Often customers do not understand the difference between credit card and debit card, the basic difference between the two is that debit card is linked to your savings or current account whereas credit card is a type of loan which is given to the customer in the form of a limit from the bank. Is . Debit card gives the right to use only the amount available in the customer's savings or current account and on spending through debit card, the amount is deducted from the bank account linked to it and no interest has to be paid on it. On the contrary, the credit card is not linked to any account of the customer, it is his personal loan credit limit which he gets on his card. The payment period of the credit card is also fixed and interest is also paid to the customer on the amount used. The best facility with a credit card is that the customer does not have to pay interest if the payment is made within the limit set by the bank.
Now you can get credit cards of all banks sitting at home, fill the form given below, upload the documents and fill the given code and get the card at 0% processing.
Why should you have a credit card?
- Helps in building a good credit score
- A credit-free period of up to 45 days will be available
- Easy transactions both online and offline
- Comes with attractive rewards, cashback, discounts, offers, etc.
- Useful in case of emergency.
- You can make big purchases with its help and pay later through EMI.
- All transactions are secure as they require OTP and PIN verification.
Benefits of credit cards
People who have a credit card can enjoy the following benefits –
• Welcome Offers: Most of the banks/credit institutions provide various types of welcome benefits to the card holders. These can be in the form of gift vouchers, discounts or bonus reward points.
• Reward Points and Cashback: Every time you shop with your credit card, you get some reward points or cashback in your account. Reward points can be used to get free gifts and reduce the price of any other item while purchasing it while the cashback goes directly to your card account. If you have a travel credit card, you can earn air miles instead of reward points which can be used for booking flight tickets.
• Fuel Surcharge Rebate: Nowadays, this rebate can be availed on almost all types of credit cards. Whenever you fuel your vehicle, you get a rebate provided you spend a certain amount.
• Airport lounge access: Some credit cards offer lounge access once or more a year at domestic airports as well as international airports. Travel-centric credit cards and premium credit cards typically offer these.
• Insurance: Credit cards also offer insurance and a fixed cover amount in case of an accident. These could be air accident coverage, cover for loss of card or cover for hospitalization abroad.
• Cash Advance – You can withdraw cash directly from the ATM using your credit card. This proves to be very beneficial in case of emergency when you need immediate cash.
• Add-on cards – Many credit cards let you get an add-on card (known as a supplementary card) that you can use for members of your family, including your spouse, siblings, children, and parents. Members can take. Add-on credit cards generally offer the same benefits as the primary card.
• EMI Conversion – EMI conversion is the most common benefit available on credit cards. You can convert your big purchases into EMIs and pay over a period of a few months.
Types of Credit Cards
| Shopping | Travel | Fuel |
| Reward | Entertainment | Zero annual fee |
| Premium | Co-brand card | Co-brand card |
Best Shopping Credit Card
| Card name | Annual fees | Key Feature |
| SBI Simply Click Credit Card | ₹ 499 | 10X Reward Points on all online spends |
| HDFC Millenia | ₹ 1,000 | 5% cashback on Amazon, Flipkart and HDFC Smartbuy transactions |
| ICICI Bank Amazon Pay Credit Card | Zero | Amazon Prime users can avail 5% cashback and non-Prime users can avail 3% cashback on shopping on Amazon.in. |
| Flipkart Axis Bank Credit Card | ₹ 500 | 5% cashback on purchases via Flipkart, Myntra and 2GUD |
| Axis Bank Ace Credit Card | ₹ 499 | Flat 5% cashback on bill payments, DTH and mobile recharge through Google Pay |
