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A credit card is a convenient financial product that is widely used by people worldwide. It is used for everyday purchases as well as for buying large-value items. Beyond convenience, credit cards come with many perks and benefits. When used responsibly, credit cards can be valuable tools for earning rewards, travelling, managing financial emergencies, building credit and more. Here we have discussed the benefits and features of credit cards in detail.
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Premium credit cards come with additional benefits and advantages. Though they charge more than a normal credit card, they undoubtedly offer more benefits. Some of the premium benefits include-
Some of the significant features of a credit card are listed below-
| Feature | Description |
| EMI Conversion | Credit card allows you to convert the big purchases into EMIs which can then be paid off in parts, every month |
| Add-on Credit Card | You also have the opportunity to share the benefits of your credit card with your immediate family members |
| Utility Bill Payments | Utility bills can be paid using a credit card. Moreover, this can be automated by giving standing instructions |
| Worldwide Acceptance | Credit cards are accepted worldwide especially if they are affiliated with Visa or MasterCard payment networks |
| Balance Transfer | A credit card balance transfer is when you repay existing debt with a new credit card |
| Annual Fee Waiver | Cards that charge annual fee also give the option of waiving it off on spending a particular amount in the previous year |
| Transaction Alerts | All your transactions are reported to you via an SMS sent to the mobile number and email id registered with the bank |
There are specific benefits that are provided to you on upgrading your credit card. These include:
The eligibility criteria will depend on the type of card you are applying for and the issuing bank. The common eligibility criteria to apply for a credit card is mentioned below-
| Nationality | You should be a citizen of India or a Non-Resident Indian (NRI) |
| Age | Must be at least 18 years old |
| Income | Banks/NBFCs will require you to meet the minimum income requirement |
| Employment Status | Should be salaried or self-employed |
| Credit Score | Must have a clean financial record and a good credit score |
Following is the list of basic documents that are required to be submitted. It is to be noted any one document from each category is required to be submitted.
| Proof of Identity | PAN Card, Aadhaar card, Driver’s License, Passport, Voter’s ID, Overseas Citizen of India Card, Person of Indian Origin Card, Job card issued by NREGA, Letters issued by the UIDAI |
| Proof of Address | Aadhaar card, Driver’s License, Passport, Utility Bill not more than 3 month’s old, Ration Card, Property Registration Document, Person of Indian Origin Card, Job card issued by NREGA, Bank Account Statement |
| Proof of Income | Latest one or 2 salary slip (not more than 3 months old), Latest Form 16, Last 3 months’ bank statement |
To apply for a credit card, you need to follow the below mentioned steps:
Step 1- Visit the official website of your preferred bank.
Step 2- Compare the credit card offered by the bank.
Step 3- Apply for your preferred credit card by filling out some basic details like name, email ID, contact number, income, address, etc.
Step 4- You will get a call from a representative of the bank who will guide you through the process.
A representative will also come to collect your documents at your doorstep. Alternatively, you can also visit the nearest bank branch to apply for a credit card.
| Note: Each bank may have a different application procedure. You can visit the bank’s website for more information regarding how to apply for credit card online. |
Can I get a credit card online?
Yes, you can apply for a credit card online by visiting the official website of your preferred bank.
What is a credit card limit?
This is the maximum amount that you can spend on your credit card. When you have a high limit for the credit card, it allows you to spend more which helps in improving your credit score.
What is a premium credit card?
Premium credit cards offer extra benefits on lifestyle, travel, entertainment, dining, etc. and they also charge a substantial annual fee. International airport lounge access, concierge service, air accident insurance are some premium card features.
What is the difference between a credit card and a debit card?
The basic difference between a credit card and a debit card is that debit card is connected to your savings or current account whereas credit card is a type of loan taken from the bank. In case of a debit card, the amount is directly deducted from the connected savings/current account and there are no interest charges on its usage. However, in the case of a credit card, the amount is deducted from your credit limit. If you do not pay the amount in full and on time, interest will be applicable on the outstanding amount.
What is the credit utilization ratio?
This is the ratio of your card usage to the total credit limit on your credit card. For example, if the total credit limit is Rs.1 lakh and you have used Rs.30,000 out of it; your credit utilization ratio will be 30%. You should always try and maintain the ideal credit utilization ratio of 30% on all your cards.
I got a travel-specific HDFC credit card in 2019. Luckily, I got a chance to experience its travel perks in September 2019. A good card with a satisfactory rewards rate. I highly recommend HDFC credit cards for frequent travellers.
I have been using SBI Credit Card since 2019. I like the shopping and travel benefits a lot, but the rewards rate is unsatisfactory. With a high annual fee, it is expected that the credit card will offer decent rewards. The customer care service is also very good. Overall, it is good.
One thing is for sure that Paisabazaar has quality and professional customer service executives. It was really easy to get a credit card. From helping to choose the ideal card and till the final step it was overall great customer experience. The card has been the best thing for me so far.
This was my first credit card and I still have it with me because of a simple rewards program and low fee. I have been able to earn good rewards with this card. Would totally recommend this for beginners.
Membership rewards card is the best card compared to any card of any other bank. I mean which bank gives you 1000 points by just making 4 transactions in 1 calender month ...? none amex roxx and the cx care is next level no other bank is even 10% of amex cx care ......without thinking twice just go for it
No extra rewards or benefits. Only basic features. Could have been better.
