Credit Card Queries

Credit Card lets you borrow money from the card provider and pay it back as and when due. However, you can borrow money as per the credit limit given by your provider. The credit limit is decided by your card provider based on your credit score, payment history and timely payments, among other factors. Hence, you can only spend money up to your credit limit.

Understanding how a credit card works can make you aware of the benefits of having a credit card. You can make online as well as offline purchases via credit card. Whenever you make a transaction, the amount will be deducted from the available credit limit, and when you pay it back, the amount will be added back to your credit limit. If you don’t pay your bills on time, the bank charges interest on the late payment or unpaid amount.

Let’s understand how credit cards work with the help of an example:

Suppose you have an SBI Credit Card with a credit limit of Rs. 1 lakh. Now, you’ve purchased a mobile phone of Rs. 30,000 and converted it into EMIs of 6 months. You’ve also spent Rs. 10,000 on miscellaneous purchases during the same cycle. The overall transactions you’ve made on your credit card are of Rs. 40,000. So, your credit limit after all the transactions will be Rs. 60,000.

Now, when your bill will be generated for a cycle, it will include the EMI of Rs. 5,000 and Rs. 10,000 for miscellaneous purchases. Once you pay your entire bill, i.e., Rs. 15,000, the same amount will be added back to your credit limit and you’ll have a credit limit of Rs. 75,000.

Credit cards are a popular means of making payments these days. This form of plastic money comes with its own merits. Let us have a look at some of the benefits of owning a credit card:

Offers Convenience of Payment – The first and foremost benefit of having a credit card is convenience. You can simply swipe the card or add it to your digital wallet to make a hassle-free and quick transaction.

Improves Credit Score – Credit bureaus give credit scores to cardholders depending on how promptly they repay their credit card bills. Credit cards, therefore, serve as an easy tool to boost your credit score. However, if the credit card bill payments are continuously delayed the credit score is negatively affected as well.

Offers Discounts and Cashback – Credit cards offer exclusive discounts and cashback on certain purchases making them an attractive option for credit cardholders. With your credit card, you can avail of discounts and cashback on categories such as shopping (online and offline), travel bookings, dining, entertainment and more.

Lets you Earn Reward Points – Several credit cards offer rewards for making transactions. These reward points can be redeemed against a host of benefits offered by the credit card issuer. In some cases reward points can also be redeemed in the form of cashback and used to repay the credit card bill.

Provides Extra Benefits – Credit cards also offer some other benefits such as a fuel surcharge waiver, insurance coverage, concierge services, health and fitness benefits, memberships, golf lessons and more. 

To know more about how you can benefit from credit cards, click here.

There are two options to apply for a credit card i.e. online and offline. If you want to apply for a credit card online, you must compare the cards available on the bank’s official website and then apply for the one that suits your requirements the most. However, you will have to follow the below-mentioned generic steps as an application process :

Step 1:Visit the bank’s official website and click on the ‘Credit Cards’ sections on the home page

Step 2: Enter your mobile number in the application form

Step 3: Now, an OTP will be sent on the mobile number for verification 

Step 4: You can now compare all the available options as per your eligibility and select a credit card

Step 5: Click on the ‘Apply’ button and submit the required documents

If you want to apply for credit cards offline, all you need to do is visit the nearest bank branch. You can convey your requirements to the bank executive and the concerned person will suggest the most suitable card for you. After that, you need to submit the application form along with the required documents. The bank will review your application and you will get your card in 3-5 working days.

For more information on How to Apply for a Credit Card, click here.

The best credit card for you depends on various factors, such as your spending habits, repayment capacity and daily requirements. You should always choose a credit card that fits your lifestyle and offers maximum benefits as per your spends. To choose a right credit card, you should keep the following things in your mind:

• Identify your needs: Analyze your daily requirements and spending habits to choose the right credit card. For instance, if you frequently shop online, then a credit card that offers privileges on online shopping would be an ideal choice for you.
• Check your credit profile and eligibility: Before applying for a credit card, it is important to check your credit card eligibility for the same. For example, not all credit cards are offered to people who are new to credit. In such a case, you can look for entry-level credit cards and apply for the one that fits your requirements the best.
• Compare multiple credit cards: You should always compare multiple credit cards offered by different providers before making a choice.

To help you find the right option, here is a list of the top 25 credit cards in India.

HDFC Bank offers different types of credit cards with benefits spread across cashback, reward points, fuel transactions, travel, shopping, etc. You should pick a card that matches your requirements and offers the highest value-back on your favorite spending categories. To make the search easier for you, here we have listed the top HDFC Credit Cards in India.

Apart from the cards mentioned above, HDFC Bank offers other credit cards as well, with benefits spread across multiple categories.

To know more about other HDFC Bank Credit Cards, click here.

HDFC Bank Credit Card can be activated through two ways i.e. netbanking and ATM

• Through Net Banking

Step 1: Login to the HDFC Net Banking Portal by entering your Customer ID and IPIN
Step 2: Click on the Credit Cards tab and then ‘Credit Card ATM PIN’ in the ‘Requests’ section
Step 3: Select the credit card you want to set the PIN for and then enter the new PIN
Step 4: Confirm the request to successfully set the credit card PIN

• Via ATM

To activate HDFC Credit Card via ATM, you must call on the phone banking number and select the option to set credit card PIN and you will receive an OTP on registered mobile number, then insert the credit card in an HDFC Bank ATM. Once done, select ‘Create new ATM PIN using OTP’ option and then enter OTP received on your registered mobile number. After that you need to enter your registered mobile number and then you can set your own 4 digit PIN.

Click here to know more about HDFC Bank Credit Cards in detail.

You can close your SBI Credit Card account either by calling on the SBI Card helpline number or by sending a letter to the bank.

Call SBI Credit Card customer care on 1800 180 290 and ask the representative to close your credit card account. The representative will ask a few questions to authenticate your identity. After a successful verification, SBI Credit Card cancellation process will be initiated. You can also write a letter to the issuer requesting the cancellation of your card by stating a valid reason. Also, mention all the relevant details in the letter, such as your name, card number, date of birth and PAN. SBI Card will verify your details and process your request.

Remember, you should never mention CVV and your PIN in the letter.

Before sending a card closure request, you should make sure that no dues are pending. In case of an outstanding due, the bank might reject your request. You should also redeem your accumulated reward points. You should never use your credit card just before requesting a cancellation. Doing so will generate a statement that you’ll be required to pay.

Click here to know more about how to close SBI Credit Card