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Today, credit cards are an inevitable part of life. A benefit, accorded to individuals with the means to repay a loan or obligation in the stipulated time (as proven by their analysed credit histories), credit cards are a common mode of purchase and payments. In India, almost all nationalized and private banks, alongside a sizable number of private and public sector banking institutions offer their patrons the unlimited advantage of highly personalized credit cards.
BankBazaar offers you a wide selection of these cards, alongside the option to apply for them directly online. Why would you need a credit card? Read on…
The fundamental advantage of owning a credit card is that it eliminates the need for liquid cash, thereby offering protection to your monies and seamless convenience to you. Instead of buying products or services with hard currency, a simple swipe at the retailer’s outlet is all that it takes. Alongside this convenience, credit cards offer a string of other benefits including,
Of course, the million dollar question. While the mechanics of using a credit card on a day-to-day basis isn’t too complicated, the associated back-end process associated with a simple card swipe is too technical for a common individual to comprehend. In actuality, the procedure is very simple and safe-
Borrowing from a popular axiom, ‘With great power comes great responsibility’, and the same holds very true in the case of credit cards. While a handy financial help, a source of ready cash and a safe and beneficial way to pay for your purchases, the misuse of this facility could be detrimental to your long term financial health. Credit card debt, defaulting on your monthly repayments or drawing up a massive pile of credit card purchases and consequently, a stiff interest rate are things to be constantly aware of. The best way to enjoy your credit card is responsibly and with caution and tolerance. While the temptation may be high to unleash a shopping spree with your brand new credit card, remember, the money you spend is not your own- it must be returned back, with interest and on time!!
BankBazaar, the helpful portal dedicated to comparing various banking products, including the comparison of credit cards, is a boon to any newbie, who is taking his/her first steps in the credit card universe. The reasons to apply for your first credit card with BankBazaar are many, the highlights of which are exemplified by the following-
Hassle Free Process-Strictly opposite to visiting a bank’s physical outlet, thereby incurring an expenditure of time, money and effort, applying for a credit card on BankBazaar is simpler and quicker. Plus, there are no documents to submit or verifications to affect immediately. Simple? It surely is. Compare Credit Cards- BankBazaar lists almost all the popular credit cards, as issued by the various domestic and international banks and other financial institutions. The simple credit card comparison helps you to choose the card that best suits your requirements and limitations. All of this, from the comfort of your home or work-station. Apply for Credit Card- Post the comparison, BankBazaar gives you the option to apply for your chosen credit card online, from its interactive and simple interface. Know it All- From such informational bytes as the latest happenings across the Indian credit cards landscape to important details as credit card eligibility, all the information you need, in one convenient package on BankBazaar. 24x7 Support- Apply for a credit card online and enjoy BankBazaar’s brand of superior customer support, applicable 24x7, 365 days a year.
Applying for a credit card on BankBazaar is a simple and non-taxing process. The following steps list this process clearly-
A credit card is a payment card issued by a particular bank for customers looking to avail instant credits to easily purchase goods and services without spending a single penny from their pockets. The bank extends a line of credit with which the user borrows money, to be paid to a merchant. The cardholder is required to pay back the borrowed sum of money subsequently to the lender bank along with extra interest rates.
Credit cards in India are available in different variants like Gold, Silver, Platinum, Titanium, Classic, Premium and Business, distinguished by the level of services they offer.
Specific to a customer’s requirement the following are also offered:
Customers need to get in touch with an executive from a bank of their choice and submit a filled-in application form with the required documents. The bank will process your application after appraising your credit history and will then approve the new credit card according to your requirements.
In India, banks charge the highest rate of interests for credit cards, from 36% to 42% per annum. A bank decides the interest rate for a particular customer based on his credit history, financial capability and also depending on the type of card he chooses. Applicants with good credit scores and regular payment patterns get the best deals on their credit card interest rates.
Banks in India have tied up with Visa, MasterCard and American Express (AMEX) to process credit card payments, connecting merchant accounts with the acquiring banks.
In India, banks generally offer credit cards to individuals above the age of 21 and with a steady monthly income. As part of their verification process, banks do a deep dive into the customer’s credit history and assess previous payment patterns to understand the customer’s financial situation. Only after ensuring that the applicant has the financial capability to repay the expenses incurred using a credit card, will the bank approve the customer’s application.
Yes, in India applicants are required to earn a minimum of Rs 75,000 to 1 Lakh per annum, though this criterion varies depending on the type of the card.
Annual Percentage Rate (APR) or the ‘’cost’’ at which a customer takes credit from a bank, is the simple interest rate charged by a bank on expenses incurred on a credit card for a year.
The best mantra while managing a credit card is to ‘’Pay as and when you can”. Delaying a credit card payment is not a wise option, as banks tend to impose high late payment fees and gradually increase the interest rates charged. The customer would actually end up paying way more than his original purchase amount.
