Credit Card

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Why should you have a credit card?

• Helps you in building a good CIBIL score
• Fuss-free transactions, whether online or offline
• Can make big purchases on an EMI basis
• Each transaction is protected; needs an OTP and PIN authentication
• Comes with many offers and discounts, even cashbacks
• Helpful in emergency situations

Who is eligible for getting a credit card?

• A person should be an adult, i.e. above 18 years of age
• Should have a regular source of income
• Should have a good CIBIL score

What are the documents required for getting a credit card?

• Identity proof
• Proof of signature
• Address proof
• Age proof
• Income proof

What are the fees and charges involved while applying for a credit card?

• Late payment charge which is a penalty to be paid over the interest, in the case of late payments
• GST or Goods and Service Tax on the expenses made via a credit card
• Duplicate statement fee that is levied when a customer asks for a printed statement
• Cheque return charge or ECS in case cheque bounces
• Foreign currency transactions for any transaction made on foreign land
• Over limit fee, if any of the finance charges or expenses exceed the credit limit
• Cash withdrawal charges if the user uses the credit card to withdraw cash

What are the circumstances in which the credit card may get rejected?

Although it is quite easy to get a credit card if you check the eligibility criteria, still, there are a few instances when your credit card application may get rejected. We are listing down a few here for you.

• If you have a poor credit history which may be a result of too many loans and applications and excessive usage
• If you do not earn the minimum income required to apply for the credit card. This may differ from lender to lender
• If you provide incorrect information in your application
• Your credit card application may get rejected depending on the area of your residence or office too
• If you have discrepancies in your credit report

What are things to remember with respect to credit card bill payment?

Whenever a credit card is issued to you, your billing date and cycle would be mentioned therein. You have to ensure you keep making the payment accordingly. Following are the terms that you should keep in mind.

• Billing date:
  This is the date when your bill is generated.
• Billing cycle:
  This is the period that falls between two consecutive billing dates.
• Total amount due:
  This is the total amount that you have spent during the cycle and have to pay.
• Minimum amount due:
  This is a specific percentage of the total amount that you have to pay to avoid late payment charges.
• Due date:
  This is the date when you have to make the payment if you wish to avoid any late payment charges.

You can make the credit card payment via various services such as lender’s application, billdesk, NEFT, and more, depending on the policy.