Credit Card

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Why Choose Credit Cards?

A credit card can be defined as a small plastic money with immense purchasing power. It is issued by a bank which gives customers an option to purchase goods and avail services on credit. You can choose credit cards and get the following benefits.

  • Comfort
  • Convenience
  • Luxury
  • Best-in-class services
  • Shop for everything anytime from anywhere in the world
  • And much more

Types of Credit Cards

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

Cashback and Rewards Cards

These cards offer cashback and rewards on spends. With cashback, the resultant cost of a purchase comes down, resulting in increased savings. Reward points, on the other hand, can be earned on spends. The rewards can be further redeemed for shopping at several online and offline stores. Here’s the list of top five cashback and rewards card.

Travel Cards

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 the best in your case.

Fuel Cards

High fuel prices making it difficult for you to drive on the road? Don’t worry, there are fuel credit cards that earn you points on refilling your vehicle. Even a cashback or discount can also be offered on using these cards to fill your vehicle tank. These top five fuel cards are up for grabs.

Dining Cards

Paying much more on dining outside than you would like to? Well, dining cards are right for you by letting you enjoy your meals at a large number of restaurants. These cards not only gives you the 'Wow' experience dining at your favourite restaurants but also saves money with discounts. Check out some of the best dining cards on offer below.

So click on the cards, compare them and choose a one for you.

Compare Best Credit Cards in India Dec 2018

When it comes to selecting the best credit card, you need to do a thorough research on offers, benefits, fees, etc. So, don't forget to compare different cards on the following parameters.

  • Fees/Charges
  • Cash backs
  • Rewards
  • Latest Offers on Travel, Dining, Shopping, Entertainment, etc
  • Fuel Surcharge Waiver
  • Interest-free credit Period

You can thus look at the cards below and see which one is the best for you according to above pointers.

Credit CardsReward Points and Other OffersFees and Charges
SimplySAVE SBI Card
  • 10x reward points per ₹100 spent on dining, movies, grocery and departmental stores
  • Earn 2,000 bonus reward points after you spend ₹2000 in the first 60 days
  • Spend ₹90,000 or above and get your annual fee reversed
  • 1% fuel surcharge waiver available for transactions worth between ₹500-₹3,000 across all petrol pumps
  • One time Annual Fee - ₹499
  • Renewal Fee - ₹499
BPCL SBI Card
  • Welcome offer of 2000 bonus reward points on the payment of joining fee. Reward points will be credited after 20 days of the payment of joining fee.
  • 4.25% Value back ~ 13X reward points on fuel purchases. An additional 0.75% value back will be credited as per mandate from Government of India.
  • Earn 1 reward point for every ₹100 spent on all fuel and retail purchases.
  • 5X Reward points on every Rs.100 spend at Groceries, Departmental stores, Movies & Dining.
  • 5X Reward Points per Rs. 100 spent on standing instructions for Utility Bills payments.
  • 1 Reward point on all other retail spends, except fuel ( 1 RP = Rs 0.25)
  • No Minimum Threshold. Surcharge Waiver applicable only on transactions up to Rs. 4000/- for a max of Rs. 100/- per month. Maximum surcharge waiver of ₹100 in a month, translating into an annual saving of ₹1,200. Maximum limit in a month is ₹10,000.
  • Reward Points can be earned for a maximum spend of Rs. 10000/- per month.Reward Points can be earned for a maximum spend of Rs. 10000/- per month.
  • Earn reward points at all 14000+ pumps of BPCL.
  • Redeem your reward points instantly for free fuel at select 1200 authorized BPCL retail outlets across the country or through BPCL fuel vouchers. 4 Reward points give you ₹1 of free fuel.
  • You can also redeem your reward points for exclusive products in lifestyle, leisure, and travel categories across major brands at SBI Card’s exclusive Reward Point Program -Shop n Smile.
  • 1st Year Fee - ₹499 Per Annum + GST
  • Renewal Fee - ₹499 Per Annum + GST
HDFC Moneyback card
  • Earn 2 reward points on ₹150 spent
  • Earn 2X reward points on online spends
  • Get a fuel surcharge waiver of upto ₹500 per billing cycle
  • Zero Lost Card Liability post the reporting of card loss
       Annual Fee - ₹500
ICICI Instant Platinum Credit Card
  • A minimum 15% savings on dining at over 800 restaurants via Culinary Treats Program
  • A discount of up to ₹100 on up to 2 movie tickets in a month
  • Reward points earned can be redeemed for cash
  • Earn 2 PAYBACK reward points on every ₹100 spent on all purchases excluding fuel
  • Joining Fee & Annual Fee - NIL
  • Supplementary Card Fee - NIL
Standard Chartered Platinum credit card
  • 5x rewards at leading hotels, dining outlets and more
  • Earn 1 reward point for every ₹150 spent on all other categories
  • Enjoy a host of unrivalled offers on holidays, golfing retreats, movie tickets, dining and more
  • 5x rewards on fuel spends in India
  • Get 5x reward points for every ₹100 spent at hotels
  • Joining Fee - NIL
  • Annual Fee - ₹399 (First Year)
  • Annual Fee - ₹750 (Second Year Onward)
The American Express Gold Card
  • 1 membership reward point for every1 spend of ₹50 except on insurance, fuel, utilities
  • 4,000 Bonus Membership Rewards® Points, to be awarded on using the card 3 times within the first 60 days of Card membership, upon payment of annual fee.
  • 1,000 Bonus Membership Rewards Points for simply using your Card 6 times on transactions of ₹1,000 and above every month.
  • Benefits on your travel bookings with MakeMyTrip.com
  • Enjoy greater flexibility in spending with "no pre-set limit2
  • Redeem from the fabulous 18 carat and 24 carat Gold Collection.
  • Enjoy up to 20% off every time you dine at select restaurant partners.
  • 2 supplementary gold cards at no extra cost
  • Round-the-clock card-related assistance services
  • Emergency Card Replacement Facility Available
  • Additional gold credit card to be provided which is free for life3 as long as you hold the same

