Compare & Apply Best Credit Cards Online

Apply for a credit card by comparing the Best credit cards online. You can find credit card offered by Top banks along with their features, benefits, fees, and latest offers, everything at a single place.

Compare Best Credit Cards & Apply Online

(Updated on - May 19, 2020)
  • HDFC Diners ClubMiles Card: Best for Lounge Access
  • Citi Rewards Card: Best for Rewards
  • HDFC Freedom Card: Best for Reward Points
  • Citi Cashback Card: Best for Cash Back
  • Kotak PVR Gold Credit Card: Best for Movies
  • IndusInd Platinum Card: Best Lifetime Free Card
  • IndianOil Citi Platinum Card: Best for Fuel
  • IndusInd Platinum Aura Edge Card: Best for Lifestyle
  • Axis Bank Neo Credit Card: Best for Shopping, Movies
  • HSBC Visa Platinum Credit Card: Best for Travel, Dining, Movies

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10 Best Credit Cards in India 2020

  • Enjoy cash back benefits offered by Citi Cashback Credit Card at minimal joining and renewal fee.
  • Built-in contactless technology that enables fast and secure transactions at POS terminals.
  • Benefits of worth more than Rs.3,300 in the first year.
  • 5% cashback on all utility bill payments made through Citibank Online Bill Pay facility.
  • 15% off on dining bills at more than 2,000 dining partners.
  • Accrued reward points will be automatically credited on accumulation of a minimum amount of Rs.500.
  • Lifetime fee waiver on conducting at least 4 transactions (per month) of Rs.500 or more within the first 3 months.
  • Enjoy annual fee waiver by spending Rs.1 lakh or more in the previous year.
  • Earn 4 reward points for every Rs.150 spent.
  • Up to 6 free lounge visits per year to more than 700 lounges worldwide.
  • 15% discount and other benefits at more than 3,000 restaurants across the world.
  • Best-in-class miles exchange scheme – 1 reward point equals 1 airmile.
  • Emergency medical expenses coverage of as much as Rs.9 lakh.
  • Redeem reward points for flight ticket or hotel bookings.
  • Get your joining fee of Rs.1,000 waived by spending Rs.30,000 in 1st year on the credit card.
  • Get renewal fee waiver by spending Rs.30,000 every year.
  • Collect and redeem Turbo Points at more than 1,200 IndianOil outlets across the country.
  • Redeem reward points and get up to 71 litres of free fuel annually.
  • Discount of up to 15% at participating restaurants in the country.
  • Enjoy privileges including EMI options and contactless feature.
  • No requirement of income proof.
  • Collect and redeem reward points as cashback.
  • Gift voucher of Rs.1,000 on spending more than Rs.90,000 in a year.
  • Renewal fee is waived off if annual spends is Rs.50,000 or more.
  • Complimentary accidental death insurance of up to Rs.50 lakh (subject to bank terms and conditions).
  • With the complimentary Priority Pass Membership for you and your partner which offers access to more than 600 airport lounges in India.
  • Make the most of the card with the Concierge facility and make reservations and bookings on demand.
  • Avail the benefits of Comprehensive Insurance Benefits.
  • Get an e-voucher of worth Rs.2,000 on spending Rs.1 lakh to Rs.2 lakh in a year.
  • On every spend made on the card, get 5x reward points.
  • For every transaction done at partner websites, get 10x reward points.
  • On spending Rs. 1 lakh or more in a year, the next year’s annual fee will be waived off.
  • Enjoy annual fee waiver when the spends in a membership year exceed Rs.30,000.
  • Enjoy benefits of more than Rs.4,800 in the first year.
  • No expiry deadline for the reward points earned on the card.
  • Save up to 15% on the bill amount at partner restaurants.
  • Earn 300 bonus reward points on monthly spends of Rs.30,000 or more.
  • Redeem reward points for travel bookings, movie tickets, mobile services, and so on.

Apply for a Credit Card

Gone are the days where you had to trudge to the bank to apply for a credit card. Today, applying for one is extremely simple. All you need is an internet connection. If you have that, you can apply for a credit card online.


How to Apply for Credit Card Online?

Applying for a credit card online is as easy as booking a movie ticket online. Here are the steps:

  • Visit the bank’s website.
  • Take a look at the credit cards offered by the bank.
  • If the bank has a comparison tool, use it to see how each card compares to the other.
  • Select the credit card that is the right one for you and hit the ‘Apply‘ button.
  • Fill in the required details and upload all necessary documents.
  • Submit your form.

And that’s it. It really is that simple.

Note: Each bank may have a different application procedure. Visit the bank’s website for more details regarding how to apply for their credit card online.

Credit Card Tips

Keep a check on Joining and Annual fee

Almost all credit cards have a joining fee and annual fee. It is important that you keep a look out for these fees. A joining fee is the fee which needs to be paid to get the credit card and an annual fee is a sum of money to be paid at the end of each year.

Annual fee and joining fee are minimal for the basic credit cards and the more benefits a card offers, the annual and joining fee increases. Many cards offer a waiver of annual fee if you spend a certain sum of money in a year. All in all, the benefits of the card must be greater than the fee of the card.

Credit Card Eligibility

Wondering if you are eligible for a credit card? Check out the eligibility criteria for credit cards. Do keep in mind though that depending on the type of card you are applying for and the issuing bank, the criteria may differ.

In general, here are the eligibility criteria:

  • Nationality: You should be a citizen of India or a non-resident Indian (some banks extend credit cards to NRIs).
  • Age: You should be at least 18 years old. In some cases, the minimum age to apply for a credit card is 21 years.
  • Employment status: You have to either be salaried or self-employed and have a steady source of income.
  • Income: Most banks will require you to meet their minimum income requirement before they approve your card application.
  • Credit score: A good CIBIL score, with no history if default goes a long way in making sure that your credit card application is approved.

Benefits Of Applying For Credit Card On Bankbazaar

BankBazaar offers end-to-end application process, wherein you can browse through most of the credit cards offered by various banks, compare and apply for the best credit card in just a few clicks.
Let’s look at the perks that we offer for applying for a credit card through us.

  • Robust comparison tool: Before availing a credit card, it is always advisable to compare various cards to find the best. But the process of comparing is not that easy, and a lot of people tend to avoid it, ending up with a wrong card. To solve this problem, BankBazaar introduced a platform where people can compare credit cards offered by different banks online at one place. This not only helps them in making an informed decision but also in getting the best credit card available in India.

  • We simplify the application process: With our end-to-end paperless online application process, we have simplified the entire application process in a few simple steps. You don’t have to visit the bank branch nor have to meet any bank representative to apply for a credit card. Simply, visit our website, compare various credit cards, choose one and apply for the same without leaving the comfort of home.

