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BASIC ELIGIBILITY CRITERIA

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Are you looking for information and guidance on credit cards?

We’re here to provide you with all the essential information at your fingertips, making it easier for you to make informed decisions when it comes to credit cards. Whether you’re in search of the best credit card, one with no joining fees, a cash-back card, or a rewards points credit card, our goal is to help you choose the credit card that best aligns with your unique needs and preferences.

What Is a Credit Card?

A credit card is the key to fulfilling your diverse needs without the immediate involvement of cash. Essentially, it’s a plastic card that enables you to make purchases without using cash upfront. The issuing bank lends you a certain amount of money in the form of this card for your use. The catch is that you’ll need to repay this borrowed amount within a specified timeframe, along with applicable interest and GST charges. The bank provides you with a credit card statement that details your transaction history and the breakdown of your outstanding balance. To avoid extra fees and penalties, it’s crucial to settle your outstanding balance by the due date indicated in the statement. You can use a credit card for both online and offline transactions.

Applying for a Credit Card?

The credit card application process is not only easy but also swift. You simply need to meet the eligibility criteria and provide a few essential details. Here are the steps to apply for a credit card:

To make an informed choice when selecting the right credit card for you, simply visit www.buildmyfinance.com and apply for a credit card instantly.

Why Is a Credit Card Important?

In an era of digitalization and online payments that leave little room for traditional cash-carrying habits, credit cards emerge as the optimal choice for conducting transactions. They not only provide a hassle-free payment option but also offer rewards points or cashback with every purchase. Another noteworthy feature is the grace period of 20-50 days, during which you have time to repay the borrowed amount to the bank.

Credit Card Benefits

Credit cards come with a host of benefits, including:

Reward Points Program: Nearly all credit cards feature a reward points system. With every transaction you make using your credit card, you earn a specific number of reward points. These points can then be redeemed for various rewards, such as discounts, cashback, or products, depending on the card’s reward program.

Welcome Gifts: Some banks offer welcome gifts when issuing credit cards. These gifts can range from gift vouchers and bonus points to discounts, and they vary from one bank to another.

Fuel Surcharge Waiver: This benefit entails waiving the surcharge when you spend a certain amount regularly on fuel.

Cashback: Certain credit cards provide cashback benefits, with the percentage of cashback varying from bank to bank. For instance, you may enjoy significant cashback when purchasing items like a new iPhone using specific credit cards.

Travel & Lifestyle Advantages: Privilege credit cards offer numerous benefits, including attractive offers on miles, airport lounge access, travel insurance, flight ticket deals, hotel offers, dining discounts, shopping perks, entertainment privileges, and more.

Difference Between Credit & Debit Card

A credit card allows you to conduct transactions on a credit basis, meaning you don't need to pay cash immediately but have a set time frame to repay the amount spent. On the other hand, a debit card enables you to spend money directly from your savings or current account, requiring no repayment.

How to Use a Credit Card

If you're a first-time credit card user, here's how you should utilize your issued credit card:

Every credit card comes with a credit limit, which represents the amount of money you can use for transactions. It essentially reflects the amount borrowed from the card issuer bank. You need to repay this amount after receiving your monthly transaction statement.

To make credit card payments, you’ll need to have your card swiped by the merchant, seller, or vendor. You’ll be asked to enter your PIN number, which you receive with your credit card kit (or the new one if you’ve changed your PIN). For online transactions, you’ll need to input your credit card number, name, validity, CVV, and OTP (One-Time Password) sent to your registered phone number for transaction authentication.

What Is Grace Period?

In India, a grace period is offered for the payment of purchases made using a credit card. After this period, interest is added to the total purchase amount. For example, if your credit card statement contains purchases from March 17th to April 16th, with a due date of May 1st, you won’t be charged any interest on purchases made within that period. Please note that cash advances are not included in this grace period.

Can Credit Cards Be Used for Cash Withdrawal from ATMs?

Yes, it is possible to withdraw cash through credit cards, a service known as cash advance. This cash withdrawal is part of the total credit limit available on your credit card. You can easily withdraw cash from an ATM by generating an ATM PIN for the card. You can obtain this PIN by calling the contact number provided on the back of your credit card, which is the customer care number for assistance.