Footnotes

  1. Till July 31, 2017, you will earn 1,000 membership reward points when you complete 4 transactions each of ₹1,000 or more in a calendar month. Starting July 1, 2017, you will earn 1,000 Membership Rewards points when you complete 6 transactions each of ₹1,000 or more in a calendar month on American Express Gold Card.
  2. This means that your charges are approved on the basis of your spending pattern, financials, credit record and account history. Please note that 'no pre-set limit' does not mean your spending is unlimited.
  3. In addition to this Card, you will also receive the American Express Gold Credit Card which is free for life. Please note, this Card will be Lifetime free as long as you hold the American Express Gold Card. In case, you want to apply for American Express Gold Card only, Please SMS "GOLD" to 5616166.
  • Joining Fee - ₹1,000+Applicable GST
  • Annual Fee - ₹4,500+Applicable GST
Citibank Cashback Credit Card
  • 5% cashback on all movie ticket purchases
  • 5% cashback on all utility bill payments paid through Citibank online bill pay
  • 5% cashback on all telephone bill payments
  • Cashbacks on above limited to ₹100 per month
  • Up to 15% savings across participating restaurants
  • 0.5% cashback on all other spends
  • Simple redemption policy
  • Get redemption in multiple of ₹500
  • Get your cash back conveniently and automatically as statement credit
  • Multiple repayment options
  • Joining Fee - As Applicable by bank from time to time
  • Annual Fee - ₹500
RBL Platinum Maxima Card
  • A welcome gift of 8000 reward points
  • Get 2 reward points for every ₹100 spent
  • Earn 2 reward points for every ₹100 spent on dining, fuel, entertainment, utility bills and international purchases
  • Earn 10000 reward points for spends of ₹2 lakhs and more in a year
  • 10000 bonus reward points for spending more than ₹3.5 lakhs in a year
  • One complimentary movie ticket free up to ₹200 in a month on purchasing 2 movie tickets at BookMyShow
  • Enjoy complimentary visits to all major domestic airport lounges every quarter in a calendar
  • Joining Fee - ₹2,000
  • Annual Fee - ₹2,000

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.

