A credit card is a card issued by a financial company giving the holder an option to borrow funds, usually at point of sale.

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  3. FAQ

Credit cards offer you a host of benefits and are extremely handy. They are universally accepted and facilitate cashless transactions across millions of merchant locations across the world. You can use a credit card for e-shopping and making online bill payments. It discounts the need to carry cash as one can withdraw cash through ATMs. Credit cards can also extend a loan and allow you to pay through EMIs. In addition, one can also earn discounts and get rewarded for using a credit card!

Identity Proof (Any one): Passport, Photo Pan Card, Votes ID card, Photo Ration Card

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1. What is a Credit Card, Charge Card or Debit Card?

A Credit Card, as its name suggests, gives you credit, for a charge, of course, and allows you to pay for service or product over a period of time. The days of credit one gets could range from 20 to 50 days (calculated from the day of billing and not from date of purchase) come interest free. You can choose to pay your dues entirely at one go or stagger them after paying the minimum amount due every month. A Charge Card is almost similar to a Credit Card, but with one key difference. With Charge Card, you have to pay the entire dues within the credit period and also you cannot carry over any balances like a Credit Card. A Debit Card is on the whole, an ATM card on the move. It enables you to access your bank deposits for payment. When you make any purchases using a Debit Card, your bank account is instantaneously and automatically depleted to the extent of the purchase amount.

2. How many types of cards can I choose from in India?

In India there are essentially three types of cards available, Visa, Master Card and Amex (American Express).

3. What is Gold, Silver or Classic/Executive Card?

Gold, Silver or Classic/Executive are the terms used by issuing banks to distinguish between the levels of services offered on each. The Gold Cards fall on the premium segment as they feature better features like higher insurance covers, more privileges, more facilities, more discounts. These types of cards have the element of prestige and esteem associated with them. And they don't come any cheaper, as they have the highest fees and service charges.

4. What is the process for owning a Credit Card?

First get in touch with the card issuing bank. Ask for the application form. Fill-up the form and submit it along with the necessary documents required. After a short credit appraisal, the bank will send you your card by mail.

5. What are the eligibility norms to get a credit card?

Credit Card companies/ issuing banks do have a minimum income level requirement which serve as the preliminary point while apply for credit card. The income requirement varies from bank to bank, ranging between Rs.60,000 to Rs.2lac per annum, depending upon your choice on the type of card you want and also upon your risk profile. If you have a regular and steady income source, it helps, as the banks issuing Credit Cards need to be sure whether or not you will be able to repay the expenses incurred through your credit card. You have to be at least 21 years of age and not more than 65 years.

6 How much does it cost to own a credit card?

The basic cost involved in applying for a card comprises the joining fee, which varies from bank to bank and on the type of card you have applied for. Joining fees (a one time payment) vary from Rs.100 to Rs.1000. Every year you will be charged an annual fee to continue your membership on the card. Annual fees vary from Rs.400 to Rs.2000 The annual fee are payable in advance (at the beginning of the year) You do not need to pay cash for the annual fees as the issuing banks automatically bill these to your credit card in the first monthly billing statement, and hereafter, every year.

7.What is PIN?

PIN or the Personal Identification Number is unique to every card and is a combination of numbers. It is basically a 16 digit number with the first 8 digits reserving information about the card issuer and the country and the next 8 digits stores customer information like the category of the membership etc. The PIN serves as a key, which allows you to avail certain services like cash withdrawal from ATMs. This number is very important and must be stored carefully.

8. What happens if I lose my PIN?

If you lose the PIN get in touch with the bank ASAP. The bank will replace your credit card and issue a new PIN. This replacement process comes at a cost and gets billed in your next statement.