Also read: These credit cards are best for online shopping
Top Travel Credit Cards
| Card Name | Annual Fees | Key Features |
| Citi Premier Miles | ₹3,000 | Rs 1,000 in the first 60 days. 10,000 Air Miles on spends or more |
| Axis Vistara Signature Credit Card | ₹ 3,000 | 4 Club Vistara Points on every ₹ 200 spent and 3000 Club Vistara Points on every ₹ 75000 spent |
| Air India SBI Signature Credit Card | ₹ 4,999 | Supplementary Air India Frequent Flyer Program – Flying Returns and Priority Pass membership |
| SBI Card Elite | ₹ 4,999 | Club Vistara, Priority Pass and Trident Privilege membership and access to domestic lounge |
| HDFC Regalia Credit Card | is ₹ 2500 | Supplementary Priority Pass and domestic lounge access, air accident cover and 2% foreign currency conversion fee |
Best Fuel Credit Card
| Card Name | Annual Fees | Key Features |
| Indian Oil Citibank Platinum Credit Card | ₹ 1,000 | Free fuel up to 71 liters* per year |
| BPCL SBI Card Credit Card | ₹ 499 | Value back up to 4.25% on fuel purchase |
| HDFC Bharat Cashback Credit Card | ₹ 500 | 5% cashback on fuel expenses |
| Indian Oil Axis Bank Credit Card | ₹ 500 | 4% value back on fuel purchase at IOCL petrol pumps |
| BPCL SBI Card Octane | ₹ 1,499 | Up to 25X reward points on fuel purchase at BPCL petrol pumps |
Best Reward Credit Card
| card name | annual fees | Key Features |
| HDFC Regalia Credit Card | ₹ 2,500 | 4 reward points per ₹150 spent |
| Citibank Rewards Credit Card | ₹ 1,000 | 10X reward points on spending ₹125 at apparel and department stores (online and in-store) |
| SBI Card Prime | ₹ 2,999 | 10 reward points on every ₹100 spent on Dining, Grocery, Departmental Stores and Movies |
| HDFC Diners Club Privilege Credit Card | ₹ 2,500 | 4 reward points per ₹150 spent |
| Standard Chartered Platinum Rewards Credit Card | ₹ 250 | 5 reward points on every ₹150 spent on hotels, meals and fuel |
Best Entertainment Credit Card
| card name | annual fees | Key Feature |
| Axis Bank My Zone Credit Card | ₹ 500 | 25% cashback on movie tickets booked through Paytm |
| Axis Bank Neo Credit Card | ₹ 250 | 10% Off On Booking Movie Tickets Through BookMyShow |
| Citi Cashback Credit Card | depends on the applicant | 5% cashback on movie tickets |
| SBI Elite Card | ₹4,999 | Free movie tickets worth Rs 6,000 per year |
| sbi card prime | ₹2,999 | 10 reward points per ₹100 spent on movie ticket booking. |
Lifetime - Free Credit Card
| card name | annual fees | Key Features |
| HSBC Platinum Credit Card | ₹ 40,000 every month | Avail Buy One Get One offer on BookMyShow |
| ICICI Amazon Pay Credit Card | ₹ 25,000 every month | 5% cashback for Amazon Prime users on Amazon purchases |
| IDFC First Select Credit Card | ₹ 25,000 every month | Reward points up to 10X that never expire |
| ICICI Platinum Chip Card – Visa Credit Card | ₹ 15,000 every month | Minimum 15% discount on dining at partner restaurants |
| Axis Insta Easy Credit Card | ₹ 20,000 FD | Get 100% cash withdrawal facility |
Best Co Branded Credit Card
| Credit Card | annual fees | Co - Branded Benefits |
| Amazon Pay ICICI Bank | Zero | Up to 5% cashback on Amazon* |
| Flipkart Axis Bank | ₹500 | Up to 5% cashback on Flipkart, Myntra, and 2GUD |
| travel sbi card | Rs. 499 | Discounts on flight and hotel bookings from Yatra.com* |
| MMT ICICI Bank Signature | Joining Fee – ₹ 2,500 Annual Fee – Nil |
Complementary MMT DOUBLEBLACK and MMTBLACK Membership* |
| Axis Bank Vistara Signature | ₹ 3,000 | Club Vistara Silver Membership |
Credit card for ability terms
Eligibility for Credit Card depends on many factors. Just as banks set different eligibility conditions, if the same institution issues different credit cards, then different conditions are set for them too. However, age, city of residence, source of income, credit Basic conditions like score may remain the same for all credit card applicants. But the biggest difference can be regarding the income of the applicant as to what is the minimum income required for a credit card. Depending on the type of card, its benefits and annual fee, banks have set earning eligibility criteria for each card.
