

Ease of Use - You can visit the website of Wishfin and choose from any of Whatsapp, chat or even the conventional application form to apply.

Fast - The online application can be made in a few minutes. You just need to answer or fill relevant personal and professional information to complete the application.

Instant Approval - The fast application would result in an instant approval if the details are verified successfully.

Effective Comparison of Offers - You can compare exciting offers in terms of reward points, travel privileges, fees, etc. A good comparison helps you choose the best deal on offer that would not only match your needs but also let you live with style.

Credible Information Display - The information displayed is researched thoroughly and get updated on a timely basis, hence ensuring a greater degree of reliability.

Transparency in Information - Not only the offers, you can also get to know the applicable fees & charges. The information is transparent, so you can get a complete detail before applying for the card. This only boosts consumer confidence and has made many applying through Wishfin.

Excellent Track Record - Wishfin has enabled the wishes of more than 18 million customers through a rich vein of financial products including credit cards.

How to Apply for Credit Card Offline?

The offline application means you need to apply at the bank branch. You can thus visit the nearest branch with the required documents authenticating your identity, residence and income. The documents are already mentioned above. So, you can choose from the list of documents. There, you need to ask for the credit card application form. Fill the details asked in the form correctly before submitting the same along with the documents to the branch official. The bank would check the application form and documents thoroughly and give an approval only when the details are verified successfully.

Check Credit Card Aplication Status Online

You can check the application status online in a few minutes. The process entails the following steps.

Visit the website of the concerned lender

Go to the application status page.

Fill a few blanks on the page, including application reference number, date of birth and mobile number.

The application status will be flashed on the screen showing any of the three - approved, pending for approval or rejected.

The reasons for rejections would be mentioned. If you can fill those voids, do so and apply again for an approval.

Credit Card Statement

The statement is a document showing the payment date, the amount due, minimum due, the list of transactions, rewards summary, etc. The late payment charges, if any, would also be shown in the statement. You can check the statement on your email ID as well as get the same on your registered address.

If you check the statement carefully, you can detect some possible errors. The bank can commit an error, and as a result, the outstanding balance will rise erroneously. If you find an error, report the same to the bank at the earliest for correction.

Features & Benefits of Credit Cards

You can earn reward points on several online and offline spends. Rewards earned can be redeemed to book flights, movie tickets, and for shopping at top brands. The redemption rate can vary among the cards, with some offering INR 1 for 1 reward point while others offering 20 or 30 paise for every reward accumulated.

Accelerated reward point offers are also up for grabs. Say a card comes with 10 normal reward points for every INR 100 spent. Another one comes with 5X reward points per every INR 100 spent. The latter is nothing but an accelerated reward offer, taking the total rewards to 50 in comparison to 10 in the case of normal reward structure.

Cashback and discount benefits reduce the cost of card shoppers greatly. While cashback is credited to the card account on a specified date after the transaction is made, discounts mean an outright reduction of the cost. Reward points can also be redeemed as cashback to the credit card account in the ratio as specified by the bank.

Avail a surcharge waiver on fuel spends to decrease your vehicle refill cost

Movie ticket vouchers, access to golf courses, discounts on dining & shopping make cards more appealing

Accumulation of air miles, cashback or dicount on hotel booking, travel cover and much more are available on travel credit cards

Enjoy lounge access at select domestic and international airports

Get 24x7 concierge services as assistance for room reservation, car rental, flowers & gifts, etc

Accomplishment of milestone spends earn you the annual fee waiver

Instant loan can be availed against credit card at attractive interest rates

Zero lost card liability feature provides cover for any losses arising out of the fraudulent usage of the lost or stolen card on reporting the incident immediately to the concerned lender on their helpline numbers.

Dispute resolution

Emergency card replacement facility

Credit Card Bill Payment

You can pay credit card bills from any of the following modes.

Internet banking

Mobile banking

Payment gateway

Cash or demand draft deposit at bank branch

How to Make Card Bill Payment via Net Banking & Mobile Banking?

You can pay using the net banking or mobile banking access of the concerned bank.

Log in to either of the channels using your credentials

Go to 'Credit Cards' section

Enter the bill amount

Pay the bill

An e-receipt of the payment would come on the screen post the successful transaction

You would receive an e-mail message and SMS regarding the transaction

If you have the net banking or mobile banking access of other banks. you can follow the steps described below to pay your bills.

Add the card by registering the card number, expiry date of the card, etc.

Set Auto Pay if you want an automatic payment of the bills on or before the due date

Else choose to pay yourself by just adding the bill and not setting an 'Auto Pay'

You would receive the bill intimation in advance, whether you have activated auto pay or merely added the card.