Eligibility Criteria

  • You should be at least 18 years of age at the time of application.
  • Most banks offer credit card to customers up to the age of 65 years.
  • Salaried must have an annual income of at least ₹2 lakhs. On the other hand, self-employed must be earning a minimum of ₹1.5 lakh to get the approval. However, the income criteria can differ from bank to bank and card to card.
  • The credit score must be 750 and above for a hassle-free approval

Note - The eligibility criteria shown above can vary according to the type of credit card offered.

Income Eligibility With Respect to Credit Card Application

You should first check with the lender whether the income sought for a credit card is on a gross or net basis. Also, be clear that banks generally consider the fixed income for approving the application. The fixed income does not include the incentives and other variables earned by an individual. So, see whether the fixed income is at par with the amount needed to gain an approval. If so, then you can apply. If not, then look for banks that can offer you a credit card based on your fixed income. 

Example - Ravi applies for a credit card at a bank which considers gross fixed income to approve or reject the application. The income requirement to get a credit card is ₹5 lakhs a year. Income partioculars of Ravi for 1-year period is shown below.

  • Average Gross Monthly Income - ₹45,000 
  • Fixed Monthly Income - ₹25,000
  • Average Incentives in a Month - ₹20,000 
  • Total Annual Income (Including Incentives) - ₹5,40,000 (45,000 x 12)
  • Total Annual Income (Without Incentives) - ₹3,00,000 (25,000 x 12)

Keeping this in mind, Ravi's application would be rejected even as the income including incentives is above the amount of 5 lakhs as sought. He must earn a minimum gross fixed monthly income of ₹41,667 to gain an approval on the grounds of income.

Documents Required

  • Passport size photographs
  • ID Proof - Any one from Passport, PAN Card, Ration Card, Adhar Card, Voter's ID Card, Driving License
  • Address Proof - Any one from Passport, Rent Agreement, Telephone Bill, Ration card, Electricity bill, Aadhar card
  • Applicants should have PAN Card, Form 16 and Income Tax Returns Statement.
  • Recent salary slips/certificate for last 3 months/latest bank statement showing the credit of salary for a minimum of 3 months

Credit Card Apply Online

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.

Apply on WhatsApp

  • Click on 'Apply with the ease of Whatsapp Chat' on the 'Credit Card' section.
  • A new page will appear asking you to enter your mobile number.
  • Enter the number and then click on 'Continue with WhatsApp' at the bottom.
  • You will get added to a Whatsapp group with Wishfin being the other member.
  • A message regarding the credit card application will be sent to the group. 
  • Mention a few details in the conversation before submitting your application. 

This was all about credit cards apply on WhatsApp. Use this one-of-a-kind service to get your favourite cards.

Apply via Filling Form

  • Provide your personal and professional details
  • Click on 'Explore Credit Cards' post filling the details
  • Choose from a customized list of cards to apply
  • After that, you will receive a call from the dedicated executive verifying the details filled
  • Subsequently, you would receive an SMS with a link
  • Click on it to check the details filled by you at the time of application
  • Click on Instant Approval at the bottom to get the application processed

Apply via Wishfin Chat

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.

    Benefits of Applying at Wishfin

    The online application at Wishfin offers the following benefits.

    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 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 exciting offers in terms of reward points, travel privileges, 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 with style.

    Credible Information Display - The information displayed is researched thoroughly and get updated on a timely basis, hence ensuring a greater degree of reliability.

    Transparency in Information - Not only the offers, you can 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. 

    Check Credit Card Aplication Status Online

    You can check your credit card application status online in a matter of few minutes. The process entails the following steps.

    • Visit the website of the concerned lender 
    • Go to the application status page.
    • Fill a few blanks on the page, including application reference number, date of birth and mobile number.
    • Application status will be flashed on the screen showing any of the three - approved, pending for approval or rejected.

    The reasons for rejections would be mentioned. If you can fill those voids, do so and apply again for an approval. 

