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{} Guideline to Choose The Best Credit Card 2022 😊😊
Say goodbye to cash. Credit cards are the simplest way to purchase what you need without ever having money on hand. Apply today and earn extra cashback.
How to choose the best credit card. Credit cards offer many benefits including reward points and cashback that can be redeemed for anything from electronics to travel rewards. Credit cards are among the most significant payment options available today. But, with dozens of different credit cards available from various banks, how can you choose the best one for you? Don't worry, we've got you covered. Read on for an explanation of what a credit card is, how it can help you earn rewards and cashback, and how to choose the best credit card for your needs. You will receive all the information you need to know about credit cards in India.
What you find in this Article :
The Top Credit Cards in India
Credit Card Joining Fees The best deal on
Axis Bank Flipkart
Flipkart Rs 500
Amazon ICICI 0 Amazon
Utility bill payments with Axis Bank ACE Rs 500
SBI SimplyCLICK Rs 500 Amazon, internet purchases
HDFC Bank Millennia Rs 1,000 Offline Spending and Wallet Reloading
International lounge access with HSBC Platinum Visa 0
IDFC First Bank Select 0 Lifestyle Advantages
SBI SimplySAVE Rs 500 Offline Purchases
American Express Membership Rewards Reward returns, wallet reloads Rs 1,500
Utility bill payments with SBI Prime Rs 2,999
What Exactly Is a Credit Card?
When utilised appropriately, a credit card is a powerful financial tool. In essence, a credit card is a type of unsecured loan provided by a bank in the form of a real or virtual card (some banks offer secured cards too). These credit cards, which are available in metal or plastic form factors, typically come with a monthly credit limit, say Rs 10,000, which signifies the amount of debt you can acquire from the bank provided you repay it within 10-20 days (due date) after the 30-day billing cycle.
What are the benefits of having a credit card?
1. Refund
The ultimate benefit of having a credit card is cashback in the form of cash, reward points, or air miles. Most credit cards give cashback or points on every purchase. While the extremely expensive ones may provide more cashback, Others would provide users with lesser percentages of cashback. In the entry-level market, there are few exceptions, such as Amazon Pay ICICI and Flipkart Axis, which give a segment-leading cashback of up to 5% on certain transactions.
2. Welcome / Renewal Promotions
Another advantage of having a credit card is the welcome and/or renewal perks it provides. Credit card companies typically offer free rewards, gift vouchers, gratis subscriptions, and other perks in order to recruit clients. To keep users using their cards, they also give various prizes on milestones and yearly fee renewals. For example, the SBI SimplyClick has a Rs 500 registration fee and customers receive a Rs 500 Amazon gift certificate, making the card nearly free (excluding taxes).
3. Access to Airport / Railway Lounges
You've probably seen VIP lounges at airports and train stations. At the request of the lounge company, these lounges can be accessed using different credit cards. Lounge access is typically advertised as a bonus on credit cards. You can then take the card to the lounge and swipe it for a cost of less than Rs 50 to gain entry to the sitting area, as well as food and drinks.
4. Fraud Protection
An excellent, but underappreciated, use case for credit cards is fraud protection. The issuer bank ensures all credit card payments to a certain level and for a certain time period. For example, if there is a fraudulent purchase on your credit card, you can notify The issuer bank insures all credit card payments to a certain level and for a certain time period. For example, if there is a fraudulent transaction on your credit card, you should notify the bank immediately. The transaction will most likely be blocked, and the problem will be remedied in a reasonable amount of time.
5. Period of Interest-Free Credit
Another fantastic advantage of having a credit card is the interest-free credit term, which can last up to 50 days depending on the card and bank. Consider this: you make a large purchase on the first of the month that you are unable to pay before your next month's paycheck arrives, and your credit card bill arrives at the last day of the month. Pay down your credit card account before you start accruing interest.
What are the drawbacks to a credit card? The disadvantage of Credit Cards
1. Excessive interest rates
Credit cards have high-interest rates, but only if you fail to pay the required amount within the specified time period. Some banks are renowned for charging interest rates of up to 50% per year (!!) if you are unable to make a payment when it is due. The interest is calculated pro rata from the day after the due date.
