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What is a credit card?

A credit card means you buy now and pay later. Your bank (issuer of the credit card), pays the amount for the product or a service right away and has to be repaid within a period of time.
This card is very useful if you have to purchase a product immediately and have no ready cash.

What are the documents required to avail a credit card?

  • You need to submit a copy of your PAN card.
  • You need an identity proof and an address proof such as a passport, Drivers license or a voter's card as part of your KYC (Know Your Customer), needs.
  • If you are salaried you show copies of your last 3 months salary slips and bank statements.
  • You need a Copy of form 16 as well as your last 3 years Income Tax Returns.
  • If you are self employed you require to show Income tax returns, Your profit and loss account and your business card. You might also have to own a vehicle and your business must have credibility.
Why avail Credit Loan?

Money Is Safe

Credit cards can be used in India or abroad. They are easy to carry and can be easily blocked if lost. Your money remains safe.

Special Benefits

You get frequent flier rewards and fuel point rewards if you use your credit cards to book flights or pay for petrol or diesel at fuel pumps.

Used to Shop

You can shop online or pay utility bills such as water and electricity bills using a credit card.

 

Rewards and Cash Back

Higher you spend with the credit card, more are the reward points you get. You get discounts when you shop using the credit card.

Eligibility criteria to avail Credit Card

  • You need to be at least 18 years of age. You will not be able to avail a credit card if you are over 65 years of age.
  • You require to have a minimum salary of INR 3 Lakhs.
  • You need to have a minimum Cibil score of 700 for the final sanctioning of your loan.
  • You must not be in debt or be paying EMI's on too many loans.<
  • If you are a student, you can avail a credit card against your fixed deposit. A certain minimum fixed deposit would be specified.
  • If you have a savings bank account or a fixed deposit with a bank, you can easily avail a credit card.
  • If you are working in a non listed or not too popular a Company, then you might face a problem while availing a credit card.
 

Concepts & FAQ's Credit Card

What is a Credit Card?

Credit Cards are also known as plastic money. It is one of the most convenient ways of making payments while shopping. The major advantage of plastic money/credit card is that you don't have to carry cash and you can get rewards points on each purchase made. Only banks are permitted to issue credit cards.

Benefits of Credit Card

Credit cards are at their most convenient when it comes to travel. Credit cards are also essential while shopping online. A person can shop online is he has a credit card. Credit card also allows 24-hour Instant Cash Access from an ATM.

Caution while using a Credit Card

It is always advisable to pay your credit card dues on time in order to maintain a good credit score in CIBIL. Whenever anyone applies for any kind of loans in future, a bad history or credit score can be a cause for rejection. If due to poor credit history one is not able to get a credit card, then one can apply for a secured credit card. These are issued against their term deposit in the bank.

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Frequently Asked Questions

What are the benefits of credit cards?

Credit cards allow you to spend money without carrying a lot of cash around and without writing a cheque. They're extremely convenient, especially when you're on a trip or don't have access to cash. Besides, most of the online transactions can be carried out only through credit cards and not cash.

What are silver or gold or platinum cards?

Based on your application, credit card companies determine your suitability for issuing silver, gold, and platinum/titanium cards. In general, the higher the level of the card, the higher the rewards and benefits, like lower interest rate, exclusive discounts and memberships, higher credit limits. Most of the offers run by credit card companies also have their discounts based on the level of your card. For example, a platinum card will get you better offers than a gold card; a gold card will get you better offers than a silver card and so on. To choose the most appropriate credit card call us on 080 67974000!

When will I receive my card?

Upon approval, you will receive your card within 7-10 business days.

What is CVV number?

CVV stands for Card Verification Value. This is normally a 3 or 4-digit code at the back/front of the card, used as an added security feature for online transactions.

What is a petrol card?

Many card companies have tie-ups with different petrol companies where you get various incentives to use your credit card for fuel payments at particular outlets. The incentives vary from fuel surcharge waiver to 5% cash-back to extra reward points for every rupee spent through the card on fuel. Cards that give you such incentives are called petrol cards.

What are reward cards?

Many card companies have tie-ups with different petrol companies where you get various incentives to use your credit card for fuel payments at particular outlets. The incentives vary from fuel surcharge waiver to 5% cash-back to extra reward points for every rupee spent through the card on fuel. Cards that give you such incentives are called petrol cards.

What if credit card gets damaged?

Please destroy your damaged card by cutting it into four pieces and inform your credit card company along with a necessary request to issue a duplicate card.

What should people do if their credit card gets lost or stolen?

Call the respective bank's customer care, immediately requesting them to block your card. You can also lodge a complaint in the nearest police station. To know more about Credit Card, call us on 080 67974000!

 

Credit Card Articles

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How To Manage Your Credit Card Debt Smartly!

