Buy now pay later
Purchase any time any where
Get rewards on purchases
Credit cards are plastic or contactless cards issued by providers that allow you to borrow make purchases on credit. The purchases can be of any type, ranging from making purchases online to financing a round-trip to France. Generally, using a credit card does not incur any type of cost except for the free associated with it or if the outstanding due is not paid within the due date. When you don't repay the amount within the grace period, you will be charged with interest- a percentage of what you owe the provider- on top of what you borrowed.
Having a credit card can help you in avoiding to carry cash. This can help you with hassle-free purchases and also ensure the safety of your money.
Credit cards give you a sense of security, especially in the case of emergencies. For example, a credit card can come handy during a medical emergency or during some kind of urgent cash requirement.
Credit cards are convenient and allow you to purchase within the shortest period of time.
A credit card gives you a time period to repay the amount before charging you with interest. This can help in times of cash crunch or immediate cash requirement. The grace period generally ranges between 25-30 days and can be extended up to 45 days in certain cases.
Certain purchases are difficult with debit cards, especially when making foreign transactions. However, acceptability of a credit card is universally wide.
A credit card is the best way for a New-to-credit to build his/her credit history. Moreover, a person with a low credit score can also improve his/her score by simply making the credit card repayments on time.
Credit cards help you in tracking your expenses. For someone who wishes to budget his expenses, a credit card can be helpful as online statements can act as a backup for receipts which can get lost.
The rewards on credit cards are higher when compared to a debit card. In fact, the value point of each reward point is more than a debit card reward point.
The benefits of an online credit card are plenty and countless. Some of them are:
Spend now, pay later- Credit cards help you to make large purchases and pay it off in smaller amounts over time.
Helping build credit- With responsible use, you can build your credit history, thus opening a bucket of financial possibilities.
Convenient and Safe- Credit cards can help you conveniently make purchases by eliminating the need for carrying cash. Moreover, credit cards are widely accepted.
Earning rewards- Credit cards come with a host of benefits and privileges. From vouchers, complimentary lounge access to earning reward points on every spend, credit cards are a package of benefits. In fact, the reward points earned on a credit card is more valuable when compared to credit cards.
Credit cards can be differentiated on the basis of the use of that particular card. For instance, a credit card designed for a traveller will be part of travel credit card with travel benefits whereas a credit card that specialises in balance transfer will be part of balance transfer credit cards.
Travel Credit Card
Credit cards that offer travel benefits such as discounts on hotel bookings, cashbacks on purchasing flight tickets come under travel credit cards. Travel credit cards offer a complete package of benefits to someone who loves to travel.
Prime credit cards offer special privileges to user such as golfing or access to international lounge access. These type of cards could be invite-only and could come in different other names such as platinum cards,gold cards and more. The name of the card depends on the issuer; however, the cards would offer privileged benefits.
Although not popular in India, a charge card charges no interest on purchases but requires the user to pay his/her balance in full upon receipt of the statement, usually on a monthly basis. Charge cards are not offered by many issuers and are limited in nature.
Lifetime free Credit Card
Lifetime free credit cards provide benefits without paying any fee, especially annual fee which is also known as no annual free credit cards.
Rewards Credit Card
Reward credit cards focus on earning rewards specifically. The reward points can then be redeemed for a variety of options such as converting into cash, air miles, hotel bookings and more. Rewards credit card is the most common form of credit cards and is flexible for usage.
Dining rewards Credit Card
Dining rewards credit card offer rewards on dining. These rewards could be in the form of savings on dining bills or discount at select restaurants. Dining rewards credit card is ideal for individuals who love to dine and want to save money on the same.
Petrol Credit Card
Petrol credit card is a form of credit card that offers privileges on fuel. This could be fuel surcharge waivers at select petrol pumps. In fact, certain specialised credit cards for fuel offer free fuel at certain terms and conditions.
Movies Credit Card
Individuals who love to watch movies are ideal for movies credit card. Kotak credit cards offer a wide range of top credit cards for movie lovers. They are tied-up with PVR for certain credit cards that can help individuals save a lot on movies.