  • 24×7 Support:Apart from the above, BankBazaar provides 24×7 support to all its customers throughout the year.

A Guide to Credit Cards

Although most of us are quite familiar with credit cards and use them on a regular basis, there’re many aspects of the cards, most of which are quite basic, about which we are quite ignorant about. This section discusses all such things every credit card user must know

Why is a Credit Card Important?

To manage your short-term financial needs – your salary won’t be sufficient always.

To enjoy interest-free credit – You pay interest on a credit card only when the due amount is not repaid on time.

Ease of use – Ready cash for sudden expenses.And the perks that come along – Reward points, discounts,cash-backs, offers air miles and lot more.

How to Find the Right Credit Card

So, how do you go about finding a credit card that is just right for you? Here’s a handy list:

  • Your spending pattern: Do you spend more on groceries each month and less on dining? Then get a card that rewards your grocery spends. If a major portion of your income goes towards online transactions, get a card that rewards those transactions.
  • The reward type: Credit cards offer rewards in terms of cashback (which you can use to offset your bill), rewards points (which can be used to redeem lifestyle, travel, retail, and dining vouchers), and air miles (which can be transferred to your preferred airline’s frequent flyer programme and help fund the tickets for your next holiday).
  • Fees and charges: Compare the interest rate on different cards and the fees and charges apply. Look for a card whose joining fee and the annual fee you can afford. Also, see if there are any hidden charges.
  • Offers on the card: Some cards have great offers and discounts when you use the card to shop on a particular website or when you use it at a particular store. Some offer great dining discounts and others are better suited for travel. Make sure you go through the offers available on the card before making your decision.
  • Welcome bonus or gift: To get you to apply for their card, banks offer welcome gifts and bonuses. This could be the latest gadget or bonus points and miles. If you are looking to earn rewards at an accelerated pace, look for a card that offers a considerably large welcome bonus.
  • Payment options: Most cards will allow you to make payments via multiple channels. In general, if you tend to forget to make payments by the due date, you should consider having your credit card payments automatically debited from your account.

If you keep these points in mind, getting the right credit card shouldn’t be too much of a problem.

How to Use a Credit Card

Credit cards are a great tool to have since they promote financial flexibility. Only when used wisely, of course. Here are a few tips to help you use your credit card:

  • Keep track of your spending: You can do this by making note of each transaction or by using any free mobile application.
  • Pay your bills on time: Paying your bills on time means that you don’t incur any interest on the amount. The worst thing you can do with your card is to default on your payments. This doesn’t just lead to you having to pay interest, but your credit score ends up taking a hit as well.
  • Pay your bills in full: If you don’t pay your bills in full, you lose out in two ways. One – you have to pay interest on the amount you don’t pay and two – you lose out on any rewards those transactions earned.
  • Redeem rewards: Redeem the rewards you earn since that is the best way to get the best out of your credit card.
  • Check your card statement: Make it a habit to check your credit card statement each month. This way, you can immediately dispute any transaction.
  • Consider not taking a credit card loan: Credit card loans or cash advances have a high rate of interest and no interest-free period. You are charged interest from the moment you withdraw money up until the time you repay the entire amount.

Features of a Credit Card

Banks offer amazing features on their credit cards. These features vary depending on the card provider and the type of credit card that people purchase. Some of them are as follows:

Reward Points Program: Most credit cards offer a reward points program, which allows cardholders to earn reward points on every transaction they make using their cards. A few exceptions to it is that fuel transactions, insurance payments, gold or gold jewellery purchases, utility bill payments, cash and EMI transactions are typically not eligible for reward points.

The accrued reward points can be redeemed for various options offered in exclusive rewards catalogues provided by the issuers. However, card members need to earn minimum reward points before going for redemption.

Airport Lounge Access: Complimentary airport lounge access and membership to Priority Pass Program are one of the most common features offered on most credit cards. Though you may not find the features on a basic credit card, most next to basic credit card offers complimentary lounge access with a limited number of visits per year, free membership to airport priority pass programs and others. With such a feature on credit card, members can enjoy free lounge visits to both domestic and international airports.

Fuel Surcharge Waiver: Another common aspect offered on most credit cards is the fuel surcharge waiver facility that waives off the 1% surcharge that is typically charged on all card transactions conducted at petrol stations.

Insurance Coverage: While some premier cards provide a comprehensive insurance policy that provides coverage against air accident, life, lost baggage, lost card, outstanding, etc. On other cards, the cover is limited to a few aspects.

Global Acceptance: Today, most credit cards that are issued in India are international cards and are accepted by various merchants all over the world.

Balance Transfer: Credit cardholders can transfer the outstanding balance of their existing cards issued by one bank to the credit card account of another bank. Doing so helps them in saving money and repaying the amount at a low rate of interest. Banks offer various balance transfer options to their cardholders allowing them to repay the amount on a monthly basis within a tenure of their choice.

EMI Conversion: The feature allows the credit card members to convert their credit card transaction into easy monthly instalments (EMI). They can either choose to convert the total outstanding on their card into EMI, a specific transaction, especially big-ticket purchases into EMI and can also convert merchant transactions into EMI.Generally, these plans have very attractive interest rates and different repayment tenures. The EMI conversion will be done with no other documentation and most of the times instant.

Lifestyle Benefits: By partnering with various merchants, credit card issuers provide attractive discounts and offers on various lifestyle categories including dining, shopping, travel, wellness, entertainment, etc.

Travel Benefits: Frequent travellers can make the best use of the travel credit cards that provide travel-related benefits to the cardholders. Some of the common benefits offered on travel credit cards include air miles accrual and redemption for air tickets, free travel insurance, discount offers on domestic and international flights, complimentary lounge visits, discounts on hotel booking, and concierge services.

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Benefits of a Credit Card

Welcome Gift – Many banks offer a welcome gift to new credit card applicants once the card is issued to them. This gift can be in the form of bonus points, gift vouchers, discounts, etc. The welcome gift differs depending on the card and the bank.

Rewards Program – All credit cards generally have a reward program, which allows cardholders to earn reward points on every transaction they make using their cards. The amount of points that cardholders can earn per transaction is fixed and differs from card to card. The points that card members collect can be redeemed for various gifts that are listed in the rewards catalogue of the cards. These gifts can be discounts, product, services, cashback offers, etc. Some credit cards allow card members to redeem their points against air miles and cash as well.

Fuel Surcharge Waiver – Many banks offer fuel surcharge waiver to credit cardholders when they spend specific amount of money on fuel every month. This offer is available on fuel transactions made at all Indian petrol bunks.

Cashback Benefits – There are certain credit cards that offer cashback benefits to the customers. The amount of cashback that will be offered depends on the provider.