2. Annual charges
Annual and renewal fees are another downside of credit cards, as they prevent you from fully utilizing their benefits. Because cards normally have high costs, they will provide perks. Offerings that will more than cover the expenses
3. The possibility of credit score damage
The point of paying high-interest rates and jeopardizing your credit score is that you will be unable to repay your obligation on time. In the event of a credit card default, you run the risk of significantly lowering your credit score, which can take months, if not years, to recover from.
4. Potential overspending
If you are not financially disciplined, you will wind up overspending and being unable to repay the debt. This can result in a situation known as a debt trap.
Overall, credit cards are effective tools for extracting value, both monetary and non-monetary. All it requires of you is All it requires is financial discipline and self-control when it comes to overspending. If you can do that, you will quickly reap the benefits.
The Advantages of Applying for a New Credit Card
Get Real Cashback
When you apply for your next credit card, you will be given free money. This Cashback can be deposited into your bank account or redeemed in the form of Amazon.in gift certificates. Isn't it wonderful?
Exclusive Gift Certificates
Not only can you get Cashback, but you can also obtain gift certificates worth hundreds of rupees from brands like Ajio, Lenskart, Mamaearth, and others. Simply complete your profile, submit your information, and begin using them on your favourite websites to unlock these.
Free Credit Score
Apart from genuine cashback and gifts, you can get your CRIF credit score for free if you have a voucher! refresh your score for free every month and gain access to the most recent credit card cashback offers.
Credit Card Types
Before we get into the various sorts of credit cards and which products are market leaders, you can check out our overall list of the best credit cards in India right now. Now we'll look at the various types.
1. Credit Cards with Cash Back
Cashback is one of the several benefits that a credit card can provide to everyone. Every dollar you spend earns you actual money in the form of a statement credit or cash back. reward points and this is what credit cards provide. In India, there is a wide range of cashback credit cards available. Numerous options may make it difficult to decide which one to select. We have produced a list of the finest cashback credit cards in India for you to select from, so you will have your answers.
2. Reward Points Credit Cards
Another significant advantage of credit cards is the availability of reward points. Most banks will give you points for all normal purchases, but others may conduct promotions with accelerated rewards on certain categories such as online shopping, trip bookings, and so on. These incentive points are typically convertible into cash, tickets, or merchandise at predetermined rates.
3. Free Credit Cards for Life
As a result of Credit cards are widely used because they provide a high level of convenience and rewards. They come with a slew of fees, which might be prohibitively expensive for many customers. However, several banks and institutions also offer some of the best lifetime free credit cards. These cards typically have no joining costs and no annual fees, or yearly fees with generous waivers.
4. Credit Cards for Students
Credit cards for students are ones that are entry-level in nature and are aimed at college students. These credit cards can help you establish your credit score at a young age, develop financial discipline, and receive points and benefits while in college. A student credit card in India can only be granted to Indian citizens aged 18 and over. The age of 18.
5. Initial Credit Cards
Do you lack a credit score? Do you want your first credit card? It's usually a good idea to apply for credit cards that have a higher success rate.
Credit Cards for Railway and Airport Lounge Access
Travelling is both a pleasurable and costly experience. Hours of waiting at railway stations or airports, making sure you have everything you need, and with people scurrying around; all of this sounds like a formula for disaster. We are fortunate to have credit cards. The simplest way to avoid such a disaster is to carry a credit card that offers complimentary lounge access.
7. Commercial Credit Cards
While undoubtedly limited in scope, Some credit cards are solely available to business owners. Business credit cards, as opposed to corporate cards, are designed for small and medium-sized firms as well as larger corporations. The primary objective of business credit cards is to allow customers to separate their personal and professional card accounts.
8. High-End Credit Cards
When it comes to cards that provide exceptional advantages and incentives, entry-level options simply do not cut it. You'll need a premium card with a high annual cost, expedited rewards, unique advantages and access, subscriptions, and memberships.
Credit Cards vs. Fixed Deposits (FD)
Secured credit cards are the greatest credit cards against fixed deposits. You must open a money deposit with the issuer before receiving a credit card with a monthly limit of 70-85 percent of the deposit amount.
One of the most significant charges charged if you fail to return your credit card is interest. However, there are several credit card companies that offer cheap interest rates. Some people may benefit from this. In fact, for your convenience, we have produced a list of the lowest credit card interest rates in India.
