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A credit card can be defined as a small plastic money with immense purchasing power. It is issued by a bank which gives the holder an option to purchase goods and avail services on credit. You can choose credit cards to take advantage of the following.
There are tons of credit cards available these days, especially as India gears for a full-fledged cashless economy. Even as the cards are in abundance, not all can suit you. And so, you need to figure out your requirements properly before choosing a card. Credit cards are broadly categorized into the following
These cards offer cashback and rewards on spends. With cashback, the cost of a purchase comes down, resulting in increased savings. Reward points, on the other hand, can be earned on spends which can be further redeemed for shopping at several online and offline stores. Here’s the list of top five cashback and rewards card.
An avid traveller? Think of travel cards that offer miles on travel spends while also offering relaxation at both domestic and international airport lounges. The miles earned can be redeemed for ticket and hotel booking. Don’t wait, just choose from any of these credit cards and apply for the one you think would be best in your case.
Surging fuel prices making it difficult for you to drive on the road? Don’t worry, there are specific fuel credit cards that earn you points on refilling your vehicle. Even a cashback or discount can also be offered using these cards to fill your vehicle tank. These top five fuel cards are waiting for you to grab.
Paying much more on your dining outside than you would like to? Well, the dining cards are right for you by letting you enjoy your meals at a large number of restaurants. These cards not only give you the Wow experience dining at your favourite restaurants but also saves your hard earned bucks with discounts. Check out some of the best dining cards on offer below.
So click on the cards, compare them and choose from a customized list.
When it comes to selecting the best credit card, you need to do a thorough research on the offers, benefits, fees, etc. So, don't forget to compare different cards on the following parameters.
You can thus look at the cards below and see which one is best for you according to the above pointers.
|Credit Cards||Reward Points and Other Offers||Fees and Charges|
|SimplySAVE SBI Card|
|BPCL SBI Card|
|HDFC Moneyback card||Annual Fee - ₹500|
|ICICI Instant Platinum Credit Card|
|Standard Chartered Platinum credit card|
|The American Express Gold Card|
|Citibank Cashback Credit Card|
|RBL Platinum Maxima Card|
Note - The annual and joining fees shown above are exclusive of 18% Goods and Services Tax (GST). The tax would be added to these fees.
Note - The eligibility criteria shown above can vary according to the type of credit card offered.
After glancing at the reward points, cashback and other benefits, it's time to apply for your favourite credit card, right? You can thus apply for the card online at Wishfin, a neutral marketplace for loans and other financial products. There are three ways by which you can apply here. All three are described below.
This was all about credit cards apply on WhatsApp. Use this one-of-a-kind service to get your favourite cards.
You can even explore chat option to apply. You just need to answer a few questions. As soon as you are done with those, you would be given a choice of credit cards to apply for.
The online application is a plus over the offline mode owing to the following points.
Ease of Use - You can visit the website of Wishfin and choose from any of Whatsapp, chat or even the conventional application form to apply for your favourite credit card.
Fast - Online application can be made in a matter of few minutes. You just need to answer or fill relevant personal and professional information to complete the application.
Effective Comparison of Offers - You can compare several credit card deals in terms of reward points, travel offers, fees, etc, as they are explained at Wishfin in a comprehensive manner for you to understand things better. A good comparison helps you choose the best deal on offer that would not only match your needs but also let you live life with grandeur.
Credible Information Display - The information displayed is researched thoroughly and get updated on a timely basis, ensuring a greater degree of reliability.
Transparency in Information - Not only the offers, you also get to know the fees & charges applicable to a card. The information is transparent and so you get a complete look of the card before applying for it. This only boosts consumer confidence and has made many apply through Wishfin.
You can pay credit card bills from any of the following modes.
You can do so by following the steps below.
You can use the payment gateway to pay the dues. Choose from any of debit card and internet banking options to pay the dues.
If at all you face any problem or have a query regarding a credit card, don't hesitate to ring the 24X7 customer care centre of the concerned card issuer. You can find the number on the website of the lender or even on the card issuance letter. The customer care executives would give a patient hearing to your needs and resolve the queries or problems at the earliest. They may suggest you certain measures to sort out the issue ASAP.
Below is the table showing the customer care numbers of top credit card issuers in India.
|Credit Card Providers||Customer Care Numbers|
|Citibank||18602102484(for resident Indians) and +912249552484(for people outside of India)|
|Standard Chartered Bank||18003451000 or 18003455000, 011-39404444 or 011-66014444 for people residing in Noida and Gurgaon|
You can check your credit card application status online in a matter of few minutes. The process entails the following steps.
The reasons for rejections would be mentioned. If you can fill those voids, do so and apply again for an approval.
Never take your eyes off from the credit card statement as it shows an accumulation of reward points which can be redeemed at top brands to avail the best-in-class services. The statement would also show the total due amount, minimum due, due date, charges, if any, etc. Read the statement carefully to find if there are any discrepancies. If there are, report the same to the concerned card issuer at the earliest so that the statement can be rectified. Ring the 24X7 Toll-Free Customer Care Number of the concerned lender if you have any doubt regarding the statement. The executives would resolve the issue ASAP.