Add-on cards can be taken for family members of the primary card holder with extra charges anywhere between Rs 125 to Rs 1000. The credit limit of the primary card gets carried over to the new card with similar features. Also customers can get a comprehensive bill with details of both the cards.
Global credit cards give a customer the leeway of instantly performing cashless transactions from any corner of the globe. Accepted worldwide, global cards give you the flexibility of spending in any foreign currency and later paying your bills in your local currency. A customer can also avoid the hassle of carrying huge amounts of cash or using traveller’s checks.
Credit card reward programs have been introduced by lenders to popularize the various cards they offer by rewarding a customer for transacting using their credit card. The cardholder is awarded points as per his expenditure for purchasing goods and services. The accumulated points can later be redeemed by customers for certain discounts and gifts as per the bank’s guidelines.
The Reserve Bank of India mandates the provision of multiple levels of authentication from banks, for customers using credit cards to make an online purchases. Additionally, customers are advised by banks to use their credit card credentials only in encrypted internet connections to avoid fraudulent transactions.
Customers can also use their credit cards as ATM cards and withdraw a stipulated amount of cash, preset by the bank as cash advance. Though this feature gives a customer access to instant cash, the bank charges very high interest rates for credit taken using this facility.
E-Commerce giants like Flipkart, Amazon, Snapdeal and others, might give another reason for their customers to rejoice. Interest-free instalment plans are being worked on, by non-bank finance companies. Currently, this option is available only for buying from large offline stores. The zero-interest EMI initiative is being led by Bajaj Finance. It is working on developing a payment gateway to suit the EMI transactions. Implementing this system would mean a change in technology in the back-end.
Though most E-Commerce sites offer a cash-on-delivery option, payment gateways are suited for transactions made through credit cards, debit cards or net banking. Indian customers are very fond of the EMI model, and eliminating the interest rate on the same is expected to be a huge success. This facility is likely to start with items like televisions and mobile phones.
30th March 2015
The Maharashtra State Government, with a view to reduce traffic jams, is planning to introduce a system where toll charges can be paid through credit cards. The issue of traffic jams in highways due to toll booths was raised during a session where this decision was made collectively by the ruling and opposition parties. Credit cards would facilitate simpler payments and reduce the total interaction time at toll booths. While the state’s PWD Minister said that vehicles from villages near Kharghar toll booth was initially exempted from toll fare, he also noted that the exemption cannot be a long term solution.
Isn’t it high time that you applied for a credit card? BankBazaar.com will help you shortlist the perfect credit for your lifestyle needs. Also, with BankBazaar’s credit card comparison tool, you can compare the features and benefits of credit cards and also apply online!
25th March 2015
In order to keep a check on borrowers, Indian banks like ICICI, Axis, Kotak, SBI and Central Bank are offering credit cards against fixed deposit accounts. Banks are promoting this twin package aggressively as fixed deposits can be used as a fall back feature in case of delayed or irregular credit card payments. A customer requires to have an existing fixed deposit account or open a new one in order to apply for a credit card. The deposit amount accepted ranges from Rs 20, 000 to Rs 25 lakhs.
Unlike the traditional way of processing applications, in this case a bank processes a credit application quickly and customers only have minimal documentation to finish. The fixed deposit associated with the credit card needs to be taken for a minimum tenure of 180 days and a lien would be marked against the deposit. The credit limit allotted on this particular type of credit card is 80% to 85% of the fixed deposit amount.
23rd March 2015
The Reserve Bank of India (RBI) is easing off the norms for payments affected through NFC or contactless cards by negating the need for additional authentication in cases where the transactions are lesser than Rs.2000. Usually, this additional authentication comprised of supplying a PIN number or entering the OTP (One Time Password). The apex bank notes that this ruling follows the wide-spread request from customers to ease this process and is definitely not a trade-off between the inherent security that additional authentication vouches for. RBI advocates the use of technologies that will help in this initiative, including new-age techniques like Near Field Communication (NFC), which is currently used in contactless cards. At the moment, only ICICI Bank has rolled out NFC based cards while SBI is planning to follow suit soon.
16th March 2015
Mumbaikars using the Metro on line 1 ( Versova-Andheri-Ghatkopar corridor) can now travel hassle free with a combo card that doubles up as a credit/debit & metro smart card. Mumbai Metro One in association with ICICI and SBI cards, on Wednesday (25.02.2015), launched the combo card that comes with an in built functionality of auto reload if the balance is less than 50 rupees. The back end systems automatically top up the account for Rs.200.00 from the credit/debit card account linked to the combo card. This ensures that you never run out of currency in your metro account. This card can be used at any of the 12 Automatic Fare Collection (AFC) systems in Line 1 of Mumbai Metro. Customers can also use the combo card to make regular purchases and earn loyalty points.
9th March 2015