What is a Credit card?
A Credit Card is basically plastic money that is used as a method for making a payment, thus facilitating your purchases. Credit cards are a very useful payment mechanism as you don’t have to carry around much cash for your purchases. They are especially useful for people who shop or travel frequently. The money spent on your card is payable to the issuer bank at the end of a monthly credit cycle. (Most banks provide you a free credit period of around 50 days)
Personalised Service: Our trained Relationship Managers will understand your requirements and your profile and help you find the most suitable Credit Card offer.
Credit Card Interest Rates and Charges
As credit card interest rates are paid by tenure time there are some charges on the Credit cards. These charges include various things like penalties. These are also known as Finance Charges and for these credit cards, the interest rates are not based on the repayment tenure and the credit score. In credit cards availing you need to know about the interest rates before availing as the interest rates are not based on any credit scores and repayment systems. So in this way you can use the credit cards Interest rates and Charges.
Features of Credit Cards
There are many features of credit cards. These credit card features include easy approval. Easy Approval is one of the most important things in Credit cards. Secure Pay is another feature of Credit cards. You can pay securely with credit cards. Then there are many rewards in the Features of the Credit cards. There are many discounts and offers on Credit cards you can avail of.
Which is the Best Credit Card For You?
There are many Best Credit cards and many top Credit cards and these top credit cards is the best for you.
- Axis Bank ace Credit Card
- Amazon Pay Private Credit Card
- HDFC Regalia Credit Card
- BPCL SBI Card Octane
- Citi Premier Miles Credit Cards
- SBI Credit Card Elite
- YES First Preferred Credit Card
- HSBC Bank Cashback Credit card
- Standard Chartered Credit Card
The process to apply for a Credit Card Online
You can apply for a credit card online through simple steps. These steps include:
- Firstly know about your credit score.
- Use all your information to apply.
- Then submit your application.
- Then wait for the application to review.
In this way, you can avail of the credit card online.
Things to know before applying for a Credit Card
There are many things to know before applying for a credit card. These things include the types of credit cards. Before applying you should know which type of credit card you are applying for. Then your income plays an important role. You can also use the credit score for applying for credit cards. Then you should know the terms and conditions of the credit cards. Then you should know about the interest rates. Then the tenure time plays an important role in the Credit card. Then the fees and the charges are used for applying for credit cards. Then the penalty is to know. Then the credit score is important.
Different Types of Credit Cards in India
Credit cards are small plastic cards that make life much easier. These cards allow you to buy goods and services on credit and then repay the money at the end of each month. You have the option of paying the maximum amount of credit lent from your credit card issuer or a monthly minimum fixed amount. Know that if you just pay the bare minimum, you will be paid interest on the remaining balance. Your credit card company has set a credit limit for you.
The top Gold credit cards available to customers in India are listed below:
- SBI Gold & More Credit Card
- SBI Student Plus Advantage Credit Card
- SBI Advantage Plus Credit Card
- BMB Gold & More Credit Card
- HSBC Bank Gold credit card
- PNB Global Gold Card
- Canara Global gold credit cards
- Bank of India Navy Gold
- Bank of India Visa Gold Card
- Bank of India Visa Gold International Card
Why DialaBank?
- Rate Comparison: We help you understand the details of all costs involved in taking a Credit Card and help you find the right card.
- Research: Benefit from our detailed research on all the products from the leading Credit Card players in the and make the right choice.
- Zero Charges: Dialabank offers Home service to its customers In at zero fees. Use our services to find the right Credit Card offer at no extra cost.
- Unbiased and Transparent Search: Our objective is to simplify your Credit Card search and we provide information in an unbiased and transparent manner.
Top Credit Cards in India
| Credit Card | Joining Fee | Annual Fee |
|---|---|---|
| HSBC Visa Platinum Card | NIL | NIL |
| Citi Cashback Card | NIL | Rs.500 |
| IndianOil Citi Credit Card | NIL | Rs.1,000 |
| HDFC Freedom Credit Card | NIL | Rs.500 |
| Yatra SBI Credit Card | Rs.499 | Rs.499 |
| HDFC Bank Diners Club Black Card | NIL | Rs.10,000 |
| IndusInd Bank Platinum Card | NIL | NIL |
| Axis Bank Neo Credit Card | Rs.250 | Rs.250 |
| Kotak PVR Gold Credit Card | NIL | Rs.499 |
| HDFC MoneyBack Credit Card | Rs.500 | Rs.500 |
Benefits of Using a Credit Card
- No Need to carry cash: Carrying a single card in your wallet may be very convenient vs stocking notes. Also, plastic money is much safer to carry around since the same comes with inbuilt insurance.
