Credit Card - Charvi FinServices

Apply Credit Card Online

Selecting the best credit card might be challenging given the abundance of options on the market. The best credit cards available in India are made to accommodate a variety of purposes and lifestyles, from travel to shopping, by providing a host of incentives like cashback, rewards, and other promotions. Therefore, it's critical to evaluate credit cards offered by various issuers and apply for a credit card that, in accordance with your preferences, can help you save money on eating, travel, shopping, and other categories of expenditure.

Unlock Best Offers From 20+ Lenders



What Credit Cards Do?

Your credit card can be used to pay bills and make both in-person and online purchases. With credit cards, users can borrow money to cover purchases of goods and services up to a certain credit limit. Based on the applicant's income, credit score, amount of outstanding debt, and a number of other internal criteria, the issuer determines the credit limit. Every time a payment is made, a portion of the designated credit limit is subtracted. At the conclusion of the billing cycle, which lasts around a month, the credit card issuer sends you a credit card statement that details all of your monthly card activities, your current and past amount, the minimum payment required, and the date on which your bills are due.

Your card is credited with the amount you pay your bills, which increases your credit limit. There are no interest fees on credit card balances as long as you do not take cash withdrawals and pay off your entire debt by the deadline.

The features and advantages of credit cards

Depending on the type of card, different features and perks are offered. Still, there are a few features that practically all credit cards include. Here are a few of these benefits of credit cards:

Top Banks Credit Cards

# Credit Card Providers
1 HDFC Credit Cards
2 Axis Bank Credit Cards
3 ICICI Bank Credit Cards
4 Kotak Credit Cards
5 SBI Credit Cards
6 IDFC FIRST Bank Credit Cards
7 RBL Bank Credit Cards
8 Standard Chartered Bank Credit Card
9 American Express Credit Cards
10 IndusInd Bank Credit Cards
11 AU Small Finance Bank Credit Cards
12 YES Bank Credit Card

Credit Card Types

The majority of credit cards fall into one or two primary categories that characterize the credit card type. The following is a list of some of the most popular credit card kinds in India. To view the list of the top credit cards in each category, click on the corresponding kind.

Credit Cards for Travel

By providing benefits like air miles, free flights, hotel stays at a reduced rate, access to airport lounges, travel insurance, etc., travel credit cards aim to help consumers save money on their travel expenses. Several widely used credit cards for travel include:

Shopping Credit Cards

These cards focus on providing savings on your online and offline shopping spends through reward points, cashback, discounts, and even co-branded benefits. Given below are some of the top credit cards for shopping:

Lifetime-free Credit Cards

There are a few credit cards that don’t charge any joining or annual fees, some of which are listed below:

Cashback Credit Cards

Some cards offer a percentage of the amount spent back to the user as direct cashback instead of reward points. Some of the leading cashback credit cards include:

Fuel Credit Cards

These cards help cardholders save by offering extra reward points on their fuel spends. These cards are usually co-branded with fuel brands, like Indian Oil, HPCL, BPCL, etc. Given below are some of the best fuel credit cards that you can choose from:

Dining Credit Cards

These cards help you save on your dining and other food-related spends through reward points, discounts, cashback, co-branded benefits, and free memberships. Some of the top credit cards for dining are given below:

Things to Consider Prior to Credit Card Application

Make sure the credit card will fit your spending patterns and that you can maximize your savings by making the most of its features before choosing and applying for one. The following advice can help you choose the ideal credit card for your needs:

Understand Why You are Getting a Card

You must decide why you are getting a credit card. People typically search for credit cards in order to establish their credit history, increase their credit limit for large purchases, and take advantage of deals on various categories of expenditure that will enable them to save money. Therefore, the card that best suits your demands would be the one you should use.

Recognize Your Eligibility

After determining your credit card needs, you should review the requirements of the credit card categories you are interested in, as well as your credit score. You could use this to find out which cards you are truly qualified for. For instance, your income might be too low for the card, even though you want one with exciting travel features. Thus, you need to be sure that your application for a card has a good possibility of being approved. At Paisabazaar, you can also receive card recommendations depending on your income and credit profile. Click this link to begin your search for the appropriate card.

Shortlist the Cards

You can select a few cards to be on your shortlist based on your eligibility and the credit card comparisons. This will help you find the ideal card more quickly. You may use a few simple questions to help you narrow down your options, such as if the annual cost fits within your budget or if it meets your essential demands.

Select the Card That Offers the Best Value

From the list of cards that have been narrowed down, choose the card that gives you the most value overall. Additionally, consider if you want to use this card for a long time and check to see if the bank allows you to switch to a different card at a later time.

Select the Method of Credit Card Application

Through a third-party website or directly through the bank, you can compare credit card offers and apply for one. With the latter, you can apply online for the card that best suits your needs by comparing those offered by several banks.

