A credit card is a type of financial tool where the cardholder can make purchases with a pre-loaded amount and pay for them at a later time. You have up to 15 to 50 days from the date of payment to completely pay off the balance, interest-free, with the card issuer. Having a credit card makes spending easy, especially if you don't have much money. You’ll also receive discounts and earn incentives like cashback or points. The cardholder can pay the minimum amount due, which can be anything from 5% to 10% of the entire amount payable, to avoid any penalty.
Apply online for a credit card and choose the one that perfectly matches your requirements. Take benefits of a simple application process, quick approval, no paperwork, minimal documentation, and many other advantages. Compare and apply India's top credit cards at MybankingTips. You can select a card that best suits your lifestyle like travel, shopping, entertainment, cashback & rewards or fuel. Apply Credit card online get attractive interest rates, affordable joining fees, and flexible EMI options that suit your needs.
Read more to know all the information of credit cards from top banks, including features, types, fees & Charges, eligibility criteria, documents required & How to apply credit card online.
MybankingTips offers 50+ credit cards from leading card issuers of India as shown below:
Here are a few most popular features and benefits of using a credit card mentioned below:
Most Banks offer no time limit on the reward points you can earn with credit card. Thus, you can use them whenever you'd like to redeem them or exchange them for cash on your card.
With a credit card, you can convert your purchases into EMIs that you can pay off each month in instalments.
Which include coupons, vouchers, and even discounts on movie tickets, travel reservations, bonus reward points, memberships, and other items, are offered by credit cards.
Having a credit card has long-term advantages, such as allowing you to build up credit, especially if you never took out a loan. Getting approved for a loan in the future is made easier with a good credit score.
You can also share your credit card's benefits with your family members.
Global credit card acceptance is available, particularly for those linked to the Visa or MasterCard payment networks.
A credit card balance transfer is the process of using a new credit card to pay off old credit card balance with new credit card.
You receive an SMS with a report on all of your transactions, sent to the email address and mobile number you registered with the bank.
If there is any medical emergencies and sudden financial needs credit cards offer instant cash against credit that can be paid back later.
You can make purchases with credit cards during an interest-free period. This means that as long as you pay off the balance before the due date, you won't be charged interest on your purchases.
A lot of credit cards allow you to earn reward points for your purchases. You can exchange these reward points for items, gift cards, or cash back. Additionally, some credit cards provide accelerated rewards.
If a credit cardholder spends a certain amount on fuel each month, many banks waive the fuel surcharge. Later, the fuel points are turned into free fuel.
There are some credit cards that offer travel benefits like airport lounge access, hotel offers, travel insurance, airline offers, air miles, etc.
You can also use Credit cards to pay utility bills.
You have the option to compare and apply for Credit Cards conveniently online through MybankingTips in simple steps:
It's important to check that you meet the requirements before applying for a credit card. The following are the eligibility criteria to apply for a Credit Card:
Applicants are required to submit proof of identity, proof of address, and proof of income along with a duly filled application form. The approved documents for each category are included in the list below.
| Proof of Identity | Aadhaar card, PAN Card, Passport, Voter’s ID, Driver’s License, Overseas Citizen of India Card, Job card issued by NREGA, Person of Indian Origin Card, Letters issued by the UIDAI or any other government approved photo ID proof |
| Proof of Address | Aadhaar card, Passport, , Driver’s License, Utility Bill not more than 3 month’s old, Ration Card, Property Registration Document, Person of Indian Origin Card, Job card issued by NREGA, Bank Account Statement or any other government approved address proof |
| Proof of Income | Latest one or 2 salary slip (not more than 3 months old), Latest Form 16, Last 3 months’ bank statement |
| Particulars | Charges |
|---|---|
| Joining / Annual Fee | The one-time charge to get the Card is the Joining Fee. It depends upon the kind of card you apply for and from bank to bank. |
| Rate of interest | Interest charges are applied to all new transactions as well as to amounts due that are not paid by the given date. The highest monthly fee is 3.75%. |
| ATM withdrawal fee | There is a transaction fee associated with using credit cards to withdraw cash from ATMs. Furthermore, daily interest is also charged on withdrawals. |
| Late Payment Fee | The Bank will request that you make the minimum payment if you are unable to pay the entire amount owed. There is a late payment fee if you don't pay the required minimum amount. |
| Foreign Transaction Fee | Even if some credit cards are accepted everywhere, if you are using a credit card abroad, you will still have to pay an additional transaction fee. As a percentage of the transaction amount, it usually starts at 3.50%. |
| Over-Limit Fee | The kind of credit card you have decides your credit limit. An Over-the-Limit Fee, which can be up to 2.50% of the over-limit amount, will be charged by your bank if you spend more than the threshold limit. |
| GST | All transactions using credit cards are based on the Goods and Services Tax, or GST. The current rate of 18% GST applies to banking and financial services. |
| Cash Withdrawal Fee | Your cash limit is set as a proportion of your credit card limit. However, 2.5% of the amount withdrawn is required as a fee. This fee is assessed immediately and is not covered by the interest-free period. |
If you're thinking about getting a credit card but don't know which one to choose, you can find the best ones in different categories by clicking on the links below:
Check the interest rates, yearly fees, late payment penalties, and additional costs linked to the credit card.