Lifestyle Benefits – Cardholders can enjoy various lifestyle benefits on their credit cards. Lifestyle benefits include dining, shopping, golf, wellness, entertainment, etc. privileges.

Travel Benefits – This is one of the major reasons for credit cards being so popular among people. There are some credit cards that offer amazing travel benefits to the customers. Travel benefits include air miles, airport lounge access, travel insurance, airline offers, hotel offers, etc.

Airport Lounge Access – Some credit cards offer complimentary airport lounge access to the cardholders. The offer varies from one bank to another. Some banks put a limit on the number of visits, while some others allow access only to Indian airport lounges.

Exclusive Privileges from Visa/American Express/MasterCard – Visa, MasterCard and American Express are three popular and recognized credit card variants. Depending on the variant of your card, you can enjoy exclusive lifestyle, travel, etc. offers from MasterCard/Visa/American Express.

Add-on Cards – Many banks allow their credit cardholders to apply for add-on cards for their immediate family members. Most card issuers offer add-on cards for free, but some of them limit the amount of add-on cards that one can apply for. Cardholders can enjoy all the privileges of their primary cards on their add-on cards.

Air Miles – Cardholders can collect these miles and redeem them to avail flight tickets and other travel benefits.

Documents Required to Apply for a Credit Card

Applicants can submit any one of the ID proof, address proof and income proof documents listed below

Proof of Identity Proof of Address Proof of Income (For Self-Employed) Proof of Income (For Salaried)
Passport
Telephone Bill
Certified Financials
Salary Certificate
PAN Card
Electricity Bill
Recent ITR Statement

Recent Salary slip/s

Ration Card

Aadhaar Card

Passport

Employment Letter

Aadhaar Card
Ration Card
Proof of business continuity

Voter's ID Card

Rental Agreement

Driving License

Credit Card FAQ's (Frequently Asked Questions)

  1. What is the difference between a debit and a credit card?

    A debit card draws money from your account immediately when you make a purchase. Whereas a credit card enables you to borrow the money required against credit and you will have to pay the bank when you receive your credit card bill.

  2. How can I get a credit card for the first time?

    If you already have a credit history, you can check your eligibility, choose a card that suits your lifestyle needs and apply for it on Bankbazaar. If you do not have a credit history, you can opt for a secure credit card usually offered against fixed deposits.

  3. What is the minimum credit score for a credit card?

    A credit score above 650 is ideal to be able to get a credit card

  4. Which is the best and easiest way to apply for a credit card?

    The best and the easiest way to get a credit card is to apply for it on a platform like Bankbazaar. You can compare the features, benefits, fees, interest rates etc. and then choose a card that best suits your needs. You will also benefit from exclusive offers available only on Bankbazaar. Alternately, you can directly visit the bank’s website to apply for a card.

  5. What is the minimum salary required to apply for a credit card?

    The minimum salary requirement to be able to have a credit card is different for every bank. The figure varies for salaried and self-employed individuals.

  6. Are there any benefits of having a credit card?

    Yes, most credit cards come with a reward point system, where you earn a point every time you spend a said amount of money. You can then redeem these points.

  7. Can we get a credit card with bad credit score?

    A credit score between 300 and 650 is considered a bad credit score by most banks. In most cases, banks will not consider this score to be ideal to offer you a credit card. However, if you have a credit score between 550 and 650, it might be considered poor credit. In these situations, if banks deem you as a responsible borrower, you might be qualified for an unsecured credit card.

  8. Can I get a credit card without a job?

    Even if you do not have a job and have a pretty substantial inflow into your account every month or so, you are eligible for a credit card.

  9. Do credit cards require proof of income?

    As your income does not show up on any of the credit reports, many credit card issuers do not verify your income source. However, proof of income could increase the chance of your credit card application being approved.

  10. Can I get a credit card in one day?

    Yes, Due to the online application system, your credit card application will be approved in one day. However, you will not get the physical credit card in one day.

  11. How long does it take to get a credit card approved?

    The banks typically state that they would take 21 days to disburse a credit card. However, depending on the applicant’s profile, availability of documents, verification checks, etc., it might also take a little longer than the stipulated time.

  12. Can I use my credit card in other countries?

    It depends on your card type. If your credit card is accepted globally, you can use it in other countries as mentioned by your creditor. However, a certain fee known as the foreign transaction fee will be charged for all the purchases made abroad.

  13. What are the different types of credit cards?

    There are many different kinds of credit cards in India. They are:

  14. Can I get a credit card online?

    Yes, You can apply for a credit card online, once you go to the website of your preferred bank.

  15. Is it better to apply online or in person for a credit card?

    It is much easier to apply for a credit card online. If you are applying for a retail credit card, it is better to go in person and apply for the same.

  16. Do credit cards come with any airport lounge benefits?

    Yes, a lot of credit cards come with access to domestic and international lounges at airports.

  17. What is credit card limit?

    This is the maximum amount that one can spend on their card. When you have a high limit for the credit card, it allows you to spend more and this will help your credit scores. However, this can also make you overspend and pile up debt.

  18. How many credit cards should I have?

    The number, one should own is not fixed. It depends on your financial ability and your spending behavior. However, ensure to manage all the cards properly. Use them responsibly, repay the outstanding on time and make sure none of them is affecting your credit score.

  19. What does ‘minimum due’ mean on a credit card statement?

    The minimum amount due is the minimum amount a credit cardholder needs to pay in case he/she is not able to pay the total outstanding. It is typically 5% of the total outstanding amount on the card. Paying the minimum amount would save you from the late payment fee.

  20. If I make a late payment on my credit card, will it affect my credit score?

    It depends on various factors – the number of days late, the number of instances and the amount due. Based on all this your credit card issuer would take a call about whether or not to report the same to the credit agencies. But once reported, it would certainly affect your credit score.

  21. Should I pay interest on all the purchases I make using a credit card?

    No, you don’t have to pay interest on all the transactions. However, if you’re not repaying the due amount within the stipulated time, the unpaid due would attract interest along with all the new transactions, till the due amount is repaid in full.

  22. Do I need to pay processing fee for a loan against credit card?

    Yes, banks do charge processing fee for loans against credit card. However, you need to pay a very nominal amount as processing fee.

  23. How do credit cards work?

    A credit card gives you a line of credit and you can use this to make balance transfers, all kinds of purchases, and cash advances. You will have to pay back the amount by the date specified by the bank. When you use a credit card, you have to keep in mind the minimum payment to made every month by the due date.

  24. Do credit cards offer protection against fraud?

    Not all credit cards do, but there are quite a few credit cards that come with fraud liability protection cover.If your card offers the protection, most of the fraudulent transactions that might happen on the card when it’s either lost or stolen will be covered. However, you need to intimate about the loss of the card immediately to the respective creditor.