Credit Card Requirements for Eligibility

Not only do the qualifying requirements vary throughout issuers, but they also vary for various credit card models that the same issuer offers. The minimal income requirement is the fundamental distinction between card variations, even though other requirements like age, city of residence, regular source of income, credit score, etc. are probably going to stay the same. Depending on the kind, services, and yearly cost of each card, card issuers determine the income qualifying requirements for each card.

Eligibility Criteria

Required Documents for Credit Cards

The following are some essential paperwork needed when applying for a credit card:

Document Type Details
Identification & Signature Proof Driver's license, passport, PAN card, voter ID card, Aadhaar card, and employee identity card (where applicable) for government personnel.
Address Verification Bank statement, rental agreement, ration card, voter ID card, passport, driver's license, phone bill, water/electricity bill, and property tax bill (any one of these).
Proof of Age Voter ID card, birth certificate, passport, Aadhaar card, secondary school certificate (class 10), pension payment order, or receipt of LIC insurance (any one).
Evidence of Income For Salaried: Payslips for the last three months, a bank statement of the salary account for the last six months.
For Independent Contractors: Most recent IT returns including income calculations and other verified financial records, as well as evidence of business continuity.

Fees and Charges for Credit Cards

Depending on the type of card the cardholder has, credit card companies impose different fees. Certain fees, such as annual or joining fees, must be paid to keep using your card; other fees, such as finance charges, cash withdrawal fees, and late payment fees, are applied based on how often you use your card. Below is the information about the principal fees and costs imposed by the top credit card issuers:

SBI Credit Cards
HDFC Bank Credit Cards
Axis Bank Credit Cards
IndusInd Bank Credit Cards
Kotak Bank Credit Cards
ICICI Bank Credit Cards
American Express Credit Cards
RBL Credit Cards
Standard Chartered Credit Cards

Credit Card – Do’s and Don’ts

Do’s Don’ts
Choose a credit card as per your spending behaviour. Do not apply for multiple credit cards at a time as it negatively impacts your credit history.
Pay your bills on time & in full to save yourself from high interest charges. Do not make late payments as it incurs high interest charges.
Check your credit card statement regularly to identify any fraudulent transactions. Do not exhaust your credit limit frequently as it can portray you as credit hungry and affect your credit score negatively.
Keep an eye on your credit card reward points balance to maximize your benefits by redeeming them against the best options. Do not withdraw cash using your credit card to avoid high interest charges.

Credit Card vs. Debit Card

Particulars Credit Card Debit Card
Availability of Funds You borrow from the credit line assigned to you. The amount is deducted from your savings or current account.
Spending Limits You can spend within your pre-fixed credit limit. You can spend only up to the balance available in your savings or current account.
Key Benefit Short-term loan as per your credibility. Saves you from a debt trap as you can spend only up to the funds available in your account.
Important Fee & Charges Joining fee, annual fee, late payment fee, interest charges, etc. Cash withdrawal fee, annual fee (in some cases), etc.
Interest Interest charged in case of non-payment of the total amount due. No interest charges are applicable.
Rewards and cashback Extensive rewards/cashback in comparison to debit cards (varied from card to card). Minor rewards and cashback benefits.

FAQs

Which credit cards are the best for using Google Pay?

RuPay credit cards can be added as an additional payment option for Google Pay-based UPI transactions. This means that even if there is not enough money in your Google Pay-linked savings account, you can still use your credit card to make purchases and transfers. No other credit card network's cards are currently permitted to conduct UPI transactions. To make non-UPI online payments, you can connect Visa and Mastercard credit cards to Google Pay.

What are some pointers for using credit cards securely?

It is best to keep your credit card information private, therefore do not give anyone access to your card number, expiration date, CVV, PIN, or OTPs. Users should also keep track of their card transactions and report any questionable or fraudulent transactions right away, as well as in the event that their card is lost.

How does an EMI credit card operate?

You can spread out the cost of an EMI purchase across a minimum of three months. Before the repayment deadline, you have the option to convert your purchase into installments (EMIs) at the time of purchase or at a later time. EMIs typically come with a processing fee and interest rate that are less expensive than the late fees you could be assessed for skipping a payment. Every month, this interest is lowered based on the amount still owed. In the event of credit card EMIs, you may even choose to pursue foreclosure, but there may be more costs involved.

Which credit cards work best for getting free movie tickets?

Free movie tickets or savings on movie ticket purchases are frequently provided by credit cards. While SBI Card ELITE offers free movie tickets worth up to Rs. 6,000 per year (Rs. 500 per month) without requiring you to reach any spending goals, cards like RBL Play and Kotak PVR provide you free movie tickets based on your monthly purchases.

A credit card statement: what is it?