12. Fuel Credit Cards
Fuel credit cards are the ones that provide the most rewards and advantages on your fuel purchases. If you have a lot of personal car use, a fuel credit card may be worth it for the extra benefits.
13. Online Shopping Credit Cards
For many of you, online shopping may be the most expensive use of your credit card. Fortunately, certain credit cards provide expedited and particular benefits/cashback while shopping on online platforms such as Flipkart, Amazon, Myntra, Ajio, and others. You can get savings with these best credit cards for online shopping. across certain portals and across platforms
14. Super Premium Credit Cards
The super-premium section includes the most prestigious credit cards. These are the credit cards with the highest annual fees, reward rates, and luxurious amenities, as well as the finest rewards. Overall, these are the credit card world's gems, limited to a select few with stringent qualifying requirements.
Cashback is one of the several benefits that a credit card can provide to everyone. Every dollar you spend earns you actual money in the form of a statement credit or cash back. reward points and this is what credit cards provide. In India, there is a wide range of cashback credit cards available. Numerous options may make it difficult to decide which one to select. We have produced a list of the finest cashback credit cards in India for you to select from, so you will have your answers.
2. Reward Points Credit Cards
Another significant advantage of credit cards is the availability of reward points. Most banks will give you points for all normal purchases, but others may conduct promotions with accelerated rewards on certain categories such as online shopping, trip bookings, and so on. These incentive points are typically convertible into cash, tickets, or merchandise at predetermined rates.
3. Free Credit Cards for Life
As a result of Credit cards are widely used because they provide a high level of convenience and rewards. They come with a slew of fees, which might be prohibitively expensive for many customers. However, several banks and institutions also offer some of the best lifetime free credit cards. These cards typically have no joining costs and no annual fees, or yearly fees with generous waivers.
4. Credit Cards for Students
Credit cards for students are ones that are entry-level in nature and are aimed at college students. These credit cards can help you establish your credit score at a young age, develop financial discipline, and receive points and benefits while in college. A student credit card in India can only be granted to Indian citizens aged 18 and over. The age of 18.
5. Initial Credit Cards
Do you lack a credit score? Do you want your first credit card? It's usually a good idea to apply for credit cards that have a higher success rate.
Credit Cards for Railway and Airport Lounge Access
Travelling is both a pleasurable and costly experience. Hours of waiting at railway stations or airports, making sure you have everything you need, and with people scurrying around; all of this sounds like a formula for disaster. We are fortunate to have credit cards. The simplest way to avoid such a disaster is to carry a credit card that offers complimentary lounge access.
7. Commercial Credit Cards
While undoubtedly limited in scope, Some credit cards are solely available to business owners. Business credit cards, as opposed to corporate cards, are designed for small and medium-sized firms as well as larger corporations. The primary objective of business credit cards is to allow customers to separate their personal and professional card accounts.
8. High-End Credit Cards
When it comes to cards that provide exceptional advantages and incentives, entry-level options simply do not cut it. You'll need a premium card with a high annual cost, expedited rewards, unique advantages and access, subscriptions, and memberships.
Credit Cards that are Secured
When you have no or very little credit and wish to improve your credit, a secured credit card is a smart solution. in case of future borrowings Secured credit cards are typically offered by banks and other financial institutions in exchange for a cash deposit, such as an FD. You can obtain a secured credit card by creating a fixed deposit with the provider.Credit Cards vs. Fixed Deposits (FD)
Secured credit cards are the greatest credit cards against fixed deposits. You must open a money deposit with the issuer before receiving a credit card with a monthly limit of 70-85 percent of the deposit amount.
11. Lowest Interest Rate Credit Cards
One of the most significant charges charged if you fail to return your credit card is interest. However, there are several credit card companies that offer cheap interest rates. Some people may benefit from this. In fact, for your convenience, we have produced a list of the lowest credit card interest rates in India.
12. Fuel Credit Cards
Fuel credit cards are the ones that provide the most rewards and advantages on your fuel purchases. If you have a lot of personal car use, a fuel credit card may be worth it for the extra benefits.
13. Online Shopping Credit Cards
For many of you, online shopping may be the most expensive use of your credit card. Fortunately, certain credit cards provide expedited and particular benefits/cashback while shopping on online platforms such as Flipkart, Amazon, Myntra, Ajio, and others. You can get savings with these best credit cards for online shopping. across certain portals and across platforms
14. Super Premium Credit Cards
The super-premium section includes the most prestigious credit cards. These are the credit cards with the highest annual fees, reward rates, and luxurious amenities, as well as the finest rewards. Overall, these are the credit card world's gems, limited to a select few with stringent qualifying requirements.
