What is a Credit Card?
A credit card is a type of loan that allows users to borrow money from the card issuer to make purchases, pay bills, or get cash advances.
Types of Credit Cards:
- Rewards Credit Card
- Cashback Credit Card
- Travel Credit Card
- Secured Credit Card
- Balance Transfer Credit Card
- Business Credit Card
- Student Credit Card
- Premium Credit Card
Credit Card Features:
- Credit Limit: Rs5,000-Rs10 lakhs
- Interest Rate: 18%-36%
- Fees: Annual fee, late fee, foreign transaction fee
- Rewards: Points, cashback, miles
- Tenure: Minimum payment, full payment
Benefits:
- Convenience
- Rewards and benefits
- Build credit score
- Easy payment options
- Purchase protection
- Travel benefits
- Cash advances
Credit Card Providers:
- HDFC Bank
- SBI Card
- ICICI Bank
- Axis Bank
- American Express
- Citi Bank
- Standard Chartered
- Kotak Mahindra Bank
Eligibility Criteria:
- Age: 21-60 years
- Income: Rs15,000-Rs50,000 per month
- Credit Score: 600-750
- Employment: Salaried or self-employed
- Residence: Indian citizen
Documents Required:
- ID proof (Aadhaar/PAN)
- Address proof (passport/driving license)
- Income proof (salary slips/bank statements)
- Employment proof (job certificate)
Credit Card Fees:
- Annual fee: Rs500-Rs5,000
- Late fee: Rs100-Rs1,000
- Foreign transaction fee: 1%-3%
- Cash advance fee: 2%-5%
Credit Card Safety Tips:
- Keep card information secure
- Monitor transactions regularly
- Report lost/stolen cards
- Use secure online platforms
- Avoid overspending