- Free Credit Period: Most Card issuers permit a free credit period of up to 50 days. This gives the benefit to the card user of enjoying the purchases on free credit during this period.
- Borrowing Cash: You can also withdraw cash through the ATMs. There is a one-time transaction fee and interest charged per month
- Enjoy various discount schemes: a lot of credit cards especially co-branded credit cards offer discounts and special offers to the user for making purchases
- Online Payment facility: Credit cards are very useful for making purchases on the Internet.
- Reward Points: As you spend on your card, you accrue reward or loyalty points that can be redeemed for various merchandise.
Important Credit card Details
Some of the select credit card features are mentioned below:
- EMI payments- One of the best credit card features is the ability to turn high-end transactions into manageable EMIs that can be charged overtime.
- Simple Approval- You can apply for a credit card both online and offline. The eligibility criteria is simple and involves only a few basic documents.
- The card limit varies from one cardholder to the next and is set by the issuer based on the cardholder’s credit history and ranking. The higher the credit cap, the better the credit score and history.
- Loans in an emergency- Credit card services can also be used to get a personal loan to cover any unexpected expenses.
- Cash withdrawal from ATMs- Another major benefit of using a credit card is that, like a debit card, it can be used to withdraw cash from ATMs. For such transactions, interest and a fee may be paid, though some issuers also give no-interest withdrawals.
- Discounts and Offers- Without a doubt, the best credit card benefits are the discounts and offers available on a variety of items such as watches, appliances, and clothing.
Credit Card – Compare & Apply Credit Cards Online
| Credit Card | Annual Fee | Best Suited For |
| Axis Bank Ace Credit Card | Rs. 499 | Cashback |
| Amazon Pay Private Bank Credit Card | Nil | Online Shopping |
| HDFC Regalia Credit Card | Rs. 2,500 | Shopping and Travel |
| BPCL SBI Card Octane | Rs. 1,499 | Fuel |
| Citi PremierMiles Credit Card | Rs. 3,000 | Air Miles |
| HDFC Moneyback Credit Card | Rs. 500 | Beginners |
| SBI Card ELITE | Rs. 4,999 | Shopping, Travel and Movies |
| American Express Platinum Travel Credit Card | Rs. 5,000 | Travel |
| YES FIRST Exclusive Credit Card | Rs. 9,999 | Reward Points |
| RBL Platinum Maxima Credit Card | Rs. 2,000 | Movies |
Credit Card Eligibility
Want to have a credit card? But, unsure of the eligibility requirements? Check the basic credit card eligibility requirements down below:
- Nationality: The applicant must be an Indian citizen (some banks may provide credit cards to NRIs).
- Age: The applicant should be at least 18 years old.
- Employment status: Both salaried, as well as self-employed applicants, are eligible to avail a credit card.
- Income: A steady income of at least Rs 18000 and above is required to avail a credit card.
- Credit score: A good CIBIL score of 750 and above, with no history of default, is essential to get a credit card approved.
Documents Required to Avail a Credit Card
- Complete credit card application form with legit signatures
- Income Documents:
- Salaried in MNC – salary slips of past 6 months
- Salaried in a Private Limited Company – Salary Slip copies
- Self Employed – ITR Filings along with business transaction reports
3. Address proofs, identity proofs and Form 60 are also required.
Factors To Consider Before Choosing a Credit Card
There are various factors that one must consider before choosing a credit card for himself:
- Joining Fee and Annual Fee: Low-end cards are available at zero joining and annual fee whereas the high-end premium cards come with one or both as charges for holding the card.
- Interest Rates: In case you pay you entire outstanding on the due date, you are not charged any interest. However, if you revolve your outstanding balance till your next billing cycle, then you are charged Interest @ approx 3.0% to 3.5% per month on the entire amount. In case you wish to revolve on your credit card, you should go with the issuer bank that charges the least rate of interest.
- Co-Branded Cards: Issuing Banks tie-up with leading retailers, airlines, hotels etc and provide co-branded cards that offer exclusive privileges to members by offering benefits and discounts. In case your spending pattern is high on a particular brand etc, it may be useful to check and take a co-branded card for the same.
- Interest-Free Period: Also called the grace period, this varies from bank to bank and provides an interest-free window to the client on the purchases made. It is wise to go with the bank that offers the longest interest-free period.
