Credit Card

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What is Credit Card

By using credit cards, customers can offer a banks money instead of their own to pay for a product or services today, and over specific period the customer repay the bank. Using banks money is often preferable than using your own because it lets you keep your own money available for other purposes, but you should repay within specific period as decided by issuing bank. The customers have to pay interest on money used only if he doesn’t repay within predetermined period.

Physically, a credit card is a rectangular piece of plastic, graphite, or a metallic alloy, that identifies a financial account. It contains a magnetic strip on the back, and some contain an RFID chip. An account number and the owners name or business name may be imprinted on the front.

How Does a Credit Card Works

When you choose to pay with a credit card and you hand the card to a cashier or submit your card number over a secure internet connection, the merchant you are dealing with validates your account and whether the bank will allow the purchase to go through. If everything looks good, your purchase is added to your credit account. Many companies are involved with each swipe of a credit card and money exchanges hands between all these companies each time a card is used. Merchants pay fees to accept credit cards and eventually the card issuing banks receive part of this as revenue
Once a month, the bank accumulates your credit card purchases and sends you a bill. The best option and only option I recommend for dealing with that bill is to pay in full by the date. If not, you have to pay a minimum amount determined by the bank to avoid extra fees

Credit Card Eligibility

Your chances of getting credit card will be decided by the following factors

The minimum age required to hold a credit card is 18 years, while the maximum age at which a credit card can be availed is 60 years.

To avail of a credit card, a steady flow of income is required. Both salaried and self-employed can avail a credit card as long as you can provide proof of steady income flow.

Minimum Rs. 15,000 as net monthly income is required to get a credit card

Minimum Rs. 15,000 as net monthly income is required to get a credit card

Individuals are required to submit last year’s ITR as well, along with identity proof when applying for a credit card.


Benefits Of Credit Card

Handy during an emergency

If you are posted far away from your home city and there is some emergency at your home, you have to reach home immediately with your family then urgent air tickets which you have to buy for your family(assume 4 members including you) will cost you approx. Rs 50,000 for return air tickets. You can buy air tickets with credit cards if you don’t have cash and repay later.

Purchasing Power

Credits cards can help you make large purchases that you might not immediately have enough cash for since you can stretch the cost over time to make it more manageable

Reward points

Many credit cards offer reward programs that will accrue points, discounts, or other benefits like frequent flyer miles.


Credit cards reduce the need to carry cash.Most retailers accept credit cards and they are pretty much required for online purchases. Sometimes attractive offers and discounts are available online if you buy using credit cards.

Helps to improve Credit Score

Responsible use of credit card over time builds your good credit score, qualifying you for better interest rates and other financial benefits like taking home loans, car loan etc.

Cash Back

The cash back credit card was first popularized in the United States. Use the card and get 1% of your balance refunded regardless of what you bought or where you bought it. Today, the concept has grown and matured. Now, some cards now offer 2%, 3% or even as much as 6% back on selected purchases.

Universal Acceptance

Certain purchases are difficult to make with a debit card. When you want to rent a car or stay in a hotel room, you’ll almost certainly have an easier time if you have a credit card. Rental car companies and hotels want customers to pay with credit cards because it makes it easier to charge customers for any damage they cause to a room or a car.


Most credit cards automatically come with a plethora of consumer protections that people don’t even realize they have, such as rental car insurance, travel insurance, and product warranties that may exceed the manufacturer’s warranty.

Grace Period

When you make a debit card purchase, your money is gone right away. When you make a credit card purchase, your money remains in your savings account until you pay your credit card bill.

Hanging on to your funds for this extra time can be helpful in two ways. First, the time value of money, will add to wealth. Postponing payment makes your purchase that much cheaper. Beyond that, your cash will spend more time in your bank account, and if you pay your credit card from a high-interest checking account and earn on your money during the grace period, the extra will eventually add up to a meaningful amount.

Second, when you always pay with a credit card, you don’t have to watch your bank account balance as closely.

Credit Cards | Compare & Apply for Top Credit Card as Follows

Credit Card

Joining Fee

Annual Fee

HSBC Visa Platinum Card



Citi Cashback Card



IndianOil Citi Credit Card



HDFC Freedom Credit Card



Yatra SBI Credit Card



HDFC Bank Diners Club Black Card



IndusInd Bank Platinum Card



Axis Bank Neo Credit Card



Kotak PVR Gold Credit Card



HDFC MoneyBack Credit Card



Credit Card Interest Rates & Charges

There are charges associated with credit cards because the interest rates are paid over time. Penalties and other items are included in these prices. They are also known as finance charges, and the interest rates for these credit cards are not determined by how long it takes to pay off the balance and how well your credit is. Since interest rates for credit cards are not based on credit ratings or repayment plans, you should be aware of them before applying. You can leverage the interest rates and fees associated with credit cards in this way.

Following are the Top Selling Credit Cards in India

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