A credit card is a type of credit facility issued to card holders by banks. That allows customers to borrow funds or pay a merchant for goods and services within a pre-approved credit limit, and the card holder must pay back the amount due on the due date, which is mutually decided by the bank and the card holder.
Types of Credit Cards in India
| Welcome Gift | Many banks offer a welcome gift to new credit card applicants once the card is issued to them in the form of bonus reward points, vouchers, discounts, etc. |
| Rewards Program | All credit cards generally have a reward program, which allows cardholders to earn reward points on every transaction they make using their cards. |
| Fuel Surcharge Waiver | Banks offer a fuel surcharge waiver to the cardholders on spending a specific amount of money on fuel every month. |
| Cashback Benefits | Many credit cards offer cashback benefits to the customers. |
| Lifestyle Benefits | Cardholders can enjoy various lifestyle benefits on their credit cards such as offers on dining, shopping, wellness, entertainment, etc. |
| Travel Benefits | Travel benefits of credit cards include air miles, airport lounge access, travel insurance, airline offers, hotel offers, etc. |
| Airport Lounge Access | Some credit cards offer complimentary airport lounge access to the cardholders. The offer varies from one bank to another. |
| Add-on Cards | Many banks allow their credit cardholders to apply for add-on credit cards for their immediate family members. |
| Insurance Coverage | Some premier cards provide a comprehensive insurance policy that provides coverage against air accident, life, lost baggage, lost card, outstanding, etc. |
| Balance Transfer | Credit cardholders can transfer the outstanding balance of their existing cards issued by one bank to the credit card account of another bank. |
| Global Acceptance | Today, most credit cards that are issued in India are international credit cards and are accepted by various merchants all over the world. |
| EMI Conversion | The feature allows the credit card members to convert their credit card transactions into easy monthly installments (EMIs). |
| Credit Score | Owning a credit card helps you build a healthy CIBIL score. By making timely payments on your card and in full, you receive a positive credit score from credit bureau, CIBIL. |
Applicants can submit any one of the ID proof, address proof, and income proof documents listed below.
| Requirements | Documents |
|---|---|
| ID Proof | Passport, PAN Card, Aadhar Card, Voter Card |
| Address Proof | Aadhar Card, Electricity Bill, Telephone Bill |
| Income Proof | Salary Certificate, Salary Slips, Employment Offer Letter, ITR |
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