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Credit Card - Overview

A credit card is a simple yet no-ordinary card that allows the owner to make purchases without bringing out any amount of cash. Instead, by using a credit card, the owner borrows funds from the issuing company, which is often a bank, to make purchases whether online or onsite.

Types of Credit Cards

There are numerous types of credit cards that are available for use. However, we will stick to the five most commonly used types.

#1 Regular credit cards

Regular credit cards are the simplest type of credit card. They don’t offer perks and rewards. They are ideal for parents who want to provide their children with the convenience of using a credit card.

One benefit of regular credit cards that they have a predetermined credit limit, which allows the user to control their use of the card. Once the purchases have reached the limit, no further purchases can be made, and they will need to make payments first in order to open up the card again.

#2 Balance transfer credit cards

This type of card is an option offered to those who have a balance on existing cards. The debt is paid off with the new card and the owner pays the debt to the new card at ideally lower interest rates.

#3 Student credit cards

A student credit card is specifically designed for individuals who need a credit card but do not have a credit history yet. It requires a higher approval rating compared to standard or regular cards.

#4 Charge cards

Charge cards are beneficial in the sense that they do not charge interest or fees simply because the balance needs to be paid in full at the end of every month. However, in the event of a failed payment, charges are made, or the card may be revoked, depending on the terms and conditions set by the financial company.

#5 Subprime credit cards

This type of card is considered to be among the worst and most scheming type of cards, as it targets individuals with a bad credit history. Its fees are exorbitant, but people still use them because of the lack of choices and opportunities to open a credit line elsewhere.

Even if there are already federal laws regulating the fees subprime credit cards can charge, they seem to find ways and loopholes that let them continue their scheme.

Best Card to Use

People with credit cards will agree about how easy it is to make purchases with it. In fact, it is so much easier than using a debit card. However, between the two, using a debit card is still better and safer because of the fact that it charges no interest and the user will never go beyond his means.

Meanwhile, below are several instances when using the credit card over the debit card is better:

#1 Renting a hotel room

The credit card is a better option here because it also allows the hotel to charge further any room service or food ordered by the cardholder.

#2 Rewards

There are many credit cards that offer rewards such as travel incentives or free miles and cash-back rewards.

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Credit Card - Features & Benefits

Rewards Program: When you use your credit card, there is a reward program that allows you to earn points or other rewards.

 Welcome Gift: Banks often offer new credit card applicants a welcome gift of bonus points, discounts, or vouchers. Cashback

 Benefits: Some credit cards offer benefits for their customers, such as cashback. Travel benefits: There are some amazing travel benefits that credit cards offer, including air miles, airline offers, airport lounge access benefits, hotel offers and more. 

Insurance Coverage: When you have a premier card, it provides comprehensive insurance coverage for incidents including air accidents, lost baggage and life. 

Airport Lounge Access: Some credit cards offer complimentary airport lounge access to their holders. It also varies from one bank to another, which is why it's important that you compare various options before choosing the right card for your needs. 

Balance Transfer: When you're applying for a new credit card, you can transfer the outstanding balance of your existing cards issued by one bank to the credit card account of another bank. 

Fuel Surcharge Waiver: Banks offer the cardholders a fuel surcharge waiver if they spend a specific amount of money on fuel every month.

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Credit Card - Eligiblity

Eligibility CriteriaRequirement
Age18 years
Employment statusSalaried or Self-employed
IncomeDepends on one bank to the other
Credit ScoreGood credit score (700 and above)

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Credit Card - Required Documents

RequirementsSalaried IndividualsSelf Employed
ID ProofPassport, Permanent Account Number (PAN) card, Aadhaar card, Voter’s IDPassport, PAN card, Aadhaar card, Voter’s ID
Residential ProofAadhaar Card, Electricity Bill, Telephone billAadhaar Card, Electricity Bill, Telephone bill
Income ProofSalary Certificate, Recent Salary slips, Employment Offer LetterCertified Financials, Recent Income Tax Returns (ITR) Statement, Passport

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Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

function similarly to regular credit cards. The only difference between a normal and secured credit card is that the latter is issued against collateral, such as fixed deposits, to reduce the risk level for card issuers. Secured credit cards are beneficial for individuals with no or poor credit history. As a result, it is one of the easiest methods to enhance your credit score while enjoying the benefits of a credit card. Secured credit cards are issued in exchange for a fixed deposit, which decreases the risk for credit card companies. If you do not pay your payment on time, the credit card company may deduct the amount from your deposit.

Credit cards can be broadly divided into two categories:

  • Standard Credit Cards – Plain credit cards with basic features and no annual fees.
  • Specialized Credit Cards – Credit cards are designed especially to cater specific needs of the cardholder. These cards offer various privileges on dining, fuel, travel, etc.

             However, credit cards can also be classified as follows:

  • General Cards – Credit cards offer basic features and have relatively low annual fees. These cards are ideal for everyday usage.
  • Reward Points Cards – Credit cards offer reward points to cardholders for every purchase. The more a cardholder spends the more reward points he/she earns. These reward points can be redeemed to get gift vouchers, coupons and more.
  • Cash-back Credit Cards – Unlike reward credit cards which offer reward points, cash-back credit cards offer cash. On using a cash-back credit card a specific percentage of the cardholder’s expenditures are credited back to his/her account. The cumulative cash back earned is adjusted against the card account periodically.

A debit card allows you to withdraw money directly from your bank account deposits. A credit card, on the other hand, is similar to a short-term loan from the card issuer that allows you to make payments or withdraw cash. Rather than repaying this short-term loan on a per-use basis, all of your credit card spending are combined into a single bill at the end of the billing cycle.

You can know if you are eligible for a credit card by checking its eligibility criteria as mentioned on the bank’s website. You may also contact the customer service department of the credit card providers to ascertain your eligibility.

A credit limit is the maximum amount of credit extended to you on your credit card. Factors on which the credit limit of an applicant depends are his/her profile, the repayment capacity, CIBIL credit report, etc. However, to increase your credit limit, you can raise a request for the same with your provider. Upon raising the request your provider may ask for additional documents or may scrutinize your request based on factors such as credit score, financial status etc. If you are deemed eligible, your credit limit will be increased. Also, if you have paid your credit card balance on time, you may be eligible for an annual credit limit increase from your provider. 

Yes, credit card providers do charge cardholders with penalties if they are unable to pay the due amount on time. Cardholders are usually charged with an interest of 3-4% on their outstanding amount. The amount to be paid is calculated based on the formula:

(Number of days counted from the date of transaction made Entire outstanding amount X Interest rate per month 12 months)/365.

Yes, you can use your credit card to withdraw cash from an ATM. However, you withdrawing cash using a credit card incurs additional charges which may range anywhere from 2.5 – 3.5%.

If you do not pay your total credit card bill by the due date, you will be charged finance charges on the outstanding balance. The interest charges for non-bill payments typically vary between 30 and 49% every year. In addition, failure to pay the total bill may result in the suspension of the interest-free period on new credit card transactions. Also, all new credit card purchases would incur interest until the bill is fully settled.

A credit card balance transfer is the transfer of one credit card’s outstanding amount to another. This is a tactic used by many lenders (banks) to entice clients to switch to another credit card. The balance transfer is done primarily to take advantage of low-interest rates and avoid any existing debts on credit cards. 

Yes, you can convert your credit card purchases into EMIs.

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