You would receive an e-mail as well as an SMS upon bill generation

Maintain the required sum in the bank account for a seamless bill payment

How to Pay Credit Card Bill via Payment Gateway?

You can use the payment gateway to pay the bill. Choose from any of debit card and internet banking options to pay the dues.

Credit Card Customer Care Number

If at all you face any problem or have a query regarding a credit card, don't hesitate to ring the 24X7 customer care centre of the concerned card issuer. You can find the number on the website of the lender or even on the card issuance letter. The customer care executives will hear your queries patiently and resolve them at the earliest. They may suggest you certain measures to sort out the issue ASAP.

Below is the table showing the customer care numbers of top credit card issuers in India.

How to Raise Credit Card Issue with Customer Care?

Dial the 24x7 customer care number of the concerned card issuer

Listen to the instructions carefully

The Interactive Voice Response (IVR) would tell different numbers to press for specific queries

Press on the number for your query

The customer care executive would ask you to authenticate by providing a few details

Post-authentication, you can raise the query and get it resolved ASAP

How Can Credit Cards Help Maintain a Strong Credit History?

Credit cards are one of the best financial instruments to improve your credit history. All you need to do is to shop with discretion and make payment on or before the due date. The plastic instrument can last forever even as they get renewed every 2-3 years from the date of their issue. It can thus continue building your credit history, much unlike loans that expire after a certain period. You just need to show the credit discipline by paying dues on time to get your credit history stronger than before. A strong credit history would empower you to go for a card upgrade or make you eligible for several other exciting deals.

How is Interest Calculated on Revolving Credit?

The best part with a right credit card is that you can shop for almost everything that’s available, be it online or offline. Plus, you can enjoy an interest-free period of 20-50 days as extended by banks across India. You can pay the full amount to get relieved of the interest and tax burden. However, if you pay below the total due or minimum due, the interest and taxes would add on to the bill to take something extra out of your pocket. When it comes to interest rate, it ranges from 2.5%-3.5% per month on an average. On the overall interest amount, the GST at 18% is getting charged. Previously, the service tax at 15% was levied on the interest amount. Let’s understand how interest gets calculated on the revolving credit.

Interest=Outstanding Amount x Rate of Interest x 12 months x number of days/365

Example- Ram Manohar Sharma, an engineer, shops via ICICI credit card for purchasing the goodies. Let’s see how his shopping was a month or two ago in the table below.

Date Transaction Details May 10 Purchased shoes worth INR 10,000 May 17 Bought sarees costing INR 6,000 May 20 Statement Generation Date (Total Dues - INR 16,000, Minimum Due - INR 800 June 13 Made a payment of INR 4,000 June 16 Bought a mobile costing INR 11,000 June 17 Made a payment of INR 3,000 June 20 Statement Generation Date

As you can clearly see in the table, Mr. Sharma has refrained from paying the entire bill and would thus bear interest on the outstanding balance. The interest rate charged by ICICI Bank is 2.49% per month. Let’s calculate the interest now.

Interest on INR 10,000 at 2.49% for 23 days from May 21 to June 12=(10,000 x 2.49% x 12 x 23/365)= INR 188.28

Interest on INR 6,000 (10,000-4,000) at 2.49% for 4 days from June 13 to June 16=(6,000 x 2.49% x 12 x 4/365)=INR 19.65

Interest on INR 6,000 at 2.49% for 27 days from May 21 to June 16=(6,000 x 2.49% x 12 x 27/365)=INR 132.61

Interest on INR 2,000 (6,000-4,000) for 3 days from June 18 to June 20=(2,000 x 2.49% x 12 x 3/365)=INR 4.91

Interest on a fresh expenditure of INR 11,000 for 5 days from June 16 to June 20=(3,000 x 2.49% x 12 x 5/365)=INR 12.28

Total Interest=INR 188.28+INR 19.65+INR 132.61+INR 4.91+INR 12.28=INR 357.73

Since the payment of the outstanding balance was not made in full, the late payment charges would be deducted. In this case, it will be INR 750 as the total amount due is 23,000 (10,000+6,000+11,000-4,000). Applying 18% GST on interest rate charged amount of INR 357.73 and late payment fee of INR 750, the tax to be deducted would equal to INR 199.40.

Frequently Asked Questions (FAQs)

Below are a few questions that many credit cardholders ask.

What is Meant by Credit Limit?

A credit limit is a point up to which you can shop via a card. Credit card issuers check your income, repayment potential and credit score before deciding the limit.

How Can I Increase the Credit Limit on My Credit Card?

You can get the limit raised by giving a call to the customer care centre or place a request at the nearest branch of the concerned lender. If the repayment track spanning is found to be good, the lender can raise the limit of the credit card.

What is Unbilled Amount of a Credit Card?