Also read: What should be the credit score for a credit card?
Documents required for credit card application
Documents required for Credit Card vary from bank to bank, some important documents required to apply are given below:
- Identity Card and Signature Proof – Passport, PAN Card, driver's license, Voter ID Card, Aadhar Card, Employee Identity Card, and in the case of Government employees, Employee Identity Card.
- Residence Proof – Bank Statement, Rent Agreement, Voter ID Card, Ration Card, Passport, Driving License, Telephone/Electricity/Water/Credit Card Bill or Property Tax.
- Age Proof – Voter ID Card, Secondary School Certificate (Class 10), Birth Certificate, Passport, Aadhar Card, Pension Payment Order or receipt proof of LIC Policy.
- Income proof for salaried individual : Recent 3 months salary slip, salary bank account statements for last six months.
- Proof of Income for Self - Employed Businessmen / Professionals : Recent Income Tax Return and other certified financial documents with proof of business continuity.
Note: If you have a pre-approved credit card offer from the issuer, you may not need to submit any documents, especially if you avail of any facility with the credit card issuing bank/credit institution. Are picking up.
Why should one take a credit card from Loan Corner?
More Choice: Taking a credit card through Loan Corner gives you the option to choose from over 50 credit cards from leading banks and card issuers.
Pre-Approved Credit Card Offers: Depending on eligibility, customers can avail Pre-Approved Credit Card Offers from our partners like ICICI Bank, Axis Bank and IndusInd Bank. Pre-approved credit card applications are approved faster and require fewer documents to be submitted.
Chances of Approval: With Loan Corner's innovative feature 'Chance of Approval', customers can know what are the chances of them getting approved for a particular credit card on our market portal. This way you will avoid applying for credit cards where the chances of your application being approved are low.
Expert Assistance: LOAN CORNER's team of credit card experts helps customers choose the card that best suits their needs. Our team assists customers through the process of card selection, comparison and successful card issuance, ensuring the applicant gets expert support at every step.
Answers to your common questions
Question . Do all credit cards require annual fees and joining fees ? _ _ Answer : No, not all cards have an annual fee or joining fee. There is usually no annual fee charged for a first-time credit card. However, you should note that cards that apply annual fees often offer more benefits than cards with zero annual fees.
Question . Can I withdraw cash from ATM using my credit card ? _ _ _ _ Answer : This facility is known as cash advance. You can withdraw a portion of your total credit limit from an ATM. But such withdrawals attract additional charges and higher interest rates. Therefore, you should always avoid withdrawing cash from credit cards and go for a personal loan if you are in urgent need of cash.
Question . Can my credit card limit be increased later ? _ _ Answer : Card issuing institutions keep changing the credit limit from time to time. This is usually done taking into account your past payment track record and your credit history.
Question . Is interest charged for non - payment of credit card bill ? Answer : Interest rates apply on the balance related to your card. Among all the loan instruments available to the customer, credit card interest rates are the highest. In most cases, interest rates start from 18% and can even go up to 45% per annum depending on various factors such as the type of card, policies of the card issuer.
Question . What is a secured credit card ? _
Answer : Secured credit card is one which is given against any asset like fixed deposit. This can be a good start for those who do not qualify for a regular (unsecured) credit card.
The Loan Corners Step-Up Credit Card is the best secured credit card option for people who want to build or improve their credit score but don't qualify for an unsecured credit card. The card has been launched in collaboration with SBM Bank (India) Private Limited. Customer Rs 12,000, Rs 24,000 Or Rs 60,000. They can take credit card against FD up to Rs. 1000 and get 83% of their FD amount as credit limit on the card. Along with using the facilities of this card, you will also get interest at the rate of 6.5% on the deposited amount.
Question . What is the difference between rewards and cashback available on credit cards ? _ Answer : Rewards are earned in the form of points which can later be redeemed/used for gift vouchers or credit statements. Whereas cashback comes directly to your credit card account. Most credit cards offer rewards and only a few cards offer cashback.