  25. Should I get a charge card or credit card?

    While a credit card will allow you to make purchases “on credit”, charge cards will let you make a purchase which you can pay at a later point in time. Having a credit card would mean that you will get small and quick loans while you make your everyday purchases and it offers payment flexibility. If you are a charge cardholder, you will have to pay back the whole amount that you borrow every month on the due date and failure will lead to a heavy fee being charged. These cards are meant for you if you have the means to pay off your credit every month.

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Documents Required from all Non-Resident Indians (NRIs) Applicants

Identity Proof (any one) Residence Proof (any one) Other Documents
PAN

Content

Attested copy of the applicant’s/co-applicants’/guarantor’s valid passport and visa
Valid Passport
Electricity bill

Proof of residence indicating the applicant’s current overseas address

Driver’s License
Water bill
Employer Identity Card
Voter ID Card

Piped Gas bill

If the applicant is employed in the Merchant Navy, the applicant is required to submit a copy of Continuous Discharge Certificate (CDC)

Valid Passport

PIO Card issued by the Government of India in case the applicant/co-applicant is a Person of Indian Origin (PIO).

Driving License

Driving License

The completed loan application form duly filled with three passport size photographs of the applicant and co-applicants.

Aadhar Card

The attestation of the documents can be done by: 1. Indian Embassy/Consulate 2. Overseas Notary Public 3. FOs/Representative Offices 4. Officials of Branch/Sourcing Units based in India

Income Proof Documents

For Self-employed Applicant/Co-applicant: For Salaried Applicant/Co-applicant:
Proof of income if the applicant/co-applicant is a self-employed professional/businessman.
Valid work permit
Business address proof

Employment contract (translated in English) attested by the employer/consulate/embassy/Indian foreign office if the contract is in another language.

Balance Sheet and Profit and Loss accounts audited by a certified CA for the last 2 years

Salary slips for the last 3 months

Individual Tax Return for the last 2 years – Not applicable to NRIs/PIOs located in the Middle East countries.

Bank statements indicating salary credit for the last 6 months

Bank statement of the individual’s as well as the business/company’s overseas account for the last 6 months.

Copy of the Identity Card issued by the current employer along with the latest salary slip (original).

Copy of the individual Tax Return for the last assessment year. - Not applicable to employees in the Merchant Navy and NRIs/PIOs located in the Middle East countries.

Property Papers:

  1. Agreement of Sale (any one):
    • Registered Agreement of Sale
    • Stamped Agreement of Sale
    • Allotment Letter
  2. Occupancy Certificate in case the property is a ready-to-move-in property
  3. Copy (blueprint) of the Approved Plan and Registered Development agreement of the builder
  4. Conveyance Deed in case of a new property
  5. Bank account statements indicating all payments made to the seller or builder

 

Home Loan Fees and Charges

Depending on the type of loan you are applying for, the following charges may be levied:

  • Processing fees: This is a one-time non-refundable fee that is to be paid to the home loan provider after the loan application has been approved. The processing charge varies depending on the bank and the loan scheme you are applying for.
  • Prepayment charges: Prepayment penalty is the fee you will have to pay the lender if you plan on repaying your home loan before the completion of the loan tenure.
  • Conversion fees: Some banks also charge a conversion fee when you decide to switch to a different loan scheme in order to lower the interest rate associated with your current scheme.
  • Cheque dishonour charges: The fee is levied when the loan provider find that a cheque issued by the borrower is found to be dishonoured due to reasons such as insufficient funds in the borrower’s account.
  • Fees on account of external opinion: In some cases, you might want to consult an external expert such as a lawyer or a valuator for his/her opinion on the loan. This fee should be paid directly to the concerned person and not the lending institution.
  • Home insurance: The premium should be paid directly to the concerned company during the term to ensure that the insurance policy is running during the home loan tenure.
  • Default charges: Loan providers also charge a penalty on delayed repayments i.e. if you fail to make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. The defaulting charges vary from one bank to another.
  • Incidental charges: This charge covers for the expenses incurred by the bank to recover dues from a borrower who has failed to make his monthly instalments on time.
  • Statutory/regulatory charges: The fee includes all charges associated with Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), Memorandum of Entry and Deposit, and stamp duty. You can visit www.cersai.org.in to know more about these charges.
  • Photocopy of documents: The fee is payable to the bank if you require a photocopy of your home loan documents for any personal needs.
  • Change in loan term: Some banks also charge a nominal fee if you wish to change the tenure associated with your loan.

Track Your Home Loan Application Status

BankBazaar helps you track your loan application easily. Simply visit application status, enter your Application ID and your mobile number, and get the status.

Compare Best Credit Cards & Apply Online

(Updated on – May 19, 2020)

  • HDFC Diners ClubMiles Card: Best for Lounge Access
  • Citi Rewards Card: Best for Rewards
  • HDFC Freedom Card: Best for Reward Points
  • Citi Cashback Card: Best for Cash Back
  • Kotak PVR Gold Credit Card: Best for Movies
  • IndusInd Platinum Card: Best Lifetime Free Card
  • IndianOil Citi Platinum Card: Best for Fuel
  • IndusInd Platinum Aura Edge Card: Best for Lifestyle
  • Axis Bank Neo Credit Card: Best for Shopping, Movies
  • HSBC Visa Platinum Credit Card: Best for Travel, Dining, Movies


10 Best Credit Cards in India 2020

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Types of Home Loans in India

Banks in India provide different types of housing finance options for different purposes. Here’s a list of the prominent types of housing loans in India, based on a study of products offered by some of the top banks:

  1. New Home Loans: New Home Loans are offered to eligible customers who are looking to purchase a house or property for the first time.
  2. Pre-approved Home Loan: Pre-approved home loans are offered by banks to eligible borrowers once his/her creditworthiness, income and financial position are taken into considerable for an in-principal approval of the loan.
  3. Home Purchase Loans: Home purchase loans are specifically given to borrowers looking to purchase a house or flat.
  4. Home Loan for Construction: Home loan for construction is offered to customers who are looking to construct their own house on an existing piece of land.
  5. Plot Loans: Plot loans are loans offered to customers looking to purchase a piece of land or plot for the purpose of constructing a house on it.
  6. Home Loan Top Up: Home Loan Top Up is a facility offered by most banks and NBFCs that allows existing customers to borrow a certain amount above and over the existing home loan.
  7. Home Extension/Renovation Loans: Home loans for extension or renovation of home are offered to borrowers who wish to renovate/extend their existing house/property.
  8. Balance Transfer Home Loan: Individuals can use the balance transfer option to transfer their home loan from one bank to another. Most people choose this option to avail better interest rates.