The unbilled amount refers to the spends made after the bill generation date. You can see the unbilled portion in the next billing cycle of a credit card.

What is Called Minimum Due on My Credit Card?

The credit card statement often shows the minimum due, which gets calculated at about 5% of the total outstanding balance in a billing cycle.

Is Interest Chargeable on Credit Card Spends?

No, if you pay the entire outstanding balance on or before the due date of the payment.

Is It Good to Pay Minimum Due Balance Only?

No, the payment of minimum due only inflates the bill by inviting interest and taxes. The subsequent shopping will further pile on the misery if you continue to pay minimum due only.

How Much Interest is Chargeable on Revolving Card Balance?

Yes, there will be charges on revolving card dues at around 2%-3.5% per month. So, if a bill worth INR 25,000 comes and you pay INR 15,000 only, the remaining INR 10,000 will be added to the next billing cycle. The interest would thus be charged on the unpaid balance. Plus, on the interest amount, the GST at 18% would also be charged.

Will the Delayed Card Payment Affect My Credit Score?

The payment delay will negatively impact your credit health by lowering your score. If you continuously delay the payment of credit card dues, not only your credit score goes down but even the late payment charges, interest and taxes would mount.

What are the Benefits of Timely Card Payments?

Timely payments would lead to a constant rise in your CIBIL score, hence increasing the scope for a credit limit enhancement. It would also brighten your future credit prospects.

What is Debt Settlement?

Debt settlement is an agreement you sign with the lender to reduce the debt to an amount you would find it easy to pay. Normally, lenders agree to reduce the interest liability while discussing a debt settlement deal with customers.

Should I Use Debt Settlement to Get Rid of Credit Card Debt?

Not at all. Your status will be recorded as debt settled, which clearly means your inability to pay off the dues in full. The CIBIL score may not come down but would negatively impact your credit history. As a result, you may find it tough to get a loan or credit card approval in the future.

Can I Get a Pre-approval for a Credit Card?

Yes, you can, by servicing different kinds of debts responsibly. The effective management of debts raises your creditworthiness, resulting in a pre-approval for credit cards.

Will I Get a Credit Card with No Credit History?

Yes, you can by the following ways.

From a bank where you have a salary account

From a bank where you have been maintaining a savings account or any other relationship for long

A card can be issued against fixed deposit, with the credit limit likely to be 80%-90% of the FD amount

What to Do When Your Credit Score is Low?

If the credit score is found to be low, you can apply for a credit card against the fixed deposit. Just check with the lender about the minimum amount needed to open a fixed deposit.

Can I transfer money from one credit card to another credit card?

Yes, you can transfer your outstanding amount on one credit card to another credit card with the Balance Transfer Facility. This facility allows you to repay the outstanding balance in easy monthly installments at a lower rate of interest. Almost all the banks and financial institutions provide this facility to their customers.

Can I Get a New Credit Card from the Bank Where I Already Hold One?

Yes, you can, provided you have a good CIBIL score and conform to the requirements with respect to age and income as stipulated.

I am self-employed and I don't file the Income Tax Return(ITR). Shall I be Approved a Credit Card?

Yes, you can get a credit card. However, banks won't feel comfortable offering you an unsecured credit card in the absence of income proof. You can thus apply for a card against the fixed deposit. This is called as secured credit card.

Should I Go for a Credit Card Upgrade?

Yes, if the existing card lacks offers that are there in other competing products. You can request for an upgrade at the bank branch and get your card added with exciting features. The upgrade would eliminate the requirement of applying for a fresh one. With that, you are also relieved of the duty to manage different credit cards which can be the case otherwise.

How to Convert Card Purchase into EMI?

Mobile companies and other firms display brand new products on e-commerce websites to gain more user traction. When you go to shop these products, you would need to choose from several payment modes such as credit card, debit card, internet banking and even EMIs. You can thus choose the EMI option to pay over a select tenure of 3, 6, 9,12, 15,18 or 24 months. The interest rate on EMI transactions comes anywhere between 14%-18% per annum, much unlike 30%-40% on revolving dues.

What are Supplementary/Add-on Cards?

These are offered to spouse, father, mother, son and daughter of the primary cardholders.

Do Credit Cards Offer Protection Against Fraud?

Yes,credit cards offer protection through the following.

Certified EMV Chip

Zero lost card liability, wherein you just need to report the incident to the customer care of the concerned credit card issuer to stay protected against fraudulent transactions made after the loss of the cashless instrument.

What Should I Do When My Card is Lost?

Immediately dial the 24x7 customer care executive of the concerned lender if and when such an incident takes place. Get the credit card blocked immediately to prevent an unauthorized use of the same. You can check the customer care number on the card issuance letter and even on the website of the lender.