If your existing card bills are charged at a higher interest rate, you can thus switch the outstanding balance to a new lender offering you the facility at a lower rate. You may be given an interest-free credit period of 20-50 days. You can get the balance transferred by giving a request at the branch or the customer care of the new lender. The bank, where you intend to transfer the outstanding balance of your existing bank's credit card, will check your credit score and repayment track before approving the transaction. You could be asked to pay a balance transfer fee at 1%-2% of the transferred amount. There could be a few banks not charging you on the balance transfer. So, check out all such balance transfer offers before taking a call on the same.
The funny side of credit card is that you can shop for almost everything that’s available be it online or offline, along with the interest-free period of 20-50 days as extended by banks across India. Also, interesting is the fact that you can do away with paying the full amount by making a payment of the only minimum due amount as shown on the credit card statement. So, it means credit on the cards can accumulate and revolve around.
But the scary part of not paying the total dues is the emergence of interest and taxes that would always take something extra out of your pocket. When it comes to interest rate on credit cards, it ranges from 2.5%-3.5% per month on an average. On the overall interest, the GST at 18% is now getting charged. Previously, service tax was computed on the interest amount. Let’s understand how interest gets calculated on the revolving credit card.
Interest=Outstanding Amount x Rate of Interest x 12 months x number of days/365
Example- Ram Manohar Sharma, an engineer, shops via ICICI credit card for purchasing the goodies. Let’s see how his shopping was a month or two ago in the table below.
|May 10||Purchased shoes worth ₹10,000|
|May 17||Bought sarees costing ₹6,000|
|May 20||Statement Generation Date (Total Dues - ₹16,000, Minimum Due - ₹800|
|June 13||Made a credit card payment of ₹4,000|
|June 16||Bought a mobile costing ₹11,000|
|June 17||Made a credit card payment of ₹3,000|
|June 20||Statement Generation Date|
As you can clearly see in the table, Mr. Sharma has refrained from paying the entire bill and thus would bear interest on the outstanding balance. The interest rate charged by ICICI Bank is 2.49% per month. Let’s calculate the interest now.
Interest on ₹10,000 at 2.49% for 23 days from May 21 to June 12=(10,000 x 2.49% x 12 x 23/365)= ₹188.28
Interest on ₹6,000 (10,000-4,000) at 2.49% for 4 days from June 13 to June 16=(6,000 x 2.49% x 12 x 4/365)=₹19.65
Interest on ₹6,000 at 2.49% for 27 days from May 21 to June 16=(6,000 x 2.49% x 12 x 27/365)=₹132.61
Interest on ₹2,000 (6,000-4,000) for 3 days from June 18 to June 20=(2,000 x 2.49% x 12 x 3/365)=₹4.91
Interest on a fresh expenditure of ₹11,000 for 5 days from June 16 to June 20=(3,000 x 2.49% x 12 x 5/365)=₹12.28
Since the payment of the outstanding balance was not made in full, the late payment charges would be deducted. In this case, it will be ₹750 as the total amount due is 23,000 (10,000+6,000+11,000-4,000). Applying 18% GST on interest rate charged amount of ₹357.73 and late payment fee of ₹750, the tax to be deducted would equal to ₹199.40.
Below are a few questions that many cardholders ask.
Credit limit is a point up to which you can shop via a credit card. Credit card issuers check your income, repayment potential and credit score before deciding the limit.
You can get the limit raised by giving a call to the customer care centre or place a request at the nearest branch of the concerned lender. After checking your repayment track to be smooth for at least 6 months to a year, the lender can raise your limit.
Immediately call the 24x7 customer care executive of the concerned lender on the occurrence of such an incident. Place a request to block your credit card so as to prevent the unauthorized use. You can check the customer care number on the card issuance letter and even on the website of the lender.
Credit card statement often shows the minimum due, which gets calculated at about 5% of the total outstanding balance in a billing cycle.
No. The payment of minimum only inflates the bill by inviting interest and taxes. The outstanding balance would keep mounting with constant addition of interest and taxes to the bill if you continue to pay the minimum due.
There won't be any charges if you pay the dues on time and in full. Non-adherence to this can bring interest rates, levied at 2%-3.5% per month, to the picture. So, if a bill worth ₹25,000 comes and you pay ₹15,000 only, the remaining ₹10,000 will be added to the next billing cycle. The interest would thus be charged on the unpaid balance.
The payment delay will negatively impact your credit health by lowering your score. If you are continuously delaying the card dues, not only your score goes down even the late payment charges, interest and taxes would mount, making it a rather difficult situation to be in.
Debt settlement is an agreement you sign with the lender to reduce the debt to an amount you would find it easy to pay.
Not at all. Your status will be recorded as debt settled, which clearly means your inability to pay off the dues in full. The score will come down and make it tough to get a loan or card approval in the future.
Yes, you can by the following ways.
So often mobile companies and other firms display brand new products on e-commerce websites to gain more user traction. When you go to shop these products, you would need to choose from several payment modes such as credit card, debit card, internet banking and even credit card EMI. You can thus choose the EMI option to pay over a select tenure of 3,6,9,12, 15,18 or 24 months. The interest rate on EMI transactions comes anywhere between 14%-18% per annum, much unlike 30%-40% on revolving credit card dues.
These cards are offered to spouse, father, mother, son and daughter of the primary cardholders.
Yes, credit cards offer protection through the following.