Question . Can I convert my credit card purchases into EMIs ? Answer : Yes, you can pay for any of your major purchases as EMI as per the EMI options available with your credit card. The interest rate on credit card EMI varies from bank to bank/loan institution. Therefore, it is better to check the interest rate beforehand. To check it, you can use the credit card EMI calculator. Additionally, some banks/loan institutions in collaboration with big brands and online stores offer discounted or no-interest EMIs to their customers. You can check the EMI options on your credit card using your net banking/credit card app or call bank customer care for more details.
Question . How to upgrade to a new credit card ? Answer : Most people upgrade to a new credit card when they have a low credit limit or are not satisfied with the features offered with their existing credit card. In both cases the most feasible option is to get a new credit card. You can either apply for a new credit card at the bank or look for options to upgrade your existing credit card. YOU CAN ALSO COMPARE CREDIT CARDS ON WWW.LOANCORNERS.COM AND THEN CHOOSE THE BEST OPTION AS PER YOUR REQUIREMENT.
However, you should consider the following factors before upgrading to a new credit card:
Increased Credit Limit : This will not only increase your credit limit but will also help in reducing your credit utilization ratio .
Spending based benefits: If you already have a credit card that has offers on fuel, there is no point in getting another credit card with similar features. Consider getting cards that offer other benefits like travel, cashback, dining, movies, etc. depending on your spending habits.
Credit Score: Having multiple credit cards will split your spending across different cards and thus reduce your credit utilization. If you keep the utilization ratio of all your credit cards below 40% and your credit score will also improve.
Card fees and charges: By getting a new credit card, you will also have to pay an annual fee on it. Also, the penalty charged on your new card will be revised based on its annual fee. Thus, always consider the annual fee along with other fees before applying for a new credit card.
Question: What are add-on credit cards?
Answer: Add-on credit cards are issued against an already existing credit card and all transactions are directed to a single account for payment of the outstanding. This is useful for those students who are living away from their parents and also for those who do not have their own card.
Mostly, the credit limit of the add-on card is the same as that of the primary card, but as per the terms and conditions of some banks, the credit limit for the add-on card is lower than that of the primary card. If you have been issued more than one Add-on Card, the limit fixed will be equally distributed among the Add-on Cards to match the total limit of the primary card. This sub-limit will also be applicable on any ATM withdrawal. The terms and conditions related to add-on cards may vary from bank to bank.
All outstanding transaction information is recorded on a primary account. So, if you hand over the extra card to someone else, you can also keep track of withdrawals and transactions with dates. All the features and benefits of an add-on card are the same as the primary credit card.
Question: What is premium Credit Card?
Answer: Premium credit cards offer additional benefits on lifestyle, travel, entertainment, dining etc. and they also charge a substantial annual fee. Access to international airport lounges, concierge service, air accident insurance are some of the facilities available on the premium card.
Question: What is credit Card Balance Transfer?
Answer: Some credit cards provide the facility to transfer the outstanding amount from another credit card and then convert it into EMI. Banks also provide this facility to their credit card customers.
Question: Are co-branded credit cards available in India?
Answer: Yes, many banks in India have agreements with brands to offer co-branded credit cards. Some co-branded credit cards in India are Air India SBI Signature Card, Axis Bank Vistara and ICICI's Amazon Pay Credit Card.
Question: What are the milestone benefits available on credit cards?
Answer: Banks give credit card customers reward bonuses or shopping vouchers for spending a certain amount within a specified period. These are called milestone benefits.
Question: Why is my credit card report information not showing on my new credit card?
Answer: Generally, information about any new loan or credit card is reflected in your credit report within three months. If even after that the information is not visible then you should contact your bank or credit bureau.
Question: What is the liability cover for loss of card?
Answer: Most credit cards provide zero liability benefit, under which the cardholder will not be held responsible for any purchases made using the card between the time the card is lost and the information is given to the bank.
Question: Is there any limit for withdrawing cash from credit card?
Answer: Yes, the limit for withdrawing cash from credit card is decided at the time of giving you the credit card.