Air Miles Credit Card
As the name suggests, air miles credit card helps you earn air miles on your spends. This could be redeemed to book flight tickets or for airport lounge accesses.
When you’re deciding which credit card to choose, it is essential to ask this question: What do I need from the credit card? The answer to this question can help you determine the type of credit card you require. Finding the right and best credit card is part art, part science.
No single credit card is better than all the other credit cards available- or is suitable for all the people. However, if by understanding your needs and asking the right questions, can find the card that best suits your needs.
Question 1: How will I spend my money?
Look for the best credit card that delivers the highest rewards on your spends. For example, if you’re a traveller and spend most on buying flight tickets and booking hotels, consider getting a credit card that gives you travel rewards. Similarly, if you are an online spender, then consider getting a card that gives the highest rewards on online spends. Answering the question can give you an idea on finding the best credit card for yourself.
Question 2: How complicated is that card?
If you don’t want to contend with limited seat availability, spending caps and loyalty tiers, consider getting a card with flat cashback rewards.
Due to the convenience and safety provided by online credit cards, more and more individuals are applying for credit cards online and offline. There is a multitude of banks and financial institutions that provide credit cards to their customers. In fact, there are enough credit cards in circulation to span the earth over 3.5 times!
Moreover, you can apply for a credit card from other banks or financial institutions even if you don’t have an account there. However, the chances of approval of credit cards from the bank with an account are comparatively higher. Here are the ways to apply for credit cards online and offline:
How to Apply Credit Card Online
With the digitisation of payments taking over the nation, everything has gone digital, even applying for a financial product such as credit cards. The process to apply for credit card online is easy and convenient. All a customer needs to do is fill an application and submit online. This can be done in two ways
Applying for a credit card online from the bank
Applying for a credit card online from IndiaLends
Another easy and simple way is to apply via IndiaLends to receive the right credit card as fast as possible:
Apply for Credit Card Offline
As everyone has not still become tech-savvy, there is a process to apply for a credit card offline. Here are the steps for the same:
Using a credit card is very convenient, easy and simple. A bank or financial institution creates a revolving account for the respective credit card on your name. Once the customers receive the credit card, they can set the PIN of their choice and start using the card to make purchases on credit. “Credit” in here, means the amount borrowed by the account holder from the respective credit card provider. This amount is then repaid at the end of every billing cycle. Please note there is a limit on the amount of credit on each credit card and varies on card-to-card.
If you wish to make a purchase using a credit card, you can simply swipe the credit card at merchant stores and authenticate the transaction by entering the PIN number. When making a transaction via online banking, you need to fill in all the details including the name, the credit card number, the validity date, and the CVV code. After this, generally, you need to fill in the OTP(One-Time-Password) to complete the transaction.
Things to keep in mind when using a credit card:
Add-on card, as the name suggests, is a credit card privilege offered to the spouse, parents, or children of the primary credit card holder. The fee for an add-on credit card is different from the annual fee of the primary credit card and generally varies between ₹125 to ₹1000. This also depends on the type of add-on credit card(s). Please note that all expenses incurred on an add-on credit card are billed to the primary credit card holder. It is also known as supplementary credit cards in certain cases.
You can give an Add-On Credit Card to your:
4. Son and Daughter (over 18 years)
The benefits offered on an add-on credit card nearly are similar to a credit card which includes:
→ ATM facilities
→ Reward points
→ Monitor usage
→ Easy Tracking
In certain cases, the benefits and features offered on add-on credit cards are fewer, but this is at the discretion of the bank. Therefore, it is important to read the terms and conditions before getting a credit your add-on credit card.
Credit card balance transfer is a way to transfer your credit card debts to either a low-interest credit card or to a personal loan. However, this process is only beneficial if you are transferring balance to for a lucrative offer. Please note that credit card balance transfer can be done with a new credit card which is within its limit.