Can I Get My Credit Limit Increased?

Yes, the credit limit on your card can be adjusted or increased over time. To obtain an increased credit limit, you need to maintain a good track record. Always make timely payments and avoid missing any payments, as this can lead to a reduced credit limit.

What Are the Necessary Documents for a Credit Card?

The eligibility criteria and required documentation for credit cards vary from one bank to another. Here are the essential documents you should have when applying for a credit card:

Identity Proof:

Ensure you have government-authorized identity proof, such as Aadhaar, Voter ID, Driver's License, Passport, or PAN Card.

Income Proof:

Maintain up-to-date income proofs like bank statements from the past six months (or three months in some cases) or salary slips, as these are considered valid income proofs by banks.

Address Proof:

You'll need valid local address proof, such as a passport, voter ID, telephone bill, or other acceptable documents that confirm your current residence or office address.

Photographs:

Carry more than two or three passport-sized photographs to process your credit card application.

What Are the Different Types of Credit Card Charges?

If you’re wondering about the charges associated with using a credit card, here’s a list of the most common credit card fees that may be applied to customers:

Joining Fee:

This is an enrollment fee that you may be asked to pay when applying for a credit card. In some cases, no joining fee is charged, depending on the card issuer bank's policies.

Annual Fee:

Some credit cards have an annual fee that is charged when the card is issued to you. Many cards are exempt from annual fees, while others may charge a substantial amount based on the privileges they offer.

Late Payment Fee:

If you fail to pay the outstanding amount by the due date, you may

Cash Withdrawal:

This is commonly known as cash advance interest, and it is charged when you utilize the cash withdrawal service from your credit card. It's important to note that cash withdrawals often come with higher interest rates compared to regular credit card transactions.

Over Limit Fee:

If you surpass the credit limit available on your credit card, the bank may impose an over-limit fee as a penalty.

Why Bankingontips Is the Best Choice for Choosing a Credit Card?

When it comes to selecting the right credit card to meet your diverse needs, Bankingontips stands out as your ideal partner.

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Frequently Asked Questions (FAQs) for Credit Card Opening

What is a credit card?

A credit card is a financial tool that allows you to make purchases on credit. It's a plastic card issued by a bank or financial institution that grants you a line of credit, which you can use for various transactions.

How does a credit card work?

When you use a credit card, you're essentially borrowing money from the issuing bank. You make purchases, and at the end of the billing cycle, you receive a statement with the total amount due. You can choose to pay the full balance or a minimum amount, with interest accruing on any unpaid balance.

What is the difference between a credit card and a debit card?

A credit card allows you to make purchases on credit and repay the borrowed amount later with interest, while a debit card deducts funds directly from your bank account, using your own money.

What are the benefits of using a credit card?

Credit cards offer benefits such as cashback, rewards points, travel perks, purchase protection, and the ability to build credit history, which can be important for loans and mortgages.

How can I apply for a credit card?

You can apply for a credit card through the website of the bank or financial institution of your choice. Typically, you'll need to provide personal information, income details, and address proof.

What is a credit limit?

A credit limit is the maximum amount of credit that the bank is willing to extend to you. It represents the highest amount you can borrow on your credit card.

How do I make payments on my credit card?

You can make payments through various methods, including online banking, mobile apps, check payments, or by visiting your bank's branch. It's important to pay at least the minimum amount by the due date to avoid late fees and interest charges.

What happens if I miss a credit card payment?

Missing a credit card payment can result in late fees, a negative impact on your credit score, and increased interest charges. Consistently missing payments can lead to further consequences, including account closure.

Can I withdraw cash from my credit card at an ATM?

Yes, most credit cards allow cash withdrawals from ATMs, but this is known as a cash advance. Keep in mind that cash advances often come with higher interest rates and fees.

How can I protect my credit card from fraud and unauthorized use?

To protect your credit card, keep it in a secure place, monitor your statements regularly for unauthorized transactions, and never share your card information or PIN with anyone.