Criteria for Credit Card Eligibility
1. Social class / Credit ScoreYour income level is one of the most crucial factors considered when issuing credit cards. While most banks require a basic monthly income of roughly Rs 25,000-30,000, many hyper premium credit cards can require multiple lakhs per month. Check everything thoroughly.across certain portals and across platforms
Super Premium Credit Cards 14
The super-premium section includes the most prestigious credit cards. These are the credit cards with the highest annual fees, reward rates, and luxurious amenities, as well as the finest rewards. Overall, these are the credit card world's gems, limited to a select few with stringent qualifying requirements.
2. Age range
Another aspect that may influence your credit card application is your age. While many banks and issuers require a minimum age of 21, some may reduce it to 18 years for college students and newcomers.
3. Credit rating
When you apply for a new credit card, your credit score is taken into account. While it is not specifically stated to the user prior to application, the fundamental rule of thumb implies that the higher the credit score required, the greater the premium the credit card.
4. Location accessibility
Even if you meet the income, age, and credit score standards, your application may still be denied, especially if you live in a remote section of India. Every financial institution has
Each bank has its own set of pin codes that it accepts, and you can be filtered during the application process.
5. Invitation-only
Aside from the aforementioned, certain super premium and exclusive credit cards are subject to additional eligibility criteria. This is the criterion for receiving an invitation from the bank or another client who has the same credit card. There are no established requirements for earning the invite, but it may be based on large spending, high credit limits, and a satisfactory payback and account history.
Credit Card Documents Are Required
While each bank and issuer will have their own set of documents required to process your application, below is a common list of documents that are acceptable by all institutions.Residents of Indian Origin Residents of Indian Origin
PAN Card.
Aadhaar Card.
Driving Licence
Passport,
Voter ID Card.
Address Proof.
Passport
Driving Licence
Ration Card
Electricity Bill
Voter ID Card
Telephone Bill
Income Documentation
Income Tax Return (ITR)
Form 16 (latest salary payslips)
Age Proof
Birth Certificate
10th Standard School Certificate
Voter ID Card
Passport For NRIs Identity Proof
Driving Licence
Passport
Proof of Address
Passport Driving Licence Electricity Bill Voter ID Card Telephone Bill Account statement Rental contract Leases and title deeds
Top Credit Card Issuers
1. HDFC Bank
HDFC Bank is India's largest credit card issuer. According to the most recent data, HDFC has a 24 percent market share, which implies that nearly one out of every four credit cards is issued by them. HDFC Bank issued the note. The bank's entry-level cards include the Millennia, MoneyBack, and IndianOil gasoline cards. Popular mid-tier options include Regalia and Diners Club Miles, while premium options include Infinia and Diners Black.
2. SBI Credit Card
SBI Card is another major player in the Indian credit card business. SBI Card, a separate organisation from State Bank of India, continues to profit from millions of bank accounts and great serviceability to deliver attractive value credit cards to consumers. Its SimplyClick and SimplySave credit cards are extremely popular in the basic credit card market, while the Elite and Prime credit cards dominate the premium segment with value-seeking products.
3. ICICI Bank
ICICI Bank is one of India's largest private participants in the banking business. This is reflected in the player's position in the credit card sector, where it ranks third in terms of total credit cards issued. The bank's flagship product is the Amazon Pay ICICI credit card, which has 2 million customers and is the most popular credit card in India.
4. Axis Bank
Another large private bank in India is Axis Bank. The company provides a wide range of credit cards, from entry-level options like the Axis ACE to high-end cards like the Axis Magnus and Select. Axis is one of the market's largest participants, and it is growing market share with its popular cards. That are gaining customers on a daily basis
5. American Express
American Express is a premium credit card provider in India. American Express, which is currently halted due to a policy violation, is known for its premium cards, excellent customer service, and exclusive privileges and access. Its Platinum metal card is well-known for its exclusive category and limited access relationships.