    Benefits of Credit Cards

    • You can earn reward points on several online and offline spends. Rewards earned can be redeemed to book flights, movie tickets, and for shopping at top brands. The redemption rate can vary among the cards, with some offering ₹1 for 1 reward point and others offering 20 or 30 paise for every reward accumulated.
    • Accelerated reward point offers are also up for grabs. Say a card comes with 10 normal reward points for every ₹100 spent. Another card comes with 5X reward points per every ₹100 spent. The latter is nothing but an accelerated reward offer, taking the total rewards to 50 in comparison to 10 in the case of normal reward structure.
    • Cashback and discount benefits reduce the cost of card shoppers greatly. While cashback is credited to the account on a specified date after the transaction is made, discounts mean an outright reduction of the cost.
    • Avail a surcharge waiver on fuel spends
    • Movie ticket vouchers, access to golf courses, discounts on dining & shopping make cards more appealing
    • Accumulation of air miles, cashback or dicount on hotel booking, travel cover and much more are available on travel credit cards

    Credit Card Bill Payment

    You can pay credit card bills from any of the following modes.

    • Internet banking 
    • Mobile banking
    • Payment gateway
    • Cash or demand draft deposit at bank branch

    How to Make Card Bill Payment via Net Banking & Mobile Banking?

    You can make a payment of the credit card using the net banking or mobile banking access of the concerned bank. 

    • Log in to either of the channels using your credentials
    • Go to 'Credit Cards' section
    • Enter the bill amount
    • Pay the bill 
    • An e-receipt of the payment would come on the screen post the successful transaction
    • You would receive an e-mail message and SMS regarding the transaction

    If you have the net banking or mobile banking access of other banks. you can follow the steps described below to pay your bills.

    • Add the card by registering the card number, expiry date of the card, etc.
    • Set Auto Pay if you want an automatic payment of the bills on or before the due date 
    • Else choose to pay yourself by just adding the bill and not setting an 'Auto Pay'
    • You would receive the bill intimation in advance, whether you have activated auto pay or merely added the card. 
    • You would receive an e-mail as well as an SMS upon bill generation
    • Maintain the required sum in the bank account for a seamless bill payment

    How to Pay Credit Card Bill via Payment Gateway?

    You can use the payment gateway to pay the dues. Choose from any of debit card and internet banking options to pay the dues.

    Credit Card Customer Care Number

    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 listen to your queries and resolve them 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 ProvidersCustomer Care Numbers
    SBI18001801290
    American Express18004191414
    HDFC Bank18004254332
    ICICI Bank18001024242
    Citibank18602102484(for resident Indians) and +912249552484(for people outside of India)
    Standard Chartered Bank18003451000 or 18003455000, 011-39404444 or 011-66014444 for people residing in Noida and Gurgaon
    RBL Bank18001238040
    Axis Bank18004195959
    YES Bank18001031212

    How to Raise Credit Card Issue with Customer Care?

    • Dial the 24x7 customer care number of the concerned card issuer
    • Listen to the instructions carefully
    • The Interactive Voice Response (IVR) would tell different numbers to press for specific queries
    • Press on the number for your query
    • The customer care executive would ask you to authenticate by providing a few details
    • Post-authentication, you can raise the query and get it resolved ASAP

    How Can Credit Cards Help Maintain a Strong Credit History?

    Credit cards are one of the best financial instruments to improve your credit history. All you need to do is to shop with discretion and make payment on or before the due date. Credit cards can last forever even as they get renewed every 2-3 years from the date of their issue. It can thus continue building your credit history, much unlike loans that expire after a certain period. You just need to instill discipline by paying dues on time to make your credit history stronger than before. A strong credit history would empower you to go for a card upgrade or grab several other exciting credit deals.

    How is Interest Calculated on Revolving Credit?

    The best part with a credit card is that you can shop for almost everything that’s available, be it online or offline. Plus, you can enjoy an interest-free period of 20-50 days as extended by banks across India. You can pay the full amount to get relieved of the interest and tax burden. However, if you pay below the total due or minimum due, the interest and taxes would add on to the bill to 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 amount, the GST at 18% is getting charged. Previously, the service tax at 15% 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.