Home Loan Rejection

Do's Don't
Ensure that you have researched on the loan you want to apply for
Do not blindly sign the documents before you read every term and condition on it
Read the fine print before taking the loan
Do not forget to compare interest rates offered by different loan providers
Look out for any charges applicable on prepayments and foreclosure

Do not default on your monthly payments

Make sure you pay the equated monthly instalments (EMIs) on time

Do not apply for a loan just for the sake of it

Ensure that you have a good credit score before you apply

Do not sign the home loan agreement before reading the clauses

Apply for a loan amount you are eligible for
Do not request for a change in tenure unless you have considered all the aspects
Submit all the necessary documents
Do not submit an incomplete or mismatched loan application
Do not have too many ongoing loans
Do not request for a change in tenure unless you have considered all the aspects

What to do if your home loan application is rejected?

You can always re-apply for a home loan if your first loan application was rejected by the lender. However, there are a few aspects you must consider before doing so.

Credit score: Since housing loans are generally long-term retail loans, lenders look into the applicant’s repayment capacity before approving or rejecting a loan application. Your credit score plays a major role in deciding your repayment capacity against a loan.

If you have a poor credit score on your credit report, chances of your loan application being rejected are high. The unsatisfactory credit score gauges your creditworthiness which banks and financial institutions consider before processing your loan application. Hence, it is advised to go through your credit score and credit report before you apply for a loan.

In case you have a poor credit score, consider improving your score by making your debt repayments on time before you reapply for a housing loan again. If you do not know what your current score is, you can get your credit score along with the credit report on BankBazaar.

Loan Amount: Since purchasing/constructing a home is a one-time investment, we often tend to overlook the financial costs involved in it. Banks and financial institutions fix the maximum loan amount you are eligible for by taking your present monthly income. There is a high chance your application was rejected because of the loan amount you have applied for.

If the loan amount applied for exceeds your eligible loan amount, the lender can decide to reject your application. In such cases, you can consider increasing the down payment on your home loan to bring down the loan amount.

Other Ongoing Loans: Banks can also choose to reject your home loan application if you have too many other ongoing loans. Since home loan lenders see to it that not more than 50% of your monthly income is being contributed to your loan repayments, any other ongoing long-term loans can result in your application being rejected.

Having too many ongoing loans will not only impact your personal finances but also your repayment capacity. Hence, it is advised to clear the ongoing loans, if any, before you apply for a housing loan.

Co-applicant: There can be instances where applications are rejected due to low income. In such cases, you can consider adding a co-applicant such as a member of your immediate family. This will increase the maximum amount you are eligible for as the income and creditworthiness of the co-applicant will also be taken into account while deciding your eligibility.

Employment: In some cases, the employment of the applicant can act as the deciding factor on whether the loan application is being approved or rejected by the lender. Your application can be rejected if the lender learns that you have been switching between jobs frequently.

Unstable employment can sometimes prove to have a negative impact on your loan application. On the other hand, stable employment with a recognised institution on your application can have a positive impact.

In case your housing loan application was rejected, and you have only been working with the current employer for a short period of time. You can consider giving it some more time before re-applying for another one.

Documentation: Housing loans include a lot of documentation such as identity proof, residential proof, bank account statements, income tax returns, income proofs, property papers, documents approved by concerned authorities, etc. Your loan lender can reject your loan application even if one of the required documents are not submitted.

You can always consult the banks’ customer relationship executives to assist you with proper loan documentation.

FAQs

  1. Which factors determine my home loan eligibility?

    Banks/financial institutions consider the following factors when determining your loan eligibility:

    • Age
    • Annual Income
    • Occupational stability
    • Resident type [Indian Citizen, Non-Resident Indian (NRI), Person of Indian Origin (PIO)]
    • Number of co-applicants
    • Co-applicants’ income
    • Credit score
    • Other ongoing loans, if any
  2. What is the difference between a fixed rate and floating rate home loan?

    The rate of interest associated with fixed rate loans remain unchanged during the entire tenure of the loan. On the other hand, the interest rates applicable on floating rate loans can be revised from time to time depending on the RBI key policy rates. The equated monthly instalments can increase or decrease depending on the prevailing RBI rates in the case floating rate type loans.

  3. Can I prepay my outstanding home loan amount?

    Yes, you can choose to prepay your outstanding loan amount either partially or in full before the completion of your loan tenure. While banks do not charge any prepayment fee on floating rate loans, fixed rate home loans attract a penalty up to 2% of the loan amount if prepaid through refinance.

  4. Can I avail tax deductions on my home loan?

    Yes, you can avail tax benefits on both the interest and principal component paid against your home loan. As per Section 80C of the Income Tax Act, you can avail deductions up to Rs.1.50 lakh on the principal amount repaid annually.

    Under Section 24 of the IT Act, taxpayers are also eligible for benefits up to Rs.2 lakh on the interest repaid against a home loan annually.

  5. Who can be a co-applicant?

    The co-applicant can be an immediate family member such as your spouse, your parents or even your major children. It is also mandatory for all co-owners of the property to be co-applicants while applying for a loan. However, the co-applicant need not be a co-owner.

  6. What is Pre-EMI?

    Pre-EMI is defined as the interest that is to be paid to the loan provider until the entire loan amount is disbursed. The Pre-EMI is payable on a monthly basis until the last disbursement, post which the regular EMI will be applicable comprising the principal and interest components.

  7. What are the types of home loans available?
    • Home Purchase Loan: Suitable for those looking to purchase a new house/flat or an under-construction property.
    • Home Construction Loan: Can be availed by those looking to construct a house/property according to his/her plan.
    • Home Conversion Loan: Suitable for those looking to purchase and move to another property when they have already bought a house with a home loan.
    • Plot Loan: Can be availed by eligible borrowers looking to purchase a residential plot for the purpose of construction of a house/dwelling unit.
    • Home Improvement Loan: These loans are sanctioned to those looking to repair/improve/renovate an already existing property.
    • Home Extension Loan: Suitable for those looking to extend/expand/alter the structure of an existing property.
    • Home Loan Balance Transfer: Can be availed by those who wish to transfer their outstanding home loan balance from their existing lender to another lender due to reasons such as reduced interest rates or better customer service.
    • Home Loans for NRIs: These home loans cater to the housing needs of NRIs in the country. They also include PIOs and OCIs.
  8. What is MCLR?

    Marginal Cost of funds based Lending Rate is the benchmark rate set by a lending institution below which they cannot provide loans to their customers.

  9. Can I switch from a fixed rate to a floating rate during my home loan tenure?

    Yes, you can switch from a fixed to floating rate of interest on your home loan during the repayment tenure. However, you will be charged a conversion fee by the lender in such cases.