6. Credit Card Interest Rates
In essence, credit cards are unsecured loans. As a result, they attract hefty interest rates. In reality, many credit cards in India have APRs (annual percentage rates) that range from 30% to 50%! This means that missing repayments can be a real pain for a credit card holder. We advise against exceeding your credit's affordability. that are gaining customers on a daily basis.
Credit Card Fees & Charges
There are several fees and charges associated with obtaining a credit card in India. Let's go over each one and learn what it is, how it is applied, and how to avoid as many as possible.
Fees for membership
When you first hold the card, the basics begin. The first price you'll have to pay is the membership fee for your credit card. While some of the market's entry-level cards have no joining fees, others have a small price of Rs 500-1,000. And many of those cards offer gift vouchers in the number of membership fees, excluding taxes, of course. Fees for joining a premium card Joining fees for premium cards can run into thousands of dollars.Fees for Renewal/Annual Renewal
Aside from the membership charge, which must be paid annually, certain credit cards have a renewal fee. Most of the time, this is the same as the joining fee. The Axis Flipkart credit card, for example, has a Rs 499 membership charge and a Rs 499 yearly fee.
The credit card company offers a fee waiver feature to help offset this cost. Most organizations give a spending threshold above which the renewal charge is waived. In the case of the Axis Flipkart card, the annual limit is Rs 2,000,000.
Finance Charges/Interest Rate
Probably the most complicated and costly charge in The interest rate, finance fee, or annual percentage rate on a credit card (APR). The interest rate is the amount of money you must pay if you do not pay your credit card bill on time. For some credit cards, this sum might be as high as 4% every month, or approximately 50% per year!
Don't worry, you can entirely prevent this penalty by paying your credit card account before the due date. It's not all that difficult.
Charges for Card Replacement
A card replacement fee is a small but substantial charge that comes with possessing a credit card. If you lose your credit card or it is stolen and then blocked, the bank will send you a replacement card. This is true for many cards. The bank or issuer will normally waive this fee. However, in other situations, it may be a one-time price of Rs 100-500, particularly in the entry-level category.
Fees for International Transactions
If you make a transaction with a foreign seller in another country, a portion of the transaction is charged. This fee is applied to all debit and credit cards. While some good premium cards have fees as low as 1-2%, others might vary from 3-5% of the transaction value.
Charges for Reward Redemption
This is one of the least essential fees because it is not even collected by many institutions. Some banks, such as SBI and HDFC, may charge you a modest fee of Rs 100 when you redeem. redeem your points for cash, travel tickets, or merchandise
Cash Withdrawal Fees
Few people are aware that, subject to monthly limits, a credit card can be used to withdraw cash from an ATM. However, there are costs associated with this. Several banks frequently levy a cash withdrawal fee to deter people from changing credit card limitations to cash.
Late Payment Penalties
Obviously, a credit card is free if you complete all required payments on the due date each month. If you miss the due date, you must pay interest on top of the late payment cost that some banks may levy. This is normally a one-time set cost that might range between Rs 500 and 5,000 depending on the type of card and the amount. due date and issuer bank
Credit Card Evaluations
Review of the Flipkart Axis Cashback Credit Card
The Flipkart Axis credit card is currently one of the most popular cards in the Indian market, and for good reason. This Axis credit card, launched in collaboration with e-commerce giant Flipkart, gives unlimited 5% cashback on Flipkart and Flipkart businesses (Myntra, 2GUD). Not only that, but you also get an incredible 4% cashback on approved merchants and even more on all other purchases. Here is our evaluation of the Flipkart Axis credit card, in which we go through the benefits, drawbacks, rewards, cashback, and more.
HDFC Millennia Credit Card Evaluation
HDFC Millennia is one of the most lucrative credit cards available from HDFC Bank. If you have a cashback card, If this is something you're thinking about, HDFC has a terrific alternative with the Millennia, which is quickly becoming one of its most popular credit cards. Here is our evaluation of the HDFC Millennia credit card, in which we go through the benefits, drawbacks, incentives, cashback, and more. We try to answer the question of whether or not you should get one for yourself.
SBI SimplyCLICK Credit Card Evaluation
What if I told you that you can get the most out of a credit card and get points every time you spend online? When you shop online, you will receive cashback and other benefits. The SBI SimplyCLICK credit card is reviewed here. Is it the ideal option for every online shopper? Let us investigate.
Tricks and Tips for Cards de crédit
If your credit score is low, consider a secured credit card (rather than a fixed deposit) to help you develop your credit history.
