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By the term ‘retirement’, most of us think of that peaceful period of our lives for which we have been working hard since the first day of our job. Everyone has a different interpretation of their retirement but, in general, we all mean it to be a peaceful and comfortable period of our life. For some people, retirement means satisfying their wanderlust while for others, it means comfortable and cosy mornings until death does them apart! But the key concern that keeps us worried is the finance. Though everyone plans their golden period quite efficiently, financial urgencies and uncertainties come uninvited. You may require immediate cash to get the medical treatment done ASAP. On the other side, the traveller within you must be telling you to roam. Hence, to live your retirement life without any financial worry, banks are geared up with their range of credit cards.
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Now, the process of applying for these credit cards remains more or less the same. But before finalizing a card, it is immensely important for the applicant to be fully convinced of the product. Keeping in mind the offers are exclusively for senior citizens, the cards come with lower interest rates compared to the normal credit cards. Another feature that these cards usually bear is the free-of-cost status. These cards usually come free of cost, which means that the applicant does not require to pay the joining fee and the annual charges that other cards have.
Many people think, can a pensioner get a credit card in India? Well, yes! Credit Cards for Pensioners in India come with a variety of offers and benefits that would not only take care of the major concerns of the applicants but also make their banking experience more rewarding and satisfying. The low-interest credit cards for senior citizens take care of the amount of interest that the customer is liable to pay to the bank for using the facility. These cards are ideal for those who would prefer to have a low maintenance credit card.
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Best Credit Cards for Retired Persons/Pensioners in India 2018
Below listed are the credit cards for retired persons in India. Take a look!
Credit Card for Pensioners – Bank of India
- Exclusively designed for Pensioners
- Low-interest credit cards for senior citizens
- Credit limit based on thrice the monthly pension of the applicant
- No TOD allowed
- Billing cycle is from 16th of current month to 15th of next month.
- Repayment is to be made on or before 5th of succeeding month
Senior Citizen Card – Indian Bank
- One of the best credit cards for pensioners in India
- Credit Card cum ID Card
- Bears year of birth, photo and blood group on the card
- Availability of higher POS / online limits.
- Photo is printed on the card for additional security
- Online limit of Cash withdrawal ₹25,000 and Point of Sale ₹25,000 ( Aggregate limit of ₹ 50,000 per day)
- There will not be any AMC charges for the Senior Citizen Card
Apart from specific Credit Card for pensioners in India, you can also take a look at those that provide the desired features and benefits and come at low costs. The only thing that you need to keep an eye out for is the age limit that the bank specifies for the applicants. For finding such cards you can check out SBI credit card for pensioners, ICICI credit card for pensioners and many more on the official website of the bank.
Retired Credit Card Application
Retired Credit Card application is a convenient and quick process. Considering the urgency of the funds and the convenience that this facility would cause the retired individuals, banks make it a point to provide them with the best of the banking experience. The application process takes almost no time and is a hassle free process. The applicants do not have to go through the heavy and cumbersome documentation process. Also, the card issuance takes less time along with a transparent process of issuance. There are two ways through which the applicant can get in touch with the bank for this facility. The applicant can prefer the online process as it takes less effort as compared to the manual one. All that the applicant needs to do is fill in the form, upload the documents (or keep them ready for the door step pick up) and pay the required fee. However, if you prefer the conventional method of application, all you need to do is visit the nearest bank premises with the desired documents of proof and get in touch with the representative for the process of application.