The following information is required to provide for a credit card balance transfer:
With such a wide range of best credit cards being available, it becomes difficult to choose one that best fits your needs. At IndiaLends, you can find the daunting process of finding the right credit card easy and convenient. Moreover, you can compare the different credit card options available in the market to choose the one that best matches your requirements.
Here are some of the reasons to compare and apply for top credit cards at IndiaLends:
Compare and Analyse: Choosing the first credit card you see could turn out to be a fatal mistake in your financial life. Before making the decision, it is important to do a thorough research and compare different credit card options available. And what better way to compare these options at a single platform? IndiaLends provides you the platform to compare the total savings that you can make on each card, annual fees you need to pay, reward points, general and luxury benefits, insurance, etc. to help you find the right credit card for you.
Simple and Easy Application Process: You can now get a credit card by filling out a simple application. By a few clicks and meeting the eligibility criteria, you can get the credit card you wish in a few days. Moreover, you no longer have to visit different banks to apply for top credit cards when the same can be done at the convenience of your home. Compare and analyse the different options and then apply via our simple application process.
24* 7 Customer Service Support: IndiaLends support staff gives you real-time updates on your credit card application status via call/SMS or you can use IndiaLends mobile app to do the real time tracking of your application. Moreover, they are always willing to listen to your grievances and resolve any queries as soon as possible.
Tracking Facility Available: Not only can you track your application status, you can see when your credit card has been dispatched and the date when it will be delivered. IndiaLends promises to keep a transparent process by providing all the information related to the application status.
The eligibility of a credit card depends on the type of credit card and the credit card provider. Most of the banks require the applicants to be a resident of India and over 18 years of age to be eligible for a credit card in India. However, other factors are equally important for credit card approval.
Basic criteria for a credit card
Documents required to apply for a credit card
The documents required for a credit card could depend from issuer to issuer. However, some of the key documents needed are:
→ Address proof- Ration card, Voter ID card, Passport, Driving License, Rent Agreement, telephone/ electricity/ water/ credit card bill or Property tax.
→ Identity and signature proof- Driving License, PAN card, Voter ID card, Passport, Aadhaar card, employee identity card in the case of government employees.
→ Age proof- Secondary School Certificate (class 10), Passport, birth certificate, Voter ID card, Aadhaar Card, pension payment order or receipt of LIC policy.
→ Income proof- This could depend if the applicant is salaried or self-employed.
Credit cards are popularly known for the rewards earned in the form of gifts, vouchers, discounts, cashbacks and reward points. These rewards encourage customers to make purchases with a credit card and make payments on bills, shopping and more. For this, the customers can collect the points and redeem them for a variety of perks and gifts. Even though the value of each reward point might look to be really low, you can redeem the same for air miles, merchandise, gift vouchers or even cash!
The types of reward schemes offered by different banks are:
Things to consider before redemption of reward points
Credit card holders can convert their purchases into easy equally monthly instalments(EMIs) to ease the repayment. However, this attracts interest charges on the remaining amount that is due. Although, nowadays, there are banks that offer 0% interest instalment in which the customer is not required to pay any interest as a charge. This means the credit card holder needs to only pay the principal amount in parts within the time period they have chosen.
The EMI of a credit card repayment can be calculated manually or with the help of Excel sheet to see if the charges calculated by the bank is right or not. In order to calculate the EMI, the following three information are required: .
R= rate of interest(monthly and not APR)
The formula to calculate EMI manually is
EMI= [P x R x (1+R)^N]/[(1+R)^N-1]
If you wish to calculate the EMI in an Excel sheet, you need to use the following formula:
If the result comes in negative or red highlight, it indicates cash outflow.
A credit card is a form of plastic money that allows making purchases on borrowed credit. Every credit card is designed to cater to the needs of a particular need.
Credit cards are issued by banks or financial institutions with an aim to pay for things in credit. With a best credit card, you can even credit card balance transfer or withdraw cash from an ATM.
Any Indian resident with a good credit score and a regular source of income can apply for a credit card. Most of the banks also mandate the applicant to be of a minimum age limit.