  10. When does my loan repayment period begin?

    The loan repayment period begins only after the loan provider has disbursed the entire home loan amount. However, you will be required to pay the interest i.e. pre-EMI on the partially disbursed loan on a monthly basis, in most cases.

  11. Can I take 2 home loans at the same time?

    Yes, you can take 2 home loans at the same time provided that your lender approves your eligibility to manage 2 Equated Monthly Instalments (EMIs) at the same time. However, the tax benefits on the second house will be different and you will be required to establish the property as self-occupied or let-out property.

  12. Can I get 100% financing on a home loan?

    No. Banks/financial institution do not grant 100% of the property value as home loan. Home loan lenders establish a margin on their loan i.e. the percentage of the cost that the lending institution will be covering. For example, if the margin on the loan is set at 10%, the bank will cover 90% of property value. In such cases, you will be required to a make a down payment of the balance amount, i.e. 10% in order to cover for the rest of the cost.

  13. Does having a personal loan affect home loan eligibility?

    When determining your home loan eligibility, the lender makes sure that your monthly repayments are not being affected by any other ongoing loans such as personal loan, two-wheeler loan, etc. However, other ongoing loans ultimately tend to affect your eligibility as your overall spending power is reduced. If your other loan commitments exceed 50%-60% of your monthly income, your home loan application may be rejected.

  14. Is personal loan better than home loan?

    If you are buying a house, home loan is the best option. Usually you will not be eligible for a personal loan for as high an amount required for the purchase of a house. If you want extra money for non-specific personal needs, then go for a personal loan. Home loans also have an added advantage of top-up loans wherein you can request a top up on your loan amount to cover additional needs such as furnishing your house.

  15. Can I buy a house with two loans?

    No, you cannot avail two home loans for the same property. Any such practice will be considered fraudulent. The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) ensures that fraudulent practices such as availing two housing loans for the same asset/property are prevented.

  16. How do joint home loans work?

    A joint home loan can be availed by adding a co-applicant such as your spouse, parents, or an immediate family member on your application. Adding a co-applicant will increase your home loan eligibility as the lending institution will also be considering the co-applicant’s income and credit score when determining your loan eligibility. All co-owners of the property are required to be the co-applicant for a loan. However, the co-applicants need not necessarily be the co-owner of the concerned property.

Apply for a Credit Card

Gone are the days where you had to trudge to the bank to apply for a credit card. Today, applying for one is extremely simple. All you need is an internet connection. If you have that, you can apply for a credit card online.

How to Apply for Credit Card Online?

Applying for a credit card online is as easy as booking a movie ticket online. Here are the steps:

  • Visit the bank’s website.
  • Take a look at the credit cards offered by the bank.
  • If the bank has a comparison tool, use it to see how each card compares to the other.
  • Select the credit card that is the right one for you and hit the ‘Apply‘ button.
  • Fill in the required details and upload all necessary documents.
  • Submit your form.

And that’s it. It really is that simple.

Note: Each bank may have a different application procedure. Visit the bank’s website for more details regarding how to apply for their credit card online.

Compare & Apply Credit Card on BankBazaar by Following 4 Simple Steps:

Step 1- Compare credit card offers

Step 2- Select from the top credit cards offered by leading Indian banks

Step 3- Check your eligibility by entering a few personal details

Step 4- Enjoy instant approval online after filling out your application form

Credit Card Tips

Keep a check on Joining and Annual fee

Almost all credit cards have a joining fee and annual fee. It is important that you keep a look out for these fees. A joining fee is the fee which needs to be paid to get the credit card and an annual fee is a sum of money to be paid at the end of each year.

Annual fee and joining fee are minimal for the basic credit cards and the more benefits a card offers, the annual and joining fee increases. Many cards offer a waiver of annual fee if you spend a certain sum of money in a year. All in all, the benefits of the card must be greater than the fee of the card.

  1. Which factors determine my home loan eligibility?

    Banks/financial institutions consider the following factors when determining your loan eligibility:

    • Age
    • Annual Income
    • Occupational stability
    • Resident type [Indian Citizen, Non-Resident Indian (NRI), Person of Indian Origin (PIO)]
    • Number of co-applicants
    • Co-applicants’ income
    • Credit score
    • Other ongoing loans, if any
  2. What is the difference between a fixed rate and floating rate home loan?

    The rate of interest associated with fixed rate loans remain unchanged during the entire tenure of the loan. On the other hand, the interest rates applicable on floating rate loans can be revised from time to time depending on the RBI key policy rates. The equated monthly instalments can increase or decrease depending on the prevailing RBI rates in the case floating rate type loans.

  3. Can I prepay my outstanding home loan amount?

    Yes, you can choose to prepay your outstanding loan amount either partially or in full before the completion of your loan tenure. While banks do not charge any prepayment fee on floating rate loans, fixed rate home loans attract a penalty up to 2% of the loan amount if prepaid through refinance.

  4. Can I avail tax deductions on my home loan?

    Yes, you can avail tax benefits on both the interest and principal component paid against your home loan. As per Section 80C of the Income Tax Act, you can avail deductions up to Rs.1.50 lakh on the principal amount repaid annually.

    Under Section 24 of the IT Act, taxpayers are also eligible for benefits up to Rs.2 lakh on the interest repaid against a home loan annually.

  5. Who can be a co-applicant?

    The co-applicant can be an immediate family member such as your spouse, your parents or even your major children. It is also mandatory for all co-owners of the property to be co-applicants while applying for a loan. However, the co-applicant need not be a co-owner.

  6. What is Pre-EMI?

    Pre-EMI is defined as the interest that is to be paid to the loan provider until the entire loan amount is disbursed. The Pre-EMI is payable on a monthly basis until the last disbursement, post which the regular EMI will be applicable comprising the principal and interest components.

  7. What are the types of home loans available?
    • Home Purchase Loan: Suitable for those looking to purchase a new house/flat or an under-construction property.
    • Home Construction Loan: Can be availed by those looking to construct a house/property according to his/her plan.
    • Home Conversion Loan: Suitable for those looking to purchase and move to another property when they have already bought a house with a home loan.
    • Plot Loan: Can be availed by eligible borrowers looking to purchase a residential plot for the purpose of construction of a house/dwelling unit.
    • Home Improvement Loan: These loans are sanctioned to those looking to repair/improve/renovate an already existing property.
    • Home Extension Loan: Suitable for those looking to extend/expand/alter the structure of an existing property.
    • Home Loan Balance Transfer: Can be availed by those who wish to transfer their outstanding home loan balance from their existing lender to another lender due to reasons such as reduced interest rates or better customer service.
    • Home Loans for NRIs: These home loans cater to the housing needs of NRIs in the country. They also include PIOs and OCIs.
  8. What is MCLR?