    DateTransaction Details
    May 10Purchased shoes worth ₹10,000
    May 17Bought sarees costing ₹6,000
    May 20Statement Generation Date (Total Dues - ₹16,000, Minimum Due - ₹800
    June 13Made a payment of ₹4,000
    June 16Bought a mobile costing ₹11,000
    June 17Made a payment of ₹3,000
    June 20Statement 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

    Total Interest=₹188.28+₹19.65+₹132.61+₹4.91+₹12.28=₹357.73

    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.

    Frequently Asked Questions (FAQs)

    Below are a few questions that many cardholders ask.

    What is Meant by Credit Limit?

    A credit limit is a point up to which you can shop via a card. Credit card issuers check your income, repayment potential and credit score before deciding the limit.

    How Can I Increase the Credit Limit on My Credit Card?

    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 finding your repayment track to be smooth for at least 6 months to a year, the lender can raise the limit.

    What is Unbilled Amount of a Credit Card?

    The unbilled amount refers to the spends made after the bill generation date. You can see the unbilled portion in the next billing cycle. 

    What is Called Minimum Due on My Credit Card?

    The credit card statement often shows the minimum due, which gets calculated at about 5% of the total outstanding balance in a billing cycle. 

    Is Interest Chargeable on Credit Card Spends?

    No, if you pay the entire outstanding balance on or before the due date of the payment. 

    Is It Good to Pay Minimum Due Balance Only?

    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.

    How Much Interest is Chargeable on Revolving Card Balance?

    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. Plus, on the interest amount, the GST at 18% would also be charged. 

    Will the Delayed Card Payment Affect My Credit Score?

    The payment delay will negatively impact your credit health by lowering your score. If you are continuously delaying the payment of card dues, not only your score goes down but even the late payment charges, interest and taxes mount, making it a rather difficult situation to be in.

    What are the Benefits of Timely Card Payments?

    Timely payments would lead to a constant rise in your credit score, increasing the scope for a credit limit enhancement. It would also brighten your future credit prospects.

    What is Debt Settlement?

    Debt settlement is an agreement you sign with the lender to reduce the debt to an amount you would find it easy to pay. Normally, lenders agree to reduce the interest liability while discussing a debt settlement deal with customers.

    Should I Use Debt Settlement to Get Rid of Credit Card Debt?

    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.

    Can I Get a Pre-approval for a Credit Card?

    Yes, you can, by servicing different kinds of debts responsibly. It tells you about your ability to manage debts and raises your creditworthiness, resulting in a pre-approval for credit cards. 

    Will I Get a Credit Card with No Credit History?

    Yes, you can by the following ways.

    • From a bank where you have a salary account
    • From a bank where you have been maintaining a savings account or any other relationship for long
    • A card can be issued against fixed deposit, with the credit limit likely to be 80%-90% of the FD amount

    What to Do When Your Credit Score is Low?

    If the credit score is found to be low, you can apply for a credit card against the fixed deposit. Just check with the lender about the minimum amount needed to open a fixed deposit. 

    Can I Get a New Credit Card from the Bank Where I Already Hold One? 

    Yes, you can, provided you have a good credit score and conform to the requirements with respect to age and income stipulated for the card.

    Should You Go for a Credit Card Upgrade?

    Yes, if the existing card lacks offers that are there in other competing products. You can request for an upgrade at the bank branch and get your card added with exciting features. A card upgrade would eliminate the requirement of applying for a fresh one. With that, you are also relieved of the duty to manage different credit cards which can be the case otherwise. 

    How to Convert Card Purchase into EMI?

    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 EMIs. You can thus choose the EMI option of credit card 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 dues. 

    What are Supplementary/Add-on Cards?

    These cards are offered to spouse, father, mother, son and daughter of the primary cardholders. 

    Do Credit Cards Offer Protection Against Fraud?

    Yes, credit cards offer protection through the following.

    • Certified EMV Chip
    • Zero lost card liability, wherein you just need to report the incident to the customer care of the concerned credit card issuer to stay protected against fraudulent transactions made after the loss of card.

    What to Do When My Card is Lost?

    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.