Track your credit score on a regular basis to identify inconsistencies.
Set credit card restrictions based on your income or funds available.
Keep note of bill due dates and pay the whole amount to prevent exorbitant interest charges and a negative impact on your credit score.
Reduce wasteful spending; only spend what you can afford to pay immediately.
Before applying for a credit card, make a list of your most frequently used purchase categories and choose a card that offers the most rewards in that category.
Aim to keep your credit limit under 30% of your credit limit.
Keep track of your account's perks and be sure you redeem them. effectively
Know all of the costs associated with your credit card and try to avoid as much as possible.
How many credit cards may I carry?
Almost as many as feasible. There is no true limit to how many credit cards you can have. However, make sure not to apply them all at once. Slowly and methodically build your credit history.
How do credit cards function?
Credit cards are unsecured loans that can be obtained in the form of convenient cards. The issuer bank often provides you with a billing month (approximately a month) and a few extra days to return the loan on a monthly basis.
What does airport lounge access mean in credit card terms?
The majority of India's local and international airports There are luxury lounges in India where passengers can relax, dine, and drink for free. Some credit cards provide complimentary entry to these lounges for your next airport visit. The majority of the finest credit cards for lounge access have monthly or annual limits; however, certain extremely premium cards, such as the HDFC Infinia, provide limitless access.
Which bank was the first in India to issue credit cards?
In 1981, Andhra Bank was the first Indian bank to launch credit cards in the country. The bank has since been incorporated into Union Bank of India, which is based in Mumbai.
Few people are aware that, subject to monthly limits, a credit card can be used to withdraw cash from an ATM. However, there are costs associated with this. Several banks frequently levy a cash withdrawal fee to deter people from changing credit card limitations to cash.
Late Payment Penalties
Obviously, a credit card is free if you complete all required payments on the due date each month. If you miss the due date, you must pay interest on top of the late payment cost that some banks may levy. This is normally a one-time set cost that might range between Rs 500 and 5,000 depending on the type of card and the amount. due date and issuer bank
Credit Card Evaluations
Review of the Flipkart Axis Cashback Credit Card
The Flipkart Axis credit card is currently one of the most popular cards in the Indian market, and for good reason. This Axis credit card, launched in collaboration with e-commerce giant Flipkart, gives unlimited 5% cashback on Flipkart and Flipkart businesses (Myntra, 2GUD). Not only that, but you also get an incredible 4% cashback on approved merchants and even more on all other purchases. Here is our evaluation of the Flipkart Axis credit card, in which we go through the benefits, drawbacks, rewards, cashback, and more.
HDFC Millennia Credit Card Evaluation
HDFC Millennia is one of the most lucrative credit cards available from HDFC Bank. If you have a cashback card, If this is something you're thinking about, HDFC has a terrific alternative with the Millennia, which is quickly becoming one of its most popular credit cards. Here is our evaluation of the HDFC Millennia credit card, in which we go through the benefits, drawbacks, incentives, cashback, and more. We try to answer the question of whether or not you should get one for yourself.
SBI SimplyCLICK Credit Card Evaluation
What if I told you that you can get the most out of a credit card and get points every time you spend online? When you shop online, you will receive cashback and other benefits. The SBI SimplyCLICK credit card is reviewed here. Is it the ideal option for every online shopper? Let us investigate.
Tricks and Tips for Cards de crédit
If your credit score is low, consider a secured credit card (rather than a fixed deposit) to help you develop your credit history.
Track your credit score on a regular basis to identify inconsistencies.
Set credit card restrictions based on your income or funds available.
Keep note of bill due dates and pay the whole amount to prevent exorbitant interest charges and a negative impact on your credit score.
Reduce wasteful spending; only spend what you can afford to pay immediately.
Before applying for a credit card, make a list of your most frequently used purchase categories and choose a card that offers the most rewards in that category.
Aim to keep your credit limit under 30% of your credit limit.
Keep track of your account's perks and be sure you redeem them. effectively
Know all of the costs associated with your credit card and try to avoid as much as possible.
How many credit cards may I carry?
Almost as many as feasible. There is no true limit to how many credit cards you can have. However, make sure not to apply them all at once. Slowly and methodically build your credit history.
How do credit cards function?
