Shopping
Travel
Lifestyle
Reward
fuel
Business credit card
Cashback
Check Your Credit Card Eligibilty
Note: It will not affect your score
Understanding Credit Cards
A credit card serves as a financial tool with a pre-loaded balance, allowing the cardholder to make transactions and defer the payment. The cardholder can settle the balance completely, interest-free, within a grace period of up to 50 days from the payment date. To avoid penalties, a minimum amount (typically 5% to 10% of the total owed) can be paid, but the remaining balance carries forward to the next month, incurring interest set by the credit card company.
Varieties of Credit Cards in India
1. Shopping Credit Cards
Designed to reward users for shopping, these cards offer points or cashback that can be redeemed for merchandise, travel, or other perks.
2. Lifestyle Credit Cards
Tailored to meet diverse lifestyle needs, these cards provide reward points for every transaction, along with discounts and cashback on retail spending.
3. Fuel Credit Cards
Aimed at reducing fuel expenses, these cards offer benefits and discounts on fuel purchases, making them advantageous for frequent fuel buyers.
4. Rewards Credit Cards:
Offering rewards such as cash back, points, or travel miles for every expenditure, these cards allow users to utilize earned rewards in various ways.
5. Travel Credit Cards
Geared towards travel enthusiasts, these cards provide exclusive offers and deals related to travel, including savings on air ticket bookings and accumulation of reward points for travel-related benefits.
“Maximize Your Business Loan Eligibility:
Before applying, strategize with a solid business plan, assess your credit score, determine the loan amount, research available options, and have essential documents ready.
Common Documents Needed:
Address and photo identity proof of promoters, business proof, income proof, partnership deed (for partnership firms), articles of association, memorandum of association, board resolution, PAN card, etc.
Approval Criteria:
Applicants aged 21 to 65 with a business vintage of at least 1-2 years. Minimum business turnover and annual turnover as per ITR are required. The business should show profitability for the past year.”
Credit Card Eligibility and Documents
Credit Card Features and Benefits
The landscape of credit cards continues to evolve globally, with new entrants introducing innovative features. Explore the fundamental features that define the credit card experience:
1. Credit Limit
The credit limit denotes the maximum amount accessible through your credit card at any given time. Exceeding this limit may incur fees, and credit limits can fluctuate monthly based on spending and payment patterns.
2. Balance
Your credit card balance encompasses the total amount owed, covering purchases, finance charges, and fees. Monitoring your balance can be done online or by contacting customer service.
3. APR (Annual Percentage Rate)
APR is the Annual Percentage Rate, representing the interest rate applied to the carried-forward balance beyond the grace period.
4. Grace Period
The grace period is the duration within which you can fully repay your balance without incurring a fee. Typically, balance transfers and cash advances may not enjoy grace periods.
5. Credit Card Fees
Common fees include annual fees, finance charges, late fees, and over-the-limit fees. Timely credit card repayments can help avoid certain fees, offering flexibility in fee management based on card usage.
Loan EMI
Total Interest Payable
Total Payment
(Principal + Interest)