06 June 2018, Wednesday    

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Credit Card News

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Xiaomi Mi A2 expected to launch soon in India

Thursday, June 7, 2018, 10:38 PM

Xiaomi's new smartphone Mi A2 was spotted on Geekbench listings, hinting that the company may soon launch the rebranded version of Xiaomi Mi 6X, in India. Geekbench is a web portal where device performance is tested and results are displayed in the form of total score numbers before they are launched.

Xiaomi Redmi Y2 selfie smartphone launched for Rs 9,999

Thursday, June 7, 2018, 10:05 PM

Last year, Xiaomi introduced a new category in its Redmi series, aimed at selfie fans. Building on the success of the Redmi Y1 launched in the Q4, last year, Xiaomi has now launched the Redmi Y2 in the Indian market. In a revamped design, the Y2 features a 5.99inch HD+ display with 18:9 aspect ratio. The device has a brushed metallic finish.

OnePlus 6 limited edition Silk White model now available in India

Tuesday, June 5, 2018, 6:48 PM

OnePlus 6 went on sale in India on May-21, 2018, and unsurprisingly, over 25,000 units of the device were sold out within 10 minutes after it went live. However, only the Midnight Black and Mirror Black colour variants were available for sale. The third and more elegant variant of OnePlus 6, the Silk White will be available for buying from June 5 in India.

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Credit Card Videos

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Credit Card - How to get out of a credit card debt trap?

Credit Card - How to get out of a credit card debt trap?

6 Years Ago

Start your Journey to Become Rich with IndianMoney's Financial Freedom App, Download here: https://indianmoney.com/ffa/FmCSZ69pHo   Credit card is still not widely used in India. Compared to debit cards, the number of credit cards in circulation is a very small number. And out of this small proportion, most of them have been into a credit card trap. This is because of lack of information as to how to efficiently use a credit card. If used wisely, credit cards can be very beneficial. So are you using a credit card? Or do you know anyone who is using one? Then watch or share this very informative video by C S Sudheer to know how to get out of a credit card debt trap.
Credit Card in Malayalam - Tips to Improve your Credit Score in Malayalam | നിങ്ങളുടെ ക്രെഡിറ്റ് സ്കോർ മെച്ചപ്പെടുത്തുന്നതിനുള്ള 10 ടിപ്പുകൾ

Credit Card in Malayalam - Tips to Improve your Credit Score in Malayalam | നിങ്ങളുടെ ക്രെഡിറ്റ് സ്കോർ മെച്ചപ്പെടുത്തുന്നതിനുള്ള 10 ടിപ്പുകൾ

6 Years Ago

Start your Journey to Become Rich with IndianMoney's Financial Freedom App, Download here: https://indianmoney.com/ffa/FmCSZ69pHo   A credit score is a three-digit number ranging from 300 to 900, 300 being the lowest, and 900 the highest. This score is calculated based on an individual’s credit history. That is, it will take into account the total number of accounts open, total levels of debt, credit repayment history, and so on. This will evaluate a person’s creditworthiness. Lenders consider the credit score before availing a loan to ensure the timely repayment probability of the borrower. So have you ever checked your credit score? Is it low? Are you looking forward to improving it? Then watch this video to know 10 practical tips to improve your credit score.  
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CREDIT CARD 2020 in malayalam- how to get a credit card? | എങ്ങനെ ഒരു ക്രെഡിറ്റ് കാർഡ് എടുക്കാം?

6 Years Ago

Start your Journey to Become Rich with IndianMoney's Financial Freedom App, Download here: https://indianmoney.com/ffa/FmCSZ69pHo     Until today, credit cards are not widely used in India. There are only 5crore credit cards issued in India. This is because most people are unaware of the working of a credit card. A credit card can be very beneficial if used wisely. It is nothing but a credit facility provided by banks, which can be used to make payments. But, how can you get a credit card? Are you thinking about taking a credit card? What are the criteria the bank will look for before issuing a credit card? If you want to know all this, then watch this very informative video.    

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Credit Card Education

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What is card skimming ?

Thursday, June 14, 2018, 2:50 PM

Card skimming is a type of card fraud, where fraudsters use a small electronic device called a skimmer, to steal your card information. This generally happens when your card is inserted into electronic devices like POS (Point of Sale). Your card gets run through a skimmer and the device captures and stores key information from the magnetic strip of your credit/debit card.

Reasons Why Credit Card Application Gets Rejected: #3 Age restriction

Sunday, May 13, 2018, 3:51 PM

Usually, banks do not issue credit cards to minors and senior citizens. Your credit card application will be accepted only if you are between 18-65 years of age. Banks do not issue credit cards to minors and senior citizens, because they think that they do not have the necessary income to avail a credit card.

Reasons Why Credit Card Application Gets Rejected: #2 Low credit score

Sunday, May 13, 2018, 3:49 PM

Your credit card application will be rejected by the bank, if you have a bad credit score. The credit score is one of the important factors that are considered for issuing a credit card. Every month the bank sends details of your repayment history of the loans you have availed, to CIBIL.

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