Credit Cards
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Table of Content
- What is a Credit Card and How It can be used?
- Why Credit Cards?
- Credit Cards Types
- Credit Card Eligibility Criteria
- Credit Card Application Income Eligibility
- Required Documents for Credit Card
- Apply for Credit Card using Credit Seva
- Benefits of Applying for Credit Card at Credit Seva
- Steps to Apply Offline for Credit Card
- Check Credit Card Application Status Online
- Credit Card Statement
- Features & Benefits of Credit Cards
- Credit Card Bill Payment
- Credit Card Customer Care Number
- How to Raise Credit Card Issue with Customer Care?
- How Can Credit Cards Help Maintain a Strong Credit History?
- Credit Card Frequently Asked Questions (FAQs)
Credit Card & How It can be used
A Credit Card is a plastic card that helps you make purchases. It can be used to buy food, clothes, travel tickets and movie tickets. It can also give you access to airport lounges, 24×7 attendant help and other rewards. When you use a Credit Card, you can get cashback, discounts, fuel surcharge waivers and other rewards which can be redeemed for gifts, cashback or other benefits. Some rewards are valid for 2-3 years, while some are never-expiring. You can apply for a Credit Card online and get rewards for spending a certain amount as set by the Credit Card provider. You can buy things online with a few clicks or by swiping the card at a retail store. If you opt to pay the full amount, there will be no interest. If not, the Credit Card provider will charge interest at 2.50-3.50% per month, which adds up to 30-45% per annum. You can also opt for the EMI option, which comes with a lower interest rate of 13-18% per annum.
Why Credit Cards?
Credit cards will offer you the following benefits –
- Comfort
- Convenience
- Luxury
- Best-in-class services
- Freedom to shop for anything from anywhere at any time and much more…
Credit Cards Types
Nowadays, there is a wide range of credit cards available in India as the country moves towards a cashless economy. It is important to understand your needs before selecting a credit card. Generally, credit cards can be divided into different categories such as rewards, cash back, travel, business, and student cards. Each type of card has its own benefits and features, so choose the one that best suits your needs.
Cashback and Rewards Credit Cards:
These cards offer cashback and prizes on spends. These Credit cards offer savings and rewards when purchases are made. Cashback gives customers a lower overall cost when they buy something, which means more money saved. Reward points can be earned through spending and can be redeemed for shopping at numerous places both online and in person. Here is a list of the best cards to get for cashback and rewards.
- Citibank Citi Cashback Credit Car
- Standard Chartered Manhattan Platinum Credit Card
- SBI Card Prime
- HDFC Moneyback Credit Card
- ICICI Bank Coral Credit Card
Travelling Credit Cards:
Are you an avid traveller? Consider getting a travel card that rewards you with miles for travel expenses and lets you relax in both domestic and international airport lounges. The miles you get from the card can be redeemed for plane tickets and hotel bookings. Don’t hesitate, select the best one for you from the options below.
- Air India SBI Signature Credit Card
- CITI PREMIERMILES Card
- Jet Privilege HDFC Bank World Card
- Club Vistara SBI Card PRIME
- IRCTC SBI Card Premier
- Jet Airways ICICI Bank Sapphiro Credit Card
- American Express Platinum Travel Credit Card
- Club Vistara SBI Card
Fuel Credit Cards
High Fuel Costs Making It Challenging For You To Drive Out and about? You can definitely relax, There Are Fuel Charge cards That Procure You Focuses on Topping off Your Vehicle. You Could Get Limits or Cashbacks On Topping off The Vehicle At Fuel Stations. These Main Five Premium Credit cards (Fuel) Are Available to all.
- BPCL SBI Card
- Citibank Indian Oil Citi Credit Card
- HDFC Bharat Cashback Credit Card
- ICICI Bank HPCL Coral American Express Credit Card
Dining Credit Cards
Paying significantly more on eating outside than you might want to? If so, consider getting a dining credit card. With these cards, you can enjoy nice restaurants while also getting discounts on your purchases. Below are some of the best dining cards available. If you find one that works for you, you can apply for the credit card
- HDFC Regalia Card
- HDFC Platinum Times Card
- ICICI Bank Rubyx Credit Card
- ICICI Bank Instant Platinum Credit Card
Credit Card Eligibility Criteria
- Your Minimum Age 18 years at the time of application.
- Your Age not exceed above 65 Years.
- To be able to get a credit card, salaried people need to earn a yearly income of at least two hundred thousand Indian Rupees (INR 2 lakhs). Self-employed people, on the other hand, need to have an income of at least one hundred and fifty thousand Indian Rupees (INR 1.5 lakhs). Yet, the criteria for getting a credit card may vary from one banking institution to another.
- CIBIL Score Must be 750 and above.
Credit Card Application Income Eligibility
Checking with the bank to see if the salary you earn qualifies you for a credit card is the first step. Remember that banks usually consider your gross salary when approving a credit card application. This means that any bonuses or other forms of income you receive are not included. If your salary is enough to be approved, then you can apply. If not, look for banks that can offer a credit card based on your gross income.