Rewards, cashback, and other benefits may be earned by you through your credit card payments, both online and off. Airmiles, statement credits, brand vouchers, and other items can be earned through redeeming the earned points. Use your reward points before they expire.
You have up to 20 days from the time the credit card bill is generated to pay it. To avoid late payment fees, you must pay the minimum amount owed before the deadline. You are able to pay in part. However, interest and any applicable taxes will be added to the outstanding balance.
Check the available credit limit. Although spending wisely can prevent more debt accumulation, a higher limit may be advantageous.
In order to prevent late payment penalties and interest costs, make sure you pay your credit card bills on time, before the due date. In actuality, paying your bills on time will raise your credit score.
Credit cards and debit cards, while similar in appearance, operate on fundamentally different principles. The table below highlights some key distinctions between the two:
| Particulars | Credit Card | Debit Card |
|---|---|---|
| Availability of Funds | Borrowing from a predefined credit line | Deducts funds directly from your account |
| Spending Limits | Spending within your credit limit | Spending limited to available account balance |
| Key Benefit | Short-term loan based on your creditworthiness | Prevents overspending, as it uses existing funds |
| Important Fees & Charges | Joining fee, annual fee, late payment fee, interest charges, etc. | Cash withdrawal fee, annual fee (in some cases), etc. |
| Interest | Interest accrues if the total amount due is not paid on time | No interest charges, as you spend from your funds |
| Rewards and Cashback | Offers extensive rewards/cashback (varies by card) | Typically provides fewer rewards and cashback benefits compared to credit cards |
These differences make credit cards a suitable option for those looking for short-term credit and various rewards, while debit cards are ideal for individuals who prefer to spend within their means and avoid debt.
Similar to a debit card, you can use your card to make payments both online and offline. In this case, the amount is taken out of your credit limit. Your credit limit is refilled on your card with the amount you pay your bills, which increases your credit limit. The majority of credit cards provide an interest-free period of up to 50 days, which is expressed as a 30-day payment cycle plus an additional 20 days of grace time, after which the amount is due. The interest-free period does not apply to cash withdrawals or balances that are not paid on your card.
The following factors can help you select the card that best meets your needs:
Offers on the card: Choose the card that offers you the great welcome bonus or gift, fantastic discounts on dining, shopping, internet purchases, and other categories.
Your spending habits: Based on your spending habits, choose a credit card that will help you increase your savings.
The reward type: Select a card based on the kind of reward you want, such as cashback, airmiles, or reward points.
Fees and charges: Verify that the card has comparatively less fees and charges associated with it.
A credit card is a financial instrument that allows its users to make both online and offline credit purchases. You can make purchases with a credit card even if you don't have instant cash on hand. There's no need to always carry cash because it's frequently accepted. Depending on your income and other qualifying factors, your bank will offer this card. They set a limit on how much you can spend. But within a certain amount of time, you have to repay the money you spent. In addition to additional fees, you will be responsible for paying the interest if your payment is late.
