1- Introduction About Credit Cards :
A credit card is a kind of postpaid financial tool. It helps the users in borrowing an amount of money without any kind of paper work. In order to start availing the credit card services, the individuals need to sign an agreement with the service provider.
In the agreement, there are different types of things are mentioned such as – interest rate. The amount which is borrowed by the users can be paid after a specific time period. If the borrower is not paying the debts back then he/she needs to face some legal actions or higher interest rates.
Some individuals are also considering it as the source of the short term loan. In case the borrower or credit card user is paying the redeemed money on time then he/she do not need to pay a single penny as interest.
2- Popular Credit Cards in Hyderabad :
| Credit Card | Interest Charge Per Month | Joining Fee |
| Axis Bank | 2.50% to 3.25% | Nil |
| ICICI Bank | 2.49% to 3.50% | Nil |
| Citibank | 3.10% to 3.25% | Nil |
| HSBC Bank | 2.49% to 3.35% | Nil |
| Standard Chartered Bank | 3.10% to 3.49% | Nil |
| HDFC Bank | 1.99% to 3.50% | Nil |
| RBL | 1.99% to 3.50% | Nil |
| Indusind | 2.49% to 3.50% | Nil |
| SBI | 1.99% to 3.50% | Nil |
3- Credit Card Features and Benefits
Use of credit card is associated with lots of benefits. Due to it, the individuals are able to get financial help without any kind of issue or barrier. Now the question appears what the benefits & features are and following are some important ones.
Easy to carry – a credit card is not any kind of heavy or big object. It is a small card which is made up of plastic like material. No one is required to put any type of efforts into carrying the card.
Easy way to use – mainly the individuals get affected with the way of using the card. For using the card do not need to follow any type of long procedure. It is simple as you are using a prepaid or debit card.
No need to carry cash – Most of the people are finding a perfect source which can help them in avoiding the importance of cash. Here, they should take help from the credit card. If you have a credit card then you do not need to. The users are required to swipe the card and make the payment.
Later payments – biggest benefit of choosing the way of credit card is that no one needs to pay whole money on the spot. By using it, you can make the payment instantly without paying a single penny in reality. The amount which is paid via credit card can be re-paid after a fixed time period.
Freebies – some service providers are offering credit cards with different types of freebies. Mainly these freebies are useful in availing financial benefits and some other ones such as – reward points, cashback on some specific deals and so on.
Insurances – there are different types of credit cards offered by the institutions. According to rules & regulations of some institutions, when the users buy a product with the help of credit card then they get facilitated with insurance facility automatically.
Free from interest – users do not need to pay money or interest from the first day. There is a specific time period is provided by the institutions. In case you repay the amount during the time period then you do not need to pay interest.
These are some important benefits & features of a credit card. The users are able to avail numerous other factors. You should choose the best service provider and avail the credit card facility.
4- Types of Credit Cards
The types of credit cards are completely based on the institution selected by the applicant. Mainly there are the cards are divided into two major cards. One category is including all basic types of cards and the second specific cards those are offered by a particular one. Following are some basic card types.
Silver credit cards – these types of cards are based to the lower levels. Everyone can easily avail the services by considering its way. Membership fee of these cards is lower and the interest free repays time period is around 6 to 9 months. With all these things, you need to keep one thing more in the mind which is that the limit of these cards is also lower.
Gold credit cards – people those are earning a big amount of money or have a good level of salary they can apply for these types of cards. For such a kind of cards, the applicants need to maintain a better credit score. With it, they can get numerous benefits such as –
- More credit
- Higher cash limits
- Add members on card
- Reward or cashback offers
- Complimentary insurances in some sectors
You should choose the way of the best bank or financial institution for availing these types of services.
Classic credit cards – these types of cards are available with lots of services. With it, the card type has a special feature which is acceptance globally. Another main thing is that the users can avail specific 24*7 customer care services. The additional charges of these types of cards are also lower as compared to some other types.
5 Credit Card Eligibility Criteria:
| Key Highlights of Credit Card Eligibility | |
| Minimum Age | 21 years |
| Maximum Age | 60 years |
| Other Criteria | Should have a regular source of income Should have a decent credit score |
| Documentation Requirements | Valid Identity Proof Valid Address Proof 3 months’ salary slip/bank statement |
6- Documents Required for Credit Card:
Employee ID Card
Pan Card
Aadhar Card
Current Address Proof/Permanent Address Proof
3’Recent Payslips
3’m Bank Statement Till Date
Offer Letter / Relieving Letter
2 Passport Photos