Credit cards are unsecured loans that can be obtained in the form of convenient cards. The issuer bank often provides you with a billing month (approximately a month) and a few extra days to return the loan on a monthly basis.
What does airport lounge access mean in credit card terms?
The majority of India's local and international airports There are luxury lounges in India where passengers can relax, dine, and drink for free. Some credit cards provide complimentary entry to these lounges for your next airport visit. The majority of the finest credit cards for lounge access have monthly or annual limits; however, certain extremely premium cards, such as the HDFC Infinia, provide limitless access.
Which bank was the first in India to issue credit cards?
In 1981, Andhra Bank was the first Indian bank to launch credit cards in the country. The bank has since been incorporated into Union Bank of India, which is based in Mumbai.
How do credit card EMIs work?
Credit card EMIs function precisely like EMIs on any other loan. You must divulge your credit card information. When you make an EMI payment, the amount will be deducted from your credit limit. The sum will, nevertheless, be debited from your card in accordance with the repayment plan.What are the top most popular credit cards?
The top main credit card issuers in India (in terms of market share) are as follows:
HDFC Bank
SBI Credit Card
ICICI Bank
Axis Bank
Ratnakar Bank
ATM cards are also referred to as debit cards. A debit card allows you to withdraw cash or make payments from your bank savings account.
A credit card, on the other hand, is a bank loan that you must repay on a monthly basis. What are the drawbacks of credit cards?
All of the downsides of a credit card have already been discussed.
Can I pay off my credit card on the same day that I use it?
That is possible. This will reset your credit score and eliminate the need to wait until the due date to make a payment.
How can you get cash out of a credit card?
Some credit cards allow you to withdraw cash from an ATM. However, keep in mind that there will be a one-time cost as well as finance charges. For this purpose, we recommend using a debit card.
Which credit card is the best for everyday use?
All credit cards are designed to meet specific purposes. If your principal expenses are for internet shopping, gas, plane tickets, or anything else, We've compiled a list of the finest credit cards in each category.
Which credit card is the simplest to obtain in India?
There are numerous entry-level credit cards available with quick approval. Check out our selection of the finest first credit cards.
Axis Bank, a private company, has stated that it is acquiring Citibank's Indian business arm for $1.6 billion, months after the American bank declared its exit from the Indian market. Credit cards, consumer loans, retail banking, and wealth management will be included in this deal. It excludes India's institutional client businesses.
Citi chose Axis Bank following a thorough and exhaustive auction procedure. Citibank India has 3,600 employees. Employees will transfer to Axis Bank, as will over 2.5 million Citi India customers.
Slice is launching UPI services and has more than doubled its valuation in less than 6 months.
Slice, which bills itself as the largest credit card rival, is purportedly preparing to offer users UPI-based payments. According to reports, the corporation is updating the app to streamline product flow for the impending function.
With this introduction, Slice hopes to compete with Walmart's PhonePe and Alphabet's Google Pay. It intends to enable consumers to send payments via UPI using only phone numbers.
HDFC Bank and Shoppers Stop have launched co-branded cards.
HDFC Bank, India's largest bank by market capitalization, has announced a collaboration with retail giant Shoppers Stop to launch co-branded credit cards. With this collaboration, the bank hopes to gain 1 million new customers in the next five years.
Over 8 million 'First Citizen' customers will be eligible to apply for the new credit cards, which will be available in two varieties: Shoppers Stop HDFC Bank Credit Card and Shoppers Stop BLACK HDFC Bank Credit Card.
In India, Apple Software Store has stopped taking debit and credit cards for app purchases and subscriptions.
Apple has stated that it would no longer accept debit and credit card payments for software purchases and subscriptions on its App Store in India. This is due to the RBI's implementation of auto-debit guidelines in October 2021. Officially, Apple states that the choice was made with the regulatory needs in mind. country. Users can continue to make payments via UPI and Netbanking.
In India, the Reserve Bank of India has issued a new credit card rule book.
The RBI has issued the new Credit Card and Debit Card - Issuance and Conduct Directions 2022, which contain new laws and regulations for the country's credit card industry. The guidelines, which will take effect on July 1, 2022 and apply to all Scheduled Banks and NBFCs in India, include easy permission for smaller businesses to issue credit cards, OTP re-activation, and clearer restrictions for add-on cards.
Spicejet and Axis Bank jointly create a credit card.