The cashback earned by the customer is/can be automatically transferred as statement credit from the bank.
Balance transfer option on a credit card helps you to consolidate all the credit card balances onto a single card with flexible loan tenure at low-interest rates.
A credit card is not a form of money but can be considered as a substitute for money. A credit card provides a limit or overdraft specified by the issuer, upto which you can spend or take a loan.
A bank or financial institution creates a revolving account for the respective credit card on your name. The account created shows all the details regarding your credit card. Please note it is not necessary that the individual needs to have a bank account in order to get a credit card from the same bank.
A credit card works on the simple formula of “purchase and earn”. The purchases are made on a line of credit and once it is repaid, you earn rewards for the same. If the payment is not made on time, interest is charged on the dues and your credit score is affected.
The major advantages of a credit card are convenience, safety and universal acceptance. It also helps you to build a credit history and helps in expense tracking. The disadvantage of a credit card is the high interest rates associated with it. Moreover, if not used properly, it could lead you into a debt trap.
A credit card mainly has two types of fee- joining fee and annual fee. The joining fee is the charge of getting the card which in certain cases are zero. However, the annual fee is charged on the renewal of the card. Apart from them, credit cards cost money only if you don’t make the payments on time.
The minimum payment is a way to avoid the late penalty fee on your credit card payments. Even though this helps to avoid the penalty, interest is calculated on the remaining amount of the due.
Using your credit card for everything can help you earn reward points easily. In fact, the reward points then can be redeemed for different purchases. However, this is ideal only if you don’t spend more than you earn and have a control on your spends.
As per the rule of thumb for personal finance, the credit card should be utilised keeping in mind of the credit utilisation ratio. An ideal credit utilisation ratio says you should use below 30% of your total debt.
It is never a good idea to keep a balance on your credit card. In order to build a strong credit history, you can make small purchases and pay the balance in full. However, keeping a balance will not only lead to interest cost but can eventually lead to a debt trap.
The best way to avoid paying interest on a credit card is by paying the balance in full each billing cycle.
The five C’s of credit are character, capacity, capital, collateral, and conditions. It is a system to assess the creditworthiness of a borrower.
It is always advisable to pay off a credit card in full to avoid interest charges and late penalty fee. Moreover, this helps to improve your credit score.
Customers can make a credit card payment via online and offline methods. The online methods are Net Banking, NEFT / RTGS Transfers, Debit Cards, Mobile Applications, Standing Instructions, Visa Money Transfer, Bill Desk, etc. whereas the offline methods include cheques, demand drafts, cash, etc.
Customers can use their credit cards as an ATM card to withdraw money during emergencies or during an urgent cash requirement. Although it gives easy access to instant cash, banks generally charge very high interest rates for using this facility.
Yes, income plays an important role in meeting the credit card eligibility criteria. An individual earning at least ₹1.5 lakhs can apply for a credit card. However, this depends on the relationship with your bank.
How late EMI payment can affect your credit score?
There are plenty of reasons because of which you could be late for an EMI payment on your loan or credit card. Your primary concern at that time would be to make the payment as soon as possible and make sure that your relationship with your lender is not damaged.
Credit Card Myths And Facts That You Should Know
You might think that the amount of information and sources available online regarding credit cards won’t let you fall into the pitfalls of credit card myths. Well! If you believe in such contexts too, then sorry to break the ice but you’re wrong and probably captivated by some credit card myths and facts.
Great app showing all credit data at one platform in detailed in secured way. Fast processing of cards and loans.
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11 December 2016
It's very nice.. I have applied Rbl bank credit card.. Thanks for Mr. Paras. He told me about this application.. You can get credit card.. Thanks India lends
9 November 2018
Awesome app not only about the credit score but the way this app categorized the loans and payment history and detailed report i liked it. Easy access and friendly user
15 November 2018
They are amazing, they guide you through all the necessary processes. They are just a mail or call away. Very helpful. India lends executives are polite, ... professional and always ready to help. Happy and satisfied with their service . My loan is approved and disbursed. Read More
20 November 2018