- Reward Points: Different issuers offer different reward points per Rupee spent on the card. Frequent users can avail a variety of benefits for making purchases on the card. Check the reward point program before signing up for your next card
Credit Card: Encashing Your Reward Points
Most loyalty programmes work by giving cardmembers ‘reward points’ for spending on their card. In the card industry parlance, this is called ‘Earn’. These earned points can then be redeemed (or ‘burned’ ) for travel, shopping, dining and entertainment.
“Many of us dismiss these programmes as marketing gimmicks, but the fact is that on the whole, these programmes are scientifically-designed frameworks that work for the benefit of credit card members, merchants and card companies. In fact, reward points are becoming the new form of consumer currency and increasingly, savvy customers are swapping them, donating them and redeeming them in a wide variety of ways.
Credit Card Fraudulent Transactions
Credit card fraudsters are keen to incorporate emerging technology into their techniques for obtaining credit card numbers and PINs, in addition to the tried-and-true approaches that have been around since the invention of credit cards.
Methods of credit card theft include:
- Snatching a card from a restaurant table, counter, or pocket (or simply taking an entire wallet or purse) is a standard method of gaining access to a person’s credit card. A twist of this scheme is swiping newly issued cards from mailboxes. Notify the card issuer right away if your card goes missing or if you’re informed that you might have got a card that never came.
- Account takeover: Through this method, a thief calls your card issuer and uses your personal information to alter your account’s access PINs, passwords, mailing address, and other details, allowing them to gain ownership of your account and prevent you from using it. This will take a long time to notice and much longer to resolve with the card issuer, depending on how often you use the card. Certain credit card providers allow you to set up a verbal password that isn’t recorded anywhere else to discourage this kind of scam.
- Cloned cards: Devices known as “skimmers” that fit over card readers at gas pumps and retail sales terminals will enable criminals to capture your card number while you swipe your card, then repeat it for their illegal use. This method has been made even more complex by EMV chip-equipped cards.
- Card-not-present cheating is the illegal use of a credit card transaction that does not necessitate the actual ownership of the card. The robber just needs to know your identity, account number, and the card’s security code to use this form to make online transactions.
Credit Card Interest Rates and Charges
| Credit Card | Interest Rate per month | Annual Percentage Rate (APR) |
| HDFC Bank Regalia Credit Card | 3.49% | 41.88% |
| American Express Membership Rewards Credit Card | 3.50% | 42% |
| SBI Card PRIME | 3.35% | 40.20% |
| Private Bank Platinum Chip Credit Card | 3.40% | 40.80% |
| American Express Platinum Reserve Credit Card | 3.50% | 42% |
| HDFC Regalia First Credit Card | 3.49% | 41.88% |
| SBI Card Elite | 3.35% | 40.20% |
| Citi PremierMiles® Credit Card | 3.40% | 40.80% |
| Standard Chartered Manhattan Platinum Credit Card | 3.49% | 41.88% |
The interest rate on your credit card is only valid if you have an outstanding balance on your account or if you have taken a cash advance. This could happen as a result of the following circumstances:
When you just pay the bare minimum,
When you make a payment that is less than the actual amount due
When you don’t spend anything at all
When you use your credit card to borrow cash from an ATM
Credit Card Payment
How do you pay for a credit card? Is it a web-based or a paper-based program? What kind of internet banking payment options do you use while you’re shopping online? Today, the majority of credit card users choose to pay their credit card bills through internet banking.
In some ways, paying credit card bills via internet banking is preferable to other methods of payment. It’s straightforward and practical. Mobile banking, auto-debit, electronic bill transfers, debit cards, nationwide automated clearinghouse, RTGS, IMPS, and NEFT are all options for internet banking payments. Any of these methods of online payment has its own set of benefits. Let’s take a look at how IMPS and NEFT perform.
How to get the best Credit Card?
Credit card customers may challenge fraudulent sales or transactions of products that are defective or lost during delivery under the Fair Credit Billing Act. 2 If the object was purchased using a debit card, it could only be changed if the retailer agrees. Furthermore, victims of debit card fraud do not get their refund until the investigation is finished.
On the other hand, credit card holders are not charged with the contested charges; instead, the balance is withheld automatically and then returned if the dispute is dismissed or resolved in the merchant’s favour. However, some credit and debit card companies provide consumers with zero-liability insurance.
If you need to borrow a car, several credit cards have some kind of crash insurance. Some car rental companies ask consumers to have credit card details as a substitute, even though they choose to use a debit card. Allowing the rental agency to keep a few hundred dollars on a bank account debit card as a form of surety deposit could be the only way out for a customer.
