Credit Card

Advantages of Credit Card

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Security

Having a credit card is like having a safety net of liquidity when you need it the most. A credit card gives you an assurance that in situations of emergency like sudden medical expenses, accident you have the necessary funds required.

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Safety

Unsurprisingly credit cards are extremely safe to use both online and offline. Lost or stolen cash can hardly ever be recovered, it is a sunken asset. However, if you were to misplace your credit card or have it stolen all you need to do is call the credit card company’s customer care available to you at all times of the day. Block your credit card, once done, no one will be able to use it.

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Convenience

Credit cards also form one of the most convenient modes of payments in all situations. It can be used online as well as offline and is valid almost all across the world.

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Interest free loan

Using credit cards also ensures that you have a interest free loan for 45 days. You just have to make sure to keep your spends in check and always pay your due on time.

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Tracking Spends

Credit cards also assure that you have a close eye on your spending patterns. In case you would like to cut down on your expenses you can download reports (expense statements) to help you understand where you can reduce your spending. Used correctly a credit card can help you towards a life of fiscal responsibility.

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Reward

Credit cards aren’t just about the interest free loan. Several credit card companies also provide a variety of reward programs to add additional benefits from the expenses. These can range from cashback programs, a spend-reward points system, or several other options. Each individual credit card comes with it’s own form of benefits.

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Eligibility Criteria

  • Typically to be eligible for a credit card you need to have a minimum income of Rs 20,000 per month. However, this will only validate you for the basic credit card which usually does not come with any additional fringe benefits.

Documentation Required For A Credit Card

  • The documentation process to get a credit card is fairly simple. You’ll need to show your income proof (salary slips, ITR filing forms). You’ll have to provide the bank with some KYC documents such as address proof, ID proof (Aadhar card).
  • PAN Cards are also now mandatory for all individuals looking to apply for a credit card.

Types of credit cards

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Basic Credit Cards

These regular cards usually don’t provide any additional benefits to the card user. They provide the typical flexibility of buy now pay later which is a feature of all credit cards. Some now basic credit cards now provide the opportunity to further break-up the final amount into EMI’s to make it easier for the customers to pay their bills.

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Reward Credit Cards

Discounts on movies, food, fuel are some examples of the reward credit card. On using these credit cards in specific locations, you can get a discount on your total. Rewards cards also reward you for using the card more frequently. Each time you use the card, the amount spent is converted to points which can be used in exchange for other items.

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Secured cards

Individuals with a bad credit history are usually not issued a regular credit card. If you have a low CIBIL score, chances are you’ll have to opt for a secured credit card. A secured credit is only issued based on a fixed deposit you’ve submitted with the bank. Only 80% of the deposited amount is usually the limit to which you can use the CC.

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Cash back cards

Another popular option of credit card is the cash back credit card. For every purchase you make using the credit card, the credit card company credits your account with a certain cash back. You can look at it as another form of discount option while shopping.

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Frequent fliers/Airline cards

For people who are constantly on the move, frequent flier credit cards are the best options. Credit card companies and airline companies work together to provide these cards to their users. On using these cards you’re afforded with a variety of benefits especially if you’re flying with the airline company the credit card has partnered with. These benefits include additional discounts on fares, automatic upgrades, free on-board food and more.

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Specialty credit cards

Credit card companies not only partner with airline companies but large brands as well (such as Manchester United, Ferrari). These credit cards apart from providing the usual benefits to their customer also offer additional discounts on products from the partner brand of the credit card.

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