A credit card statement provides an overview of all the things you have bought with your credit card, paid with credit and debit cards, and any other charges that may have been incurred within a billing cycle. Other credit account information that varies based on your credit card usage is also included, such as the credit limit, total dues, payment due date, minimum due amount, and so forth. The account holder will receive this statement by mail or can download it by signing into your account.

Which Indian bank offers the finest credit card?

Axis, Citibank, Standard Chartered Bank, HDFC, SBI Card, ICICI, Amex, and Kotak Mahindra Bank are a few of the most well-known banks in India that provide credit cards. But the credit card that best suits your needs is the one you should get. We have included a selection of some of the greatest and most well-liked cards in India above to help you in your search.

In India, how do I apply for a credit card?

You have two options for applying for a credit card: online via third-party websites like Paisabazaar.com, or directly through the website or branch of the credit card issuer. Here, you can apply online for a credit card using a card comparison to identify options that fit your needs and qualify for.

For novices, how do credit cards operate?

Everybody's credit card usage is the same. Beginners can use credit cards to establish their credit history and score, as well as to learn more about how credit cards operate, how to use the features to maximize savings, how payback works, and how credit card fees and charges are handled. In addition, novices can assess their spending patterns and choose which credit card kind or version best suits their needs, allowing them to potentially request for an upgrade in the future.

A credit card number: what is it?

The credit card number is the 14–16-digit number that appears on the credit card. The credit card network, issuer, and cardholder are all identified by it.

When is the annual credit card fee assessed?

Every year, in the same month cycle as the initial year's joining month, the card issuer levies an annual fee. For example, if you activated your credit card in March of this year, the card cost will be deducted from your monthly bill in March each year.

A secured credit card: what is it?

A secured credit card is one that is issued in relation to a fixed deposit, for example. For people who are not qualified for a standard (unsecured) card, it can be a decent starting point.

The greatest secured credit card choice for people who want to raise or maintain their credit score but are not qualified for an unsecured credit card is Paisabazaar Step Up. In partnership with SBM Bank (India) Pvt. Ltd., the card has been introduced. Customers have access to a credit limit of up to 100% of the FD amount and can select among FDs starting at Rs. 2,000 and going up to Rs. 60,000. In addition to making use of this card's capabilities, the deposit will accrue interest at a rate of 6.40%.

Can I get EMIs for the transactions I made with my credit card?

Yes, you can use the appropriate EMI options that come with your card to turn your large purchases into manageable monthly installments. It is best to examine the interest rate in advance because EMI interest rates differ between lenders. To verify the same, you can utilize the credit card EMI calculator. Additionally, several lenders work with well-known companies and internet retailers to provide their clients with interest-free or heavily discounted extended warranties. For additional information, you can contact bank customer service or use your mobile app or online banking to verify the EMI choices on your card.

Do Indian credit cards all have exorbitant yearly fees?

No. The finest credit cards available in India are those that either have no annual fees or a lifetime free offer. ICICI Amazon Pay Credit Card, HSBC Platinum, and HDFC Moneyback are a few credit cards with minimal annual fees. To make the best decision, you should evaluate credit card offers and apply for them depending on how the benefits balance the costs and charges.

Which credit card has the greatest rewards programme in India?

With every purchase, almost all credit cards in India grant reward points. On the other hand, some credit cards have several redemption choices and offer greater reward points with specific purchases. To learn more about India's top rewards credit cards, click here.

Add-on credit cards: what are they?

Add-on credit cards are issued in conjunction with a primary card, and all transactions related to the settlement of debt are processed through one account. Students who live away from their parents and those who are unable to obtain a personal card might both benefit from it.

Generally speaking, an add-on card's credit limit is the same as the primary card's, although depending on the terms of the bank, supplemental cards have a lower credit limit than the primary card. In the event that you have multiple add-on cards, the sub-limit will be split evenly between them to equal the primary card's overall limit. Any ATM withdrawals will be subject to this sub-limit as well. Different banks may have different add-on card terms and conditions.

What is the ratio of credit utilization?

This represents the percentage of your card's overall credit limit that is used. For instance, your credit use ratio is 30% if you have used Rs. 30,000 of the entire credit limit of Rs. 1 lakh. On all of your cards, you should constantly aim to keep your credit usage ratio at 30% or lower.

How do you move money from a bank account to a credit card?

It is not possible to move money from your credit card to your bank account at banks or NBFCs. You can do this with certain mobile apps, but there may be a cost associated with it—a tiny portion of the transferred cash. It is not, however, a suggested method of obtaining cash.

If a credit card payment is not made, does interest accrue?

You pay interest on the entire amount you owe on your card. Out of all the loan instruments that a client can choose from, credit card interest rates are the highest. Interest rates typically begin at 18% and can rise to 45% yearly depending on a number of variables, including the card's kind, the policies of the issuer, and other considerations.

Here, you can review and contrast credit cards in India according to the interest rates that various lenders impose.