Required Documents for Credit Card
- Passport size Photo.
- 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
Apply for Credit Card using Credit Seva
If you want to get a credit card from Credit Seva, there are three options for you to consider. The first is to fill out an online application. This requires you to provide information about yourself and your financial situation. The second option is to visit a Credit Seva branch in person and complete the application. Lastly, you can call Credit Seva and have a representative guide you through the process. Whichever way you choose, you can get a credit card from Credit Seva.
Benefits of Applying for Credit Card at Credit Seva
Applying Credit card at Credit Seva has advantages of its own. A portion of these incorporate-
Ease of Use – You can visit the site of Credit Seva and browse any of Whatsapp, talk or even the traditional application structure to apply.
Fast – You can apply for the card shortly by noting or filling important individual and expert data.
Instant Approval – On the off chance that you have presented the subtleties accurately and meet the qualification rules, a moment endorsement will stay a convention!
Effective Comparison of Offers – You can analyze energizing proposals as far as remuneration focuses, travel honors, charges, and so on. A decent correlation assists you with picking the best arrangement that wouldn’t just coordinate your necessities yet additionally let you live with style.
Credible Information Display – The data showed is investigated completely and get refreshed on an opportune premise, thus guaranteeing a more prominent level of unwavering quality.
Transparency in Information – Not just the offers, you can likewise get to know the relevant expenses and charges. The data is straightforward, so you can get a total detail prior to applying for the card. This main lifts shopper certainty and has made many applying through Credit Seva.
Excellent Track Record – Credit Seva has empowered the desires of in excess of 18 million clients through a rich vein of monetary items including credit cards.
Steps to Apply Offline for Credit Card
If you want to apply for a credit card, you can go to the local branch and request an application form. Make sure you bring the necessary documents that were listed previously. Fill out the form with your information and hand it in to the staff member with the documents. The bank will review the form and documents carefully and approve it if everything is correct.
Check Credit Card Application Status Online
If you applied for a credit card, you can easily find out if your application was accepted or not by visiting the website of the lender. On the application status page, you need to enter some information such as
- Application reference number
- Date of birth
- Mobile Number
After you submit this information, you will get the status of your application, which can be either approved, pending for approval, or rejected. If your application is rejected, the website may provide information about why your application was denied. If you can fix the reasons for rejection, you can reapply for the credit card.
Credit Card Statement
A credit card statement is a document that has important information regarding your credit card activities. It includes the payment due date, the total amount due, the minimum amount due, a list of transactions, rewards summary, and late payment charges (if any). It is sent to your email address or your registered address. It is important to check the statement carefully because sometimes errors occur and the outstanding balance may be wrong. If you find any mistakes, it is important to report it to the bank immediately.
Features & Benefits of Credit Cards
- Convenience: Credit cards are a convenient way to pay for goods and services without having to carry large amounts of cash.
- Security: Credit cards offer built-in protection from fraud and theft, as the cardholder’s liability is limited to a certain amount in the event of unauthorized transactions.
- Rewards: Many credit cards offer rewards such as cashback, discounts, and points for purchases made with the card.
- Access to Funds: Credit cards provide access to emergency funds, without having to withdraw cash or ask for a loan.
- Building Credit: By making timely payments and managing credit responsibly, cardholders can build a good credit score.
- Building Financial Discipline: Credit cards can help cardholders to stay within their budget by setting spending limits.
- Interest Free Period: Most credit cards offer an interest-free period of up to 45 days, allowing cardholders to pay for purchases without incurring any interest.
- Flexible Payment Terms: Credit cards allow cardholders to set flexible payment terms and pay for purchases over time.
- Easy Bill Payment: Credit cards allow cardholders to make payments for bills, such as utility and phone bills, easily.
- Travel Benefits: Many credit cards offer travel-related benefits such as free airport lounge access, free travel insurance and discounts on airfares.
- Shopping Benefits: Cardholders can enjoy discounts, special offers and rewards when they shop with their credit cards.
- Balance Transfer: Credit cards offer cardholders the ability to transfer their outstanding balance from one card to another, allowing them to take advantage of low interest rates and flexible repayment terms.
- Emergency Cash: Credit cards offer cardholders the ability to withdraw cash in an emergency situation.
- Online Shopping: Cardholders can make secure payments for online shopping without having to reveal their credit card details.
- Online Banking: Credit cards offer cardholders the ability to view their account balance, transactions and pay bills online.
