Credit Cards

Credit cards are basically cards made of plastic that are issued by banks that allow you to borrow money from them to make purchases and pay for various services online as well as offline. Be it be buying a meal from McDonald’s or a flight ticket to Switzerland, you can use your credit for anything that you like. As long as you repay the amount you borrow before the next billing cycle starts, you will not have to pay any excess amount. Credit Cards are a boon for anyone who does not like to carry cash around

What is Credit Card? Credit Card-Apply Online How to use a credit card? Compare & Apply Credit Cards
Features of Credit Cards Benefits of Credit Cards Apply Credit Cards in India Document Required to Apply Credit Card

Credit Card Apply

The launch of credit cards has revolutionised the entire financial world. Due to the convenience offered by this financial product along with a plethora of other advantages, more and more individuals are applying for and procuring credit cards. Unlike debit cards, credit cards work on the principle of credit. For instance, individuals borrow funds when they swipe their credit card and repay the same through their monthly bills. However if misused, credit cards can result in a serious dent in the individual’s finances as interest rate will be applicable on late payments.

A multitude of banks and financial institutions today provide credit cards to their customers. The number of credit cards that are provided also vary and each of them come with specific benefits and features to suit the needs and requirements of myriad customers. Customers can apply for credit cards through different ways as long as they meet the eligibility requirement set by the credit card provider. These days, customers can easily get a credit card online as well as offline.

Credit Card-Apply Online

With the introduction of the internet, almost everything today has gone digital and so have banks and financial institutions. In case customers wish to apply for a credit card, they can do so online. They can fill in an application form and submit it online. In order to do so, customers will have to follow the steps given below -

  1. Individuals will have to visit the official website of the bank and apply credit card online of their choice, as long as they meet the eligibility criteria.
  2. Customers can also e-mail the bank if necessary in order to avail a credit card.

Another convenient online credit card application can be made through financial websites such as BankBazaar.com. In order to do so, the following steps will have to be taken -

  • All customers will have to do is to visit the BankBazaar website and choose ‘Credit Cards’ which will be on top of the page.
  • They will then be taken to another page wherein they will see a list of available credit cards. Customers also have the option to filter the list based on the name of the bank and other criteria.
  • They will then have to click on the card that they wish to procure and select the ‘Check Eligibility’ link.
  • The applicant will need to answer the listed questions and if they meet the required criteria, they can click on the ‘Instant Apply’ button, fill up the form and submit it.

Apply for Credit Card Offline

Another option that can be availed is applying for a credit card offline. In order to do so, the steps given below will have to be followed -

  • This can be done by visiting a branch of the bank that the customer wants to avail a credit card from.
  • Applicants will be asked to fill the necessary forms and in case they meet the required eligibility criteria, they will be able to avail the said credit card.
  • Alternatively, you can also approach the banks by calling their support centres which are typically available 24/7 on all days of the week.

Credit Card Fees and Charges

The joining fee and annual fee on credit cards are two important things you need to consider while opting for a credit card. Listed below is the joining fee and annual fee charged on various credit cards.

Card Name Joining fee* Annual fee*(Year 1)
Standard Chartered Manhattan Credit Card Rs.499 Nil
SBI Simply Click Credit Card Nil Rs.499
Standard Chartered Platinum Rewards Credit Card Nil Rs.399
Citibank Cashback Credit Card Nil Rs.500
Standard Chartered Super Value Titanium Credit Card Nil Rs.499
Amex Gold Card Nil Rs.1,000
Yatra SBI Credit Card Nil Rs.499
Amex Platinum Travel Credit Card Nil Rs.3,500
SBI Signature Credit Card Nil Rs.4,999
IndianOil Citi Platinum Credit Card Nil If the annual spend is less than Rs.30,000, an annual fee of Rs.1,000 is charged.

*Taxes will be levied as applicable on these charges. The charges in the table are subject to change based on future revisions implemented by the banks

Compare Credit Cards from Top Banks in India:

Bank Interest Rate Joining Fee

State Bank of India

40.2% per annum
  • Some cards have no joining fee.
  • Depends on the kind of card one is applying for.

HDFC Bank

Ranges between 38-42% per annum Depends on the card one is applying for.

American Express

Ranges between 40-47.88% per annum Rs.199 onwards

IndusInd Bank

Up to 46% per annum Up to Rs.5,999

CitiBank

Ranges between 38-42% per annum
  • Some cards have no joining fee.
  • Depends on the kind of card one is applying for.

Axis Bank

Up to 39% per annum Rs.500 onwards

Kotak Mahindra Bank

Up to 39% per annum
  • Some cards have no joining fee.
  • Depends on the kind of card one is applying for.

Note – The rates/fees and charges may be changed by the banks at any time.

Understanding Credit Card Numbers