Credit Card Payment Offers 3970 views
Quotes from 11 banks | Best Offers and Rewards
It is essential to have a credit card in today’s time. The benefits of credit cards are not only that you don’t need to carry cash everywhere but also when you want to buy something which is beyond your budget at the moment you can opt to carry the transaction through with your credit card and make the payments in installments. It is a convenient method of making payments for shopping. Most important thing is that credit cards are there when you need some emergency cash. Apart from that most credit cards come along with a travel insurance cover, this can help when you are traveling abroad. Many credit card companies have the agreement with various hotels, car rental companies, and shopping malls so you should go for a card with the maximum discount stores and reward points offered. Moreover, credit cards offer attractive cash back incentives every time you use your credit card.
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Can we apply for a credit card online?
As everything is computerized in today’s time. So it is impeccable to apply for credit cards on-line. There are various companies offering credit cards like ICICI Bank, HDFC Bank, Axis Bank, SBI and many more banks. All of them provide their customers the facility to apply online. It is easy to apply for a credit card on-line by following the steps given. Firstly, open the bank’s website. Then, select apply on-line option. After that select the type of card you wish to apply for. Finally, click apply button and now scan and upload the documents required. The benefit of applying for credit cards online is that you do not have to visit bank branch physically and hence, your time and energy gets saved.
Different types of credit cards offered by Top banks
|Credit Cards||Interest Rate||Fee and Charges||Joining perks||Features and Benefits||Credit Cards Eligibility|
|State Bank of India Credit Cards||3.35% per month||First Year fee is upto ₹4,999|
Cash advance of up to 80% of credit limit
Interest free credit period of up to 50 days
|A.You can avail welcome gift worth ₹5000 and can get upto ₹20,000 points on joining.||A. SBI provides credit cards for everything from individual to corporate needs.|
B. SBI credit cards come with zero loss liability i.e. if your card is lost then you have zero liability on fraudulent transactions.
C. The banks Credit cards are accepted all over the world.
D.Cardholders have the option to convert all the purchases into EMIs and with the Easy Bill facility, customers can easily pay their utility bills online.
E.SBI allows you to convert the outstanding balances in your card to easy installments.
|Applicant should be an Indian
You should be over 18 years of age to apply for SBI credit cards
One should have good credit history with no loan or credit defaulting
|HDFC Bank State Bank of India||3.49% per month||Upto ₹10,000||A.Taj Epicure Plus Plan and Inner Circle Gold Membership.|
B.Complimentary Club Vistara Gold Membership
C.Get one complimentary Jet Airways Ticket for domestic travel on Jet Airways within India.
D.You have the provision to avail upto 5000 bonus JPMiles on the first swipe of your card within 90 days of card setup.
E.Facility to avail 5000 bonus JPMiles on the total retail spends of ₹75,000 and above.
Airport Lounge Access.
B.Exclusive Reward Points
C.Enjoy Shopping Benefits.
D.Money Back Facility
Benefits on Travel Expenses.
E.Taj Epicure Plus Membership.
F.Travel Concierge Services.
G.Complementary Club Vistara Silver membership.
H. Emergency Overseas Hospitalization.
I.Air Accident Cover of Rs.1 Crore.
J. Fuel Surcharge Waiver.
K.Safe And Secure Transactions.
L. Zero Liability On lost Card.
M.Interest Free Credit Card.
O.Utility Bill Payments
Exclusive Dining Privileges.
P.Special Offers on Movies And Dining
|Age should be between 21years to 60 years for salaried employees and between 21 years to 65 years for self employed
Annual salary must be atleast ₹2 lakhs for salaried employed and Earning must be atleast ₹1.5 lakhs for self employed
|ICICI Bank Credit Cards||2.49%-3.50% per month||Upto ₹7000||A.Upon joining you get complimentary set of Sennheiser HD221 Headphones.||A.India's first dual platinum credit card.|
C.Complimentary movie tickets.
D.Complimentary round of golf.
E.Chip and pin security
F.Savings on dining bills
G.Benefits of Ayurveda and other traditional wellness treatments
|He/she must be an Indian national citizen
The applicant must not be younger than 23 years at the time of application.
He/she must have a minimum monthly salary of ₹20,000.
|Axis Bank Credit Cards||1.95-3.25% per month||Upto ₹5000||A.Yatra voucher worth ₹5000 on joining|
B.Myntra and BookMyShow vouchers free on joining
C.One base fare waived economy ticket on joining
D.Travel voucher worth ₹5000
E.Upto 5000 points on joining
|A.Avail cashback options|
B.Provision of higher purchase limits
C.Facility to avail over 500 rewards from Axis Bank's eDGE Loyalty program
D.Get discounts on dining, shopping and e-commerce transactions
E. Exclusive airline vouchers
F.Experience Complementary Lounge access at airports
G. You have the provision to create your own credit card using MyDesign.
H. Enjoy higher security benefits by using Credit cards with embedded EMV chips
|If you are a primary Card holder then you should be within the age limit of 18 to 70 years
Applicant should be an Indian resident
To be an add-on card holder one must be above the age of 15 years
|Kotak Mahindra Bank Credit Cards||Upto 3.40% per month||Upto ₹19,999||Movie voucher worth ₹5000 on joining||A.If you loose your credit card and report it to the bank then you get a cover of ₹50,000 on any fraudulent transactions made with your card|
B. Facility to avail add-on cards which will have all the benefits that you enjoy on your credit card
C. Provision to enjoy higher cash limit i.e. 50% of your credit limit available all year round upto 48 days
D. The maximum fuel surcharge waiver on transactions between ₹500 and ₹3000 is ₹3500
|A. Applicant should be a resident of India
B. Primary card holder should be between 21 years to 65 years
C. You should have annual income of ₹3 Lakh and above
D. Only businessmen can apply for this card
E. This is only for selected location like Ahmedabad, Bangalore, Chandigarh, Chennai, Delhi (including Gurugram and Noida), Hyderabad, Kolkata, Mumbai, Navi Mumbai and Pune
|American Express Credit Cards||3.35-3.5% per month||Upto ₹50,000||Most of the credit cards offered American Express provide welcome gift to their card holders||A. You can redeem from the fabulous 18 carat and 24 carat gold collection|
B. Provision to enjoy benefits on your travel bookings with Make My Trip.com
C. You have the flexibility in spending with no pre – set limit
D. Provision to enjoy upto 30% discounts and additional 5% cashback at over 1200 restaurants every time you dine out
|A.Applicant should be 18 years of age
B. You should have good credit history and no payment defaults
C. In case of self employed, his company should be trading more than 12 months
How is Interest Calculated on Revolving Credit?
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 only minimum due amount as shown in 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.
|Date||Shopping & Other Details|
|May 10||Bought shoes worth ₹10,000|
|May 17||Purchased saree costing ₹6,000|
|May 20||Statement Generation Date (Total Dues-₹16,000, Minimum Due-₹800)|
|June 13||Made a Payment of ₹4,000 into Credit Card|
|June 16||Bought a mobile phone priced at ₹11,000|
|June 17||Made a Payment of ₹3,000 into credit card|
|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.