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. In addition, it includes other account information based on how you use your credit card, such as the credit limit, total amount owed, payment deadline, minimum amount due, and so forth. Either the account holder receives a letter with this statement, or they can download it by signing into their account.
The credit card number is the 14–16-digit number that appears on the credit card. Cardholders, issuers, and the credit card network are all identified with it.
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 that you should get.
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 continuously aim to keep your credit usage ratio at 30% or lower.
Add-on credit cards are issued along 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 apply for a personal card might both enjoy it.
A secured credit card is one that is issued on the basis of a specific asset, such as a fixed deposit. For people who aren't qualified for a standard (unsecured) card, it can be a good starting point.
It is advised that you keep your credit card information private, including the number, expiration date, CVV, PIN, and OTPs, to guarantee safe credit card usage. Users should also keep track of their card transactions and report any suspicious or fraudulent transactions right away, as well as in case if their card is lost.
There are lots of credit cards that provide free movie tickets or savings when purchasing movie tickets. While some credit cards, such as RBL Play and Kotak PVR, offer free movie tickets depending on your monthly expenditure, the SBI Card ELITE offers free movie tickets up to Rs. 6,000 annually (or Rs. 500 per month) without requiring you to meet any spending requirements.
Applying for a credit card can be done online via third-party websites like MybankingTips or directly through the website or branch of the credit card provider. You can apply for credit cards online by clicking here.
The smallest amount that must be paid on or before the due date is indicated as the minimum amount due on your card. The minimum payment required is usually 5% of the entire amount due on your credit card, although it may be greater if you made an EMI purchase, you exceeded your credit limit, or you haven't paid off your previous month's debt.
The greatest amount of money you are able to spend with your credit card is known as the credit limit. The bank sets this limit after considering a number of factors, including credit score, credit history, repayment history, and more. Avoid frequently using your credit limit to its maximum as this will lower your credit score.
You can get in touch with your card issuer to raise your credit limit. You can apply for an increase in your credit limit using online banking. 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.
You will be responsible for paying a late payment fee and additional interest if you fail to pay your bill on time.
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.
No. Some of the greatest credit cards available in India are either completely free or have a low yearly fee. ICICI Amazon Pay Credit Card, HDFC Moneyback, HSBC Platinum, and Citi Cashback Credit Card are a few of the top credit cards with low annual fees.
It is not possible to move money from your credit card to your bank account at banks or NBFCs. This is made possible by certain smartphone apps, which charge a fee equal to a little percentage of the transferred money.
Yes, using the appropriate EMI options that come with your card, you may easily turn your large purchases into installment payments. Since EMI interest rates differ from lender to lender, it is best to research interest rates in advance. The credit card EMI calculator can be used to verify the same. Certain lenders also work with well-known brands and internet retailers to provide their clients with interest-free or heavily reduced extended-term loans. For further information, check your card's EMI possibilities using a mobile app or online banking, or give bank customer service a call.
There are several options for paying your bills, including check, NEFT, bill desk, mobile banking, net banking, and more. Alternatively, you can pay in cash at the bank branch that is closest to you by walking in. But there is a cost associated with paying with cash.
Yes, certain cards do offer this feature. A predetermined ratio can be used to convert the accrued points into statement credit.
To qualify for a credit card, you should have a credit score higher than 750.
There's no number of credit cards one should own.Your spending habits and financial capacity will determine this. But make sure you pay your bills on time and handle all of your cards wisely.
In general, credit scores more than 750 are considered appropriate for credit card approvals. Scores below 750 are usually considered as insufficient, and approval could be dependant upon the offer of security collateral (such as fixed deposits).
Most Credit cards issued in India are usually have a three- to five-year validity period.
To change your credit card's phone number, you must fill out a form. While some credit card issuers require you to visit their branch to update your contact information, others let you change your number online.
A bank's credit card customer service can be contacted via email or by calling their customer service hotline. You can also get in touch with them via WhatsApp or chat support.
Yes. Your credit card allows you to set a transaction limit. To set the limit, you have to get in touch with your credit card issuer.
It is also referred to as a cash advance procedure. You cannot use your credit card to withdraw more than the limit amount set by the bank from an ATM. Usually this is limited to between 30% and 40% of your card limit.
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Top Credit Cards in India