SpiceJet, one of India's largest airlines, and Axis Bank, one of India's largest banks, have collaborated to offer a new co-branded credit card. The new VISA credit card is available in two flavors: SpiceJet Axis Bank Voyage and Voyage Black, and it aims to strengthen the low-cost carrier's SpiceClub reward program. The Voyage Black will give users up to 7% back on SpiceJet purchases, as well as access to advantages such as seal selection, free dinner, priority check-in, and more.
HDFC Bank
SBI Credit Card
ICICI Bank
Axis Bank
Ratnakar Bank
Is an ATM card and a credit card the same thing?
ATM cards are also referred to as debit cards. A debit card allows you to withdraw cash or make payments from your bank savings account.
A credit card, on the other hand, is a bank loan that you must repay on a monthly basis. What are the drawbacks of credit cards?
All of the downsides of a credit card have already been discussed.
Can I pay off my credit card on the same day that I use it?
That is possible. This will reset your credit score and eliminate the need to wait until the due date to make a payment.
How can you get cash out of a credit card?
Some credit cards allow you to withdraw cash from an ATM. However, keep in mind that there will be a one-time cost as well as finance charges. For this purpose, we recommend using a debit card.
Which credit card is the best for everyday use?
All credit cards are designed to meet specific purposes. If your principal expenses are for internet shopping, gas, plane tickets, or anything else, We've compiled a list of the finest credit cards in each category.
Which credit card is the simplest to obtain in India?
There are numerous entry-level credit cards available with quick approval. Check out our selection of the finest first credit cards.
Updates on Credit Cards
Citibank India's consumer business will be acquired by Axis Bank.
Axis Bank, a private company, has stated that it is acquiring Citibank's Indian business arm for $1.6 billion, months after the American bank declared its exit from the Indian market. Credit cards, consumer loans, retail banking, and wealth management will be included in this deal. It excludes India's institutional client businesses.
Citi chose Axis Bank following a thorough and exhaustive auction procedure. Citibank India has 3,600 employees. Employees will transfer to Axis Bank, as will over 2.5 million Citi India customers.
Slice is launching UPI services and has more than doubled its valuation in less than 6 months.
Slice, which bills itself as the largest credit card rival, is purportedly preparing to offer users UPI-based payments. According to reports, the corporation is updating the app to streamline product flow for the impending function.
With this introduction, Slice hopes to compete with Walmart's PhonePe and Alphabet's Google Pay. It intends to enable consumers to send payments via UPI using only phone numbers.
HDFC Bank and Shoppers Stop have launched co-branded cards.
HDFC Bank, India's largest bank by market capitalization, has announced a collaboration with retail giant Shoppers Stop to launch co-branded credit cards. With this collaboration, the bank hopes to gain 1 million new customers in the next five years.
Over 8 million 'First Citizen' customers will be eligible to apply for the new credit cards, which will be available in two varieties: Shoppers Stop HDFC Bank Credit Card and Shoppers Stop BLACK HDFC Bank Credit Card.
In India, Apple Software Store has stopped taking debit and credit cards for app purchases and subscriptions.
Apple has stated that it would no longer accept debit and credit card payments for software purchases and subscriptions on its App Store in India. This is due to the RBI's implementation of auto-debit guidelines in October 2021. Officially, Apple states that the choice was made with the regulatory needs in mind. country. Users can continue to make payments via UPI and Netbanking.
In India, the Reserve Bank of India has issued a new credit card rule book.
The RBI has issued the new Credit Card and Debit Card - Issuance and Conduct Directions 2022, which contain new laws and regulations for the country's credit card industry. The guidelines, which will take effect on July 1, 2022 and apply to all Scheduled Banks and NBFCs in India, include easy permission for smaller businesses to issue credit cards, OTP re-activation, and clearer restrictions for add-on cards.
Spicejet and Axis Bank jointly create a credit card.
SpiceJet, one of India's largest airlines, and Axis Bank, one of India's largest banks, have collaborated to offer a new co-branded credit card. The new VISA credit card is available in two flavors: SpiceJet Axis Bank Voyage and Voyage Black, and it aims to strengthen the low-cost carrier's SpiceClub reward program. The Voyage Black will give users up to 7% back on SpiceJet purchases, as well as access to advantages such as seal selection, free dinner, priority check-in, and more.
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