    Marginal Cost of funds based Lending Rate is the benchmark rate set by a lending institution below which they cannot provide loans to their customers.

  9. Can I switch from a fixed rate to a floating rate during my home loan tenure?

    Yes, you can switch from a fixed to floating rate of interest on your home loan during the repayment tenure. However, you will be charged a conversion fee by the lender in such cases.

  10. When does my loan repayment period begin?

    The loan repayment period begins only after the loan provider has disbursed the entire home loan amount. However, you will be required to pay the interest i.e. pre-EMI on the partially disbursed loan on a monthly basis, in most cases.

  11. Can I take 2 home loans at the same time?

    Yes, you can take 2 home loans at the same time provided that your lender approves your eligibility to manage 2 Equated Monthly Instalments (EMIs) at the same time. However, the tax benefits on the second house will be different and you will be required to establish the property as self-occupied or let-out property.

  12. Can I get 100% financing on a home loan?

    No. Banks/financial institution do not grant 100% of the property value as home loan. Home loan lenders establish a margin on their loan i.e. the percentage of the cost that the lending institution will be covering. For example, if the margin on the loan is set at 10%, the bank will cover 90% of property value. In such cases, you will be required to a make a down payment of the balance amount, i.e. 10% in order to cover for the rest of the cost.

  13. Does having a personal loan affect home loan eligibility?

    When determining your home loan eligibility, the lender makes sure that your monthly repayments are not being affected by any other ongoing loans such as personal loan, two-wheeler loan, etc. However, other ongoing loans ultimately tend to affect your eligibility as your overall spending power is reduced. If your other loan commitments exceed 50%-60% of your monthly income, your home loan application may be rejected.

  14. Is personal loan better than home loan?

    If you are buying a house, home loan is the best option. Usually you will not be eligible for a personal loan for as high an amount required for the purchase of a house. If you want extra money for non-specific personal needs, then go for a personal loan. Home loans also have an added advantage of top-up loans wherein you can request a top up on your loan amount to cover additional needs such as furnishing your house.

  15. Can I buy a house with two loans?

    No, you cannot avail two home loans for the same property. Any such practice will be considered fraudulent. The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) ensures that fraudulent practices such as availing two housing loans for the same asset/property are prevented.

  16. How do joint home loans work?

    A joint home loan can be availed by adding a co-applicant such as your spouse, parents, or an immediate family member on your application. Adding a co-applicant will increase your home loan eligibility as the lending institution will also be considering the co-applicant’s income and credit score when determining your loan eligibility. All co-owners of the property are required to be the co-applicant for a loan. However, the co-applicants need not necessarily be the co-owner of the concerned property.

Credit Card Eligibility

Wondering if you are eligible for a credit card? Check out the eligibility criteria for credit cards. Do keep in mind though that depending on the type of card you are applying for and the issuing bank, the criteria may differ.

In general, here are the eligibility criteria:

  • Nationality: You should be a citizen of India or a non-resident Indian (some banks extend credit cards to NRIs).
  • Age: You should be at least 18 years old. In some cases, the minimum age to apply for a credit card is 21 years.
  • Employment status: You have to either be salaried or self-employed and have a steady source of income.
  • Income: Most banks will require you to meet their minimum income requirement before they approve your card application.
  • Credit score: A good CIBIL score, with no history if default goes a long way in making sure that your credit card application is approved.

Benefits Of Applying For Credit Card On Bankbazaar

BankBazaar offers end-to-end application process, wherein you can browse through most of the credit cards offered by various banks, compare and apply for the best credit card in just a few clicks.
Let’s look at the perks that we offer for applying for a credit card through us.

  • Robust comparison tool: Before availing a credit card, it is always advisable to compare various cards to find the best. But the process of comparing is not that easy, and a lot of people tend to avoid it, ending up with a wrong card. To solve this problem, BankBazaar introduced a platform where people can compare credit cards offered by different banks online at one place. This not only helps them in making an informed decision but also in getting the best credit card available in India.

  • We simplify the application process: With our end-to-end paperless online application process, we have simplified the entire application process in a few simple steps. You don’t have to visit the bank branch nor have to meet any bank representative to apply for a credit card. Simply, visit our website, compare various credit cards, choose one and apply for the same without leaving the comfort of home.

  • 24×7 Support:Apart from the above, BankBazaar provides 24×7 support to all its customers throughout the year.

A Guide to Credit Cards

Although most of us are quite familiar with credit cards and use them on a regular basis, there’re many aspects of the cards, most of which are quite basic, about which we are quite ignorant about. This section discusses all such things every credit card user must know.

Why is a Credit Card Important?

  • To manage your short-term financial needs – your salary won’t be sufficient always.
  • To enjoy interest-free credit – You pay interest on a credit card only when the due amount is not repaid on time.
  • Ease of use – Ready cash for sudden expenses.
  • And the perks that come along – Reward points, discounts,cash-backs, offers air miles and lot more.

A Guide to Credit Cards

Although most of us are quite familiar with credit cards and use them on a regular basis, there’re many aspects of the cards, most of which are quite basic, about which we are quite ignorant about. This section discusses all such things every credit card user must know.

Why is a Credit Card Important?

  • To manage your short-term financial needs – your salary won’t be sufficient always.
  • To enjoy interest-free credit – You pay interest on a credit card only when the due amount is not repaid on time.
  • Ease of use – Ready cash for sudden expenses.
  • And the perks that come along – Reward points, discounts,cash-backs, offers air miles and lot more.

How to Find the Right Credit Card

So, how do you go about finding a credit card that is just right for you? Here’s a handy list:

  • Your spending pattern: Do you spend more on groceries each month and less on dining? Then get a card that rewards your grocery spends. If a major portion of your income goes towards online transactions, get a card that rewards those transactions.
  • The reward type: Credit cards offer rewards in terms of cashback (which you can use to offset your bill), rewards points (which can be used to redeem lifestyle, travel, retail, and dining vouchers), and air miles (which can be transferred to your preferred airline’s frequent flyer programme and help fund the tickets for your next holiday).
  • Fees and charges: Compare the interest rate on different cards and the fees and charges apply. Look for a card whose joining fee and the annual fee you can afford. Also, see if there are any hidden charges.
  • Offers on the card: Some cards have great offers and discounts when you use the card to shop on a particular website or when you use it at a particular store. Some offer great dining discounts and others are better suited for travel. Make sure you go through the offers available on the card before making your decision.
  • Welcome bonus or gift: To get you to apply for their card, banks offer welcome gifts and bonuses. This could be the latest gadget or bonus points and miles. If you are looking to earn rewards at an accelerated pace, look for a card that offers a considerably large welcome bonus.
  • Payment options: Most cards will allow you to make payments via multiple channels. In general, if you tend to forget to make payments by the due date, you should consider having your credit card payments automatically debited from your account.