What is the markup on foreign exchange?

Most banks impose a foreign exchange mark-up fee, which varies from card to card and ranges from 1.75% to 3.5%, for purchases made in currencies other than Indian Rupees. Click here to learn more about credit card foreign exchange markup fees.

What interest does a cash withdrawal from a credit card have? Is it distinct from the cost for cash withdrawals?

One of the most expensive credit options on the market is a credit card cash withdrawal, which should only be utilized as a last resort. On cash withdrawals, interest rates vary from 2.5% to 3.5% monthly and from 23% to 42% yearly. Furthermore, there is no interest-free time for cash withdrawals, in contrast to conventional transactions; instead, fees begin to accrue on the day of the transaction and continue until the balance is paid in full.

Yes, there is a distinction between cash withdrawal interest and cash withdrawal fees. The former is imposed each time a cardholder makes a cash withdrawal and varies from 2.5% to 3% of the total transaction amount.

Can I get money with my reward points?

Yes, certain cards do offer this feature. A predetermined ratio can be used to convert the accrued points into statement credit. SBI Elite cardholders, for example, can use their reward points to pay for their bills by converting them into cash. Four reward points are worth one rupee for this card.

What is the minimum payment required on my credit card?

The minimum payment required is typically 5% of the entire amount owed on your credit card; however, this number may be greater if:

You can pay your bills in a number of methods, including through check, NEFT, bill desk, mobile banking, online banking, and more. Alternatively, you can pay in cash over the counter at the closest bank branch by just walking in. Cash payments, however, come with a cost.

What occurs if I fail to make my credit card payment on schedule?

You will be responsible for paying late fees and additional interest if you fail to pay your account on time or neglect to do so. In contrast to interest, which is often referred to as finance charges, late payment fees are typically fixed charges based on the entire amount owed on your card and are only assessed once every billing cycle. Interest is computed as a percentage of the total amount owed for the duration that your balance is overdue. Also, the interest-free period expires if you have an outstanding balance on your card. This implies that interest costs will be applied to your future transactions as soon as they are made. Due to the highest interest rates of any credit product, credit card debt can negatively impact your credit score, even with minor late payments.

What is the credit limit?

The maximum amount of money you can spend with a credit card is known as the credit limit. The bank determines this cap using a number of criteria, including credit score, credit history, repayment history, and more. It is not a good idea to constantly max out your credit limit because this can lower your credit score.

How can my credit limit be raised?

You can get in touch with your card issuer to raise your credit limit. You can seek an increase in your credit limit using online banking in order to accomplish this. In addition, you can call the card issuer's customer service line and ask the agent to submit a request for an increase in your credit limit.

Will my credit card work overseas?

According to the terms and restrictions of each card issuer, the answer is yes—you can use credit cards for both domestic and foreign transactions. On overseas transactions, however, the card issuers charge a 3.5% of the transaction value FX markup fee.

What is a facility for revolving credit?

A line of credit known as revolving credit enables you to take out cash, use it for whatever purpose, pay it back, and then take out more cash as needed. You are limited to using the funds in accordance with your designated credit limit, nevertheless.

Does using my credit card each month help me establish credit?

It is nevertheless advisable to use your credit card frequently in order to raise your credit score, even though it is not required to use it every single month without fail. Even if you only use your credit card for little purchases, maintaining a consistent credit history and paying all of your bills on time each month will improve your credit score and have a good effect on your credit profile. When you apply for a credit card or loan in the future, a high credit score increases your chances of approval and guarantees better terms.

What are the best practices when it comes to credit card use?

After you apply for and receive a credit card, there are a number of guidelines and safeguards you need to follow. Among these credit card usage guidelines are not disclosing your credit card number to third parties, refraining from constantly using your credit limit to avoid appearing credit-hungry, and avoiding overspending to prevent future difficulties paying back your debt. It is also advisable to pay off your credit card debt in full by the due date in order to keep your credit score high and prevent further fees from developing, such as interest and late payment penalties. Additionally, you ought to budget your credit card expenses so that you can maximize your returns without going over your credit limit.

How long does it take to receive a credit card approval?

Depending on your credit profile, the type of card you have applied for, and the internal policies of the card issuer, the requirements and timeline for acceptance of your credit card application may change. Processing your credit card application typically takes seven to ten days after you submit it. If there are any inconsistencies in your documentation, this deadline could be extended. The majority of the time, the card issuers promptly inform customers of the status of their approval. A progress update on your application can also be obtained by getting in touch with the issuer offline or online.

How may my credit card account be closed or canceled?

Your credit card account can be closed both online and offline. You have three options for offline closure: phone the relevant credit card customer service number, write an application to the card issuer, or visit your account branch. To submit the card closure request, you can also utilize email or mobile or online banking services. You must, however, make sure that all outstanding credit card debt has been fully paid off before applying for the same.