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
Credit Card Customer Care Number
If you have any issues or questions regarding your credit card, don’t hesitate to contact the 24X7 customer care centre of the card issuer. You can find the customer care number on the lender’s website or on your card issuance letter. The customer care executives will listen to your queries with patience and try to resolve them as soon as possible. They may also provide you with certain measures to quickly resolve the issue. To help you out, here is a table listing the customer care numbers of the top credit card issuers in India.
| Credit Card Provider | Customer Care Number |
|---|---|
| SBI | 1860 180 1290 |
| HDFC Bank | 1860 266 6161 |
| ICICI Bank | 1860 120 7777 |
| Axis Bank | 1800 419 6969 |
| Citi Bank | 1860 210 2484 |
| Kotak Bank | 1860 266 0811 |
| IDBI Bank | 1800 200 1947 |
| HSBC Bank | 1860 500 2255 |
| SC Bank | 1800 425 0018 |
| DCB Bank | 1800 209 5363 |
| UCO Bank | 1800 274 0123 |
| RBL Bank | 1800 123 8040 |
| DBS Bank | 1800 209 6363 |
| IDFC Bank | 1800 419 4332 |
| IndusInd | 1860 500 5004 |
| BOB Bank | 1800 102 4455 |
| PNB Bank | 1800 180 2222 |
| Bajaj Finserv | 1800 103 3535 |
| HSBC India | 1860 266 2666 |
| Standard Chartered | 1800 345 1000 |
| Kotak Mahindra Bank | 1800 102 6022 |
| Fullerton India | 1800 103 6001 |
| Capital First | 1800 3002 3333 |
| Aditya Birla Capital | 18605009900 |
| Tata Capital | 1800 209 6060 |
How to Raise Credit Card Issue with Customer Care?
- Dial the 24×7 client care number of the concerned card backer
- Pay attention to the guidelines cautiously
- The Intuitive Voice Reaction (IVR) would advise various numbers to press for explicit inquiries
- Push on the number for your question
- The client care chief would request that you validate by giving a couple of subtleties
- Post-confirmation, you can raise the inquiry and get it settled as quickly as possible
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 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 with time. A strong credit history would make you eligible for a card upgrade or several other exciting deals.
Credit Card Frequently Asked Questions (FAQs)
Below are a few questions that many credit card holders ask.
Ans: Timely Card Payments is listed below:
- Improve Your Credit Score: Making timely card payments is one of the best ways to improve your credit score. On-time payments demonstrate to lenders that you are a reliable borrower and can be trusted with future loans.
- Reduce Interest Charges: Paying your card balance on time can help you avoid costly late fees and interest charges.
- Avoid Financial Stress: By staying current on your card payments, you can avoid the financial stress that comes with having to pay late fees and interest charges.
- Build Your Savings: Paying your card bill on time every month can free up extra money in your budget to save or invest.
- Increase Your Credit Limit: Making timely card payments can help you qualify for increased credit limits. This can be beneficial if you have large purchases to make or need to borrow money in an emergency.
Ans: Debt settlement is one way to get rid of credit card debt. However, it is not always the best option and could have significant consequences for your credit score. Before you decide to settle your credit card debt, you should weigh the pros and cons of this approach and consider other available options. Some of the advantages of debt settlement include:
– You may be able to settle your debt for less than what you owe, saving money in the long run.
– Debt settlement can help you avoid bankruptcy and its associated costs.
– It can help you avoid the collection calls and letters that often accompany unpaid debts.
However, debt settlement also presents certain risks. For example, it could damage your credit score if you are unable to make the payments required by the settlement agreement. Additionally, if the creditor agrees to accept a settlement that is less than the full balance, the amount forgiven is considered taxable income.
Ultimately, whether debt settlement is the right option for you depends on your individual circumstances. You should speak with a financial professional to help you make an informed decision.
Ans:
- Check your credit report. Look for any errors or inaccuracies that may be dragging down your score.
- Make on-time payments. Late payments have a negative effect on your score, so make sure to pay your bills on time.
- Pay off debt. High credit utilization (the ratio of how much you owe compared to how much credit you have available) can hurt your credit score.
- Don’t open too many new credit accounts at once. Too many new accounts can lead to a sudden drop in your credit score.
- Consider credit counseling. Credit counseling can help you create a budget and payment plan that can help you pay down debt.
- Don’t close unused credit cards. Closing unused credit cards can hurt your credit utilization rate and impact your credit score.
Follow following steps to Convert Card Purchase into EMI
- Contact your credit card issuer: Contact your credit card issuer to find out if they offer the option to convert your purchase into an EMI. Some credit card issuers may offer this option either as a promotional offer or as a standard feature.
- Choose the EMI tenure: Once you have confirmed that your credit card issuer offers the facility to convert your purchase into an EMI, you will need to decide on the tenure of your EMI. Most credit card issuers allow you to choose from different EMI tenures ranging from three months to 24 months or more.
- Select the EMI option: Once you have confirmed that your credit card issuer offers the option to convert your purchase into an EMI and have chosen the EMI tenure, you will need to select the EMI option. This can be done through your credit card issuer’s online portal, mobile app or by contacting their customer service.
- Confirm the details: Once you have selected the EMI option, you will need to confirm the details of the EMI. This includes the total EMI amount to be paid, the number of EMI payments, the due date of each EMI payment, and any other applicable fees and charges.
- Pay the first EMI: Once the EMI details have been confirmed, you will need to pay the first EMI. This can be done using your credit card or by setting up an automatic payment.