Question: How should one read a credit card statement?
Answer: Credit card statement contains important information like statement date, bill due date, total outstanding amount, and minimum outstanding amount. All this is usually written at the beginning of the statement. After that the second part of the statement contains the transaction information.
Question: How do I pay my credit card bill?
Answer: There are many ways to make credit card bill payment, like Net Banking, Mobile Banking, Bill Desk, NEFT, Cheque, etc. Apart from this, you can also pay the bill by visiting the nearest branch of your bank. But payment through cash involves higher charges.
Question: What does credit limit mean?
Answer: Credit limit is the limit on spending on credit card which is set by the bank. This is the maximum amount beyond which you cannot spend through the card. The bank sets this credit limit on the basis of your credit score, income and the credit limit on your other credit cards. You can request to increase this limit after using the credit card for a few years but it depends on the bank whether it is approved or not.
Question: What is the difference between credit card and debit card?
Answer: The basic difference between credit card and debit card is that debit card is linked to your savings or current account whereas credit card is a type of loan which is taken from the bank. On spending through debit card, the amount is deducted from the bank account linked to it and no interest has to be paid on it. Whereas on using credit card the amount is deducted from the credit limit.
Question: Is there protection against credit card fraud?
Answer: Credit cards are secured by chip and PIN, so there are less chances of fraud in them. Whenever you make an online payment, an OTP comes on your registered mobile number which you have to enter there to make the payment. Most credit cards offer zero liability cover, which means that if the card is lost or stolen, the card will be blocked as soon as you inform the bank.
Question: What is credit utilization ratio?
Answer: This is the ratio of your credit card usage and credit limit. For example, if your card's credit limit is ₹ 1 lakh and you have spent ₹ 30,000 from it, your credit utilization ratio will be 30%. You should always try to keep the ratio on all your credit cards at 30%.
Question: How to transfer money from credit card to bank account?
Answer: Banks and NBFCs do not allow you to transfer funds from your credit card to your bank account. You can do this through some mobile applications. On this you have to pay some percentage of the amount to be transferred as fee.
Question . How to check credit card balance?
Answer: Credit card balance is the amount that is outstanding on your card. You can check this on your monthly credit card statement or by logging into your credit card net banking account.
Question: How to increase credit card limit?
Answer: If you are thinking of increasing the credit card limit, you can follow any of the options given below:
- Make a request online (Credit card issuing banks/credit institutions allow cardholders to request for credit limit increase online)
- Call your card issuing bank/credit institution (ask the customer care representative if your credit limit can be increased or not)
- Some companies provide the facility to cardholders that if it has been some time since the cardholder has had the card, then the credit limit is automatically increased.
- Apply for a new card
Question: What is the minimum due amount in credit card?
Answer: When your credit card bill comes, you can pay it in full or you can pay the minimum amount or you can pay an intermediate amount or neither the minimum nor the entire bill. Amount. The minimum bill amount is usually 5% of your total credit card bill, but can be higher if:
- You may have purchased something on EMI using your credit card
- You have spent more than your credit limit
- You have not paid your last month's dues
Question: Why is a credit card application rejected?
Answer: Your credit card application may be declined for any of the following reasons:
- You are not eligible due to low income
- Bad credit history or no credit history
- work in a blacklisted organization
- Blacklisted residential or office locations
- Wrong information in application form
- Inaccurate information in credit report
In this article, we have told what is a credit card, how to use it, what are the terms and conditions of taking a credit card and which are the top credit cards in India for different expenses. Other information related to credit card is given below:
https://www.sbicard.com/sprint/simplyClickMaster?CS=Google
https://www.yesbank.in/personal-banking/yes-individual/cards/credit-cards
https://cconboarding.aubank.in/auccself/#/landing
https://www.indusind.com/in/en/personal/cards/credit-card.html
https://www.icicibank.com/personal-banking/cards/credit-card
https://www.yesbank.in/money-matters/application-for-credit-cards-at-yes-bank
https://www.axisbank.com/retail/cards/credit-card
https://applyonline.hdfcbank.com/credit-cards/pre-approved-credit-cards#nbb