Debit Card vs Credit Card, which is better?
Credit cards and debit cards have 16-digit card numbers, expiration dates, and personal identification number (PIN) codes almost identical. With one primary distinction, both will do shopping in shops or online convenient and straightforward. Debit cards empower you to spend money by withdrawing funds from your bank account. Credit cards allow you to borrow money from the card issuer for purchases or cash withdrawals up to a certain amount.
In your wallet, you most likely have at least one credit card and one debit card. The simplicity and security have been hard to match, but some key distinctions may significantly impact your wallet.
How to Apply for a Credit Card?
Because of the rising demand for credit cards in the market nowadays, banks and financial institutions have made the application process simple and easy for customers. You can apply for a credit card both online as well as offline:
Online Mode:
Applying for a credit card online is a very simple process. Just follow the steps mentioned below to enjoy a hassle-free experience:
- Visit our website dialabank.
- Fill in your name, income, location and a select a credit card from the options given.
- Click on “Request a quote”.
- Wait as our relationship manager will soon get in touch with you over your credit card query.
Offline Mode:
People who are not comfortable with an online mode of application can visit the nearest bank branch personally to apply for the same:
- Google the nearest branch online and visit the branch personally.
- Enquire about a credit card with the representative.
- The representative will guide you about the cards that match your best needs.
- Fill the application form and provide KYC documents such as identity proof, address proof, etc. to complete the process.
- Provide income proof and two passport-sized photographs.
FAQs About Credit Cards
✅ What is the main difference between a debit card and a credit card?
Using a debit card you can draw money from your account immediately. Whereas a credit card enables you to borrow the money in the form of credit and you will have to pay the amount bank within a stipulated time period.
✅ What will be my credit card limit?
A credit card limit is a maximum amount that one can spend using their credit card. Depending on your card you can have a high limit for the credit card.
✅ Can I avail myself of a credit card online?
Yes, You can apply for a credit card online, on our website and can get a card instantly. On applying online your card will be disbursed within a few hours.
✅ What is the minimum credit score for a credit card?
A credit score above 650 is ideal to be able to get a credit card
✅ Can I get a credit card without a job?
Even if you do not have a job and have a pretty substantial inflow into your account every month or so, you are eligible for a credit card.
✅ Can I get a credit card in a day?
Yes, you can avail a credit card on the same day due to the online application system. However, the physical process of credit card disbursal may require more than one day.
✅ Do credit cards also come with an airport lounge and other benefits?
Yes, a lot of credit cards come with access to domestic and international lounges at airports and other benefits available only to credit cardholders.
News
Can’t Use New Card for Online Transactions?
Debit Card, Credit Card Rule Learn how to do it. The customers’ substitutes online transaction facility must be enabled even though the debit and credit cards are reissued or upgraded. According to the RBI, if cardholders have not used their cards for online, overseas, or contactless transactions in the past, the bank would be able to uninstall their cards for such transactions. Lenders will be able to deactivate existing cards and reissue them depending on risk assessment.
Why will you use a credit card to pay your taxes?
No, you haven’t arrived yet. Because of the pandemic, taxes aren’t due until May 17, rather than the usual April 15 deadline. However, the deadline is approaching, and you might be considering your options, especially if you have a large tax bill and insufficient cash on hand. The Internal Revenue Service accepts credit card payments, which may be a good deal if you can get cash back or other perks to pay off your debt quickly. Otherwise, paying your taxes with a credit card would be a costly stopgap.
COVID-19 after a year: Five moves to get out of debt
It’s been almost a year since the COVID-19 pandemic broke out. The planet as we knew it shifted, perhaps for good, and many of us braced for the toughest economic problems ever. Sahil (name changed), 36, was one of my clients who was living life to the fullest. Sahil had a decent career and a good education. It was just because he was a spendthrift. He and his four-person family, like so many others, were caught off guard by the pandemic’s economic effects. He got himself into a debt trap as a result of that. Let’s have a look at where he went wrong and what our readers might take away from his and his family’s blunders.
What you need to know about using travel credit cards right now
We all expect to fly again when India begins to be vaccinated. Banks are now preparing to enhance their credit card loyalty plans to provide travel perks. Though most Indians are only a few months away from boarding the next flight for risk-free leisure travel, it’s a good idea to look at travel credit cards. It’s also a past time you learned about the capabilities of the card you own but couldn’t use last year due to COVID-19. Is it even logical to go ahead with it?