If you keep these points in mind, getting the right credit card shouldn’t be too much of a problem.

How to Use a Credit Card

Credit cards are a great tool to have since they promote financial flexibility. Only when used wisely, of course. Here are a few tips to help you use your credit card:

  • Keep track of your spending: You can do this by making note of each transaction or by using any free mobile application.
  • Pay your bills on time: Paying your bills on time means that you don’t incur any interest on the amount. The worst thing you can do with your card is to default on your payments. This doesn’t just lead to you having to pay interest, but your credit score ends up taking a hit as well.
  • Pay your bills in full: If you don’t pay your bills in full, you lose out in two ways. One – you have to pay interest on the amount you don’t pay and two – you lose out on any rewards those transactions earned.
  • Redeem rewards: Redeem the rewards you earn since that is the best way to get the best out of your credit card.
  • Check your card statement: Make it a habit to check your credit card statement each month. This way, you can immediately dispute any transaction.
  • Consider not taking a credit card loan: Credit card loans or cash advances have a high rate of interest and no interest-free period. You are charged interest from the moment you withdraw money up until the time you repay the entire amount.

Features of a Credit Card

Banks offer amazing features on their credit cards. These features vary depending on the card provider and the type of credit card that people purchase. Some of them are as follows:

Reward Points Program: Most credit cards offer a reward points program, which allows cardholders to earn reward points on every transaction they make using their cards. A few exceptions to it is that fuel transactions, insurance payments, gold or gold jewellery purchases, utility bill payments, cash and EMI transactions are typically not eligible for reward points.

The accrued reward points can be redeemed for various options offered in exclusive rewards catalogues provided by the issuers. However, card members need to earn minimum reward points before going for redemption.

Airport Lounge Access: Complimentary airport lounge access and membership to Priority Pass Program are one of the most common features offered on most credit cards. Though you may not find the features on a basic credit card, most next to basic credit card offers complimentary lounge access with a limited number of visits per year, free membership to airport priority pass programs and others. With such a feature on credit card, members can enjoy free lounge visits to both domestic and international airports.

Fuel Surcharge Waiver: Another common aspect offered on most credit cards is the fuel surcharge waiver facility that waives off the 1% surcharge that is typically charged on all card transactions conducted at petrol stations.

Insurance Coverage: While some premier cards provide a comprehensive insurance policy that provides coverage against air accident, life, lost baggage, lost card, outstanding, etc. On other cards, the cover is limited to a few aspects.

Global Acceptance: Today, most credit cards that are issued in India are international cards and are accepted by various merchants all over the world.

Balance Transfer: Credit cardholders can transfer the outstanding balance of their existing cards issued by one bank to the credit card account of another bank. Doing so helps them in saving money and repaying the amount at a low rate of interest. Banks offer various balance transfer options to their cardholders allowing them to repay the amount on a monthly basis within a tenure of their choice.

EMI Conversion: The feature allows the credit card members to convert their credit card transaction into easy monthly instalments (EMI). They can either choose to convert the total outstanding on their card into EMI, a specific transaction, especially big-ticket purchases into EMI and can also convert merchant transactions into EMI.Generally, these plans have very attractive interest rates and different repayment tenures. The EMI conversion will be done with no other documentation and most of the times instant.

Lifestyle Benefits: By partnering with various merchants, credit card issuers provide attractive discounts and offers on various lifestyle categories including dining, shopping, travel, wellness, entertainment, etc.

Travel Benefits: Frequent travellers can make the best use of the travel credit cards that provide travel-related benefits to the cardholders. Some of the common benefits offered on travel credit cards include air miles accrual and redemption for air tickets, free travel insurance, discount offers on domestic and international flights, complimentary lounge visits, discounts on hotel booking, and concierge services

Benefits of a Credit Card

Welcome Gift – Many banks offer a welcome gift to new credit card applicants once the card is issued to them. This gift can be in the form of bonus points, gift vouchers, discounts, etc. The welcome gift differs depending on the card and the bank.

Rewards Program – All credit cards generally have a reward program, which allows cardholders to earn reward points on every transaction they make using their cards. The amount of points that cardholders can earn per transaction is fixed and differs from card to card. The points that card members collect can be redeemed for various gifts that are listed in the rewards catalogue of the cards. These gifts can be discounts, product, services, cashback offers, etc. Some credit cards allow card members to redeem their points against air miles and cash as well.

Fuel Surcharge Waiver – Many banks offer fuel surcharge waiver to credit cardholders when they spend specific amount of money on fuel every month. This offer is available on fuel transactions made at all Indian petrol bunks.

Cashback Benefits – There are certain credit cards that offer cashback benefits to the customers. The amount of cashback that will be offered depends on the provider.

Lifestyle Benefits – Cardholders can enjoy various lifestyle benefits on their credit cards. Lifestyle benefits include dining, shopping, golf, wellness, entertainment, etc. privileges.

Travel Benefits – This is one of the major reasons for credit cards being so popular among people. There are some credit cards that offer amazing travel benefits to the customers. Travel benefits include air miles, airport lounge access, travel insurance, airline offers, hotel offers, etc.

Airport Lounge Access – Some credit cards offer complimentary airport lounge access to the cardholders. The offer varies from one bank to another. Some banks put a limit on the number of visits, while some others allow access only to Indian airport lounges.

Exclusive Privileges from Visa/American Express/MasterCard – Visa, MasterCard and American Express are three popular and recognized credit card variants. Depending on the variant of your card, you can enjoy exclusive lifestyle, travel, etc. offers from MasterCard/Visa/American Express.

Add-on Cards – Many banks allow their credit cardholders to apply for add-on cards for their immediate family members. Most card issuers offer add-on cards for free, but some of them limit the amount of add-on cards that one can apply for. Cardholders can enjoy all the privileges of their primary cards on their add-on cards.

Air Miles – Cardholders can collect these miles and redeem them to avail flight tickets and other travel benefits.

Documents Required to Apply for a Credit Card

Applicants can submit any one of the ID proof, address proof and income proof documents listed below

Proof of Identity Proof of Address Proof of Income (For Self-Employed) Proof of Income (For Salaried)
Passport
Telephone Bill
Certified Financials
Salary Certificate
PAN Card
Electricity Bill
Recent ITR Statement
Recent Salary slip/s
Ration Card
Aadhaar Card
Passport
Employment Letter
Aadhaar Card
Ration Card
Proof of business continuity
Voter's ID Card
Rental Agreement
Driving License
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