Which is the best credit card

What are the essential points to know before applying for a credit card?

eligibility to apply for a credit card?
factors affecting your credit card eligibility?
What is Annual percentage rate (APR) of a credit card?
What is minimum repayment in a credit card?
What is annual fee in a credit card?
What is introductory interest rate?
What are loyal points or rewards in credit card?
What is cash back in credit card?
What is credit card limit?
What is balance computation method in credit card?
What are penalties in credit card?
What are different credit cards offered by SBI?
What are different credit cards offered by Axis Bank?
What are different credit cards offered by HDFC?
What are different credit cards offered by Kotak Mahendra Bank?
What are different credit cards offered by City Bank?
What are different credit cards offered by Bank of America?
What are different credit cards offered by Discover?
How to apply online for a credit card?
How to apply offline for a credit card?
How safe is credit card transaction?
Our research team report on credit card.
Pros and Cons of different credit cards.
Conclusion
Frequently asked questions

#1 What is eligibility to apply for a credit card?

You must be of 18 years, however, few banks require the minimum age as 21 years. The maximum age for credit card applicants in most of the banks is 60 years.
Your minimum yearly income must be between INR 1 lakh to INR 3 lakh. However, for the student credit card, income constraint is relaxed.
You must be salaried or self-employed.
Citizens, residents or non-residents –all are eligible for a credit card. Few credit cards require mandatory citizens, for example-Bihar student credit card, etc.

#2 What are the factors affecting your credit card eligibility?

Credit Score- Bank authority checks your credit scores online before deciding to issue you a credit card. A Credit score is your track record of paying earlier debt you had. A good credit score is between 750-900.
Ongoing loan or earlier dept- Your commitment to paying the EMI is one of the important factors in determining a credit score.
Your earning source and your location- Your yearly net income and residing place play an important role in the determination of credit limit. However, credit limit determination of a card is set by proprietary software of banks; they do not disclose it.

#3 What is Annual percentage rate (APR) of a credit card?

The annual percentage rate (APR) is the rate of interest calculated annually. However, if the borrowed money through credit card is paid on a specified due date, then the customer has not to pay any interest. If the monthly rate of interest for a card is 2%, then one can easily calculate the APR of borrowed money using the formula of compound interest for 12 months.

#4 What is minimum repayment in a credit card?

When you get a credit card monthly bill, three things especially of your prime interest. Full due amount, the minimum amount of money you can pay and the due date.
Minimum repayment is the interest of borrowed money for one month plus any other charges imposed by the bank.
Other charges on credit card means, if you fail to pay last month due amount of money then the bank imposes a late fine. That will also be added in the current month bill and reflects in minimum repayment too.

#5 What is annual fee in a credit card?

The annual fee of credit card is the charge taken by the bank on account of their services provided through credit.
Many credit cards do not charge an annual fee. The annual fee of credit cards ranges from INR 499 to INR 1000 depending on the provider’s policy. Outside India, credit card charges are from $25 to $500.

#6 What is introductory interest rate?

The introductory interest rate is the rate of interest initially applied to any debt taken through a credit card. This interest rate is applied for a newcomer for a fixed interval of time. To attract customers initially, the bank keeps the introductory interest charge as 0%. But this interest varies up to 2% depending on the policy of banks.
In the United States, as per Fair credit and charge card disclosure act, banks should let the customer know the rate of interest they charge after the expiration of the introductory interest rate period.

#7 What are loyal points or rewards in credit card?

In each purchase by credit card, customer gets rewards or loyal points. It’s a kind of perk by the bank to the customer to encourage them for use of credit card.
You can redeem the collected rewards point for purchase, hotel booking, air/train ticket booking, etc.

#8 What is cash back in credit card?

Cashback is also a perk offered by the bank on a few credit cards.
In cashback offer, you get a certain amount of money return back in your credit card, once you complete the process of purchasing.

# 9 What is credit card limit?

A credit limit is the maximum amount of money you can purchase/transfer with the help of a credit card.
Banks set the credit limit based on the applicant’s online credit report, personal income, loan repayment history, present load of loan, etc.

#10 What is balance computation method in credit card?

Balance computation method in credit card is the calculation of interest you have to pay after the grace period of a credit card.
Most of the bank uses average daily method for this calculation.
Knowing this is a little tedious, but we as a research team on credit card feel our duty to make you aware of all important facts related to credit cards such that you never have to pay any interest due to unawareness.
Let us say your credit card APR is 12%, your balance after the grace period is said INR 100, if the billing cycle is 30 days. Then in bill apart from the present month bill, additional amount you have to pay is calculated by 100×12 x30/365 = INR 98.6
If you continue paying the minimum bill amount only in each month then this type of additional interest money you have to pay.
It is our advice that you must manage to pay the full credit amount every month or look whether you can convert the lending amount of money into EMI.

#11 What are penalties in credit card?

Penalties on credit card or default rate of interest on credit card are the amount of money one has to pay after 60 days of nonpayment of credit card bill.
One has to pay an additional amount of around 29.99% of the defaulted money with the current lending money if there.
The default rate of interest varies from bank to bank and depends on their policy.
We as a research team like to advise you to pay a credit card bill in time otherwise after 60 days you have to pay an unnecessary high-interest rate.
Our advice is to do purchase below the credit card limit and always check that your purchase should be in the range that easily you can pay the credit card bill from your month-end remaining money in your bank account.

#12 What are different credit cards offered by SBI?

SBI is the largest bank network in India, offers around 25 different variety of card depending on the need of customers.
Need of a person for day to day life to the people from corporate, all have the option to choose an SBI credit card.
SBI credit card is known for its lower interest rate.
Currently, SBI charges 0.75% for 3 months after a grace period to 0.75% for six months period.
Many SBI credit card has no annual fee, for example-SBI platinum corporate credit card, SBI corporate utility credit card, etc.
To ease the problem of daily users of the metro train or Indian railway, SBI offers specialized credit cards such as IRCTC –SBI platinum credit card, Chennai SBI Metro card, etc.
For frequent air traveler, AIR India SBI platinum card, AIR Indai SBI signature card have appreciable features for customers.

#13 What are the different credit cards offered by Axis Bank?

Presently AXIS bank offers 22 different variety of credit cards to meet the customized need of customers.
AXIS bank free charge credit card is more popular as it do not have an annual fee. It offers 1 reward point on each Rs 100 purchase. This card offers special reward points if a customer crosses the monthly threshold use of credit cards of Rs2000 and Rs 5000.
Axis bank Magnus credit card takes special care to frequent air traveler by providing complimentary flight tickets, lounge access, forex rebate etc.
Axis bank pride credit card is a personalized credit card for defense personal. It offers 1200 loyal reward points every year and grant free from fuel surcharge.

#14 What are different credit cards offered by HDFC?

HDFC has more than 38 varieties of credit cards for the customers.
HDFC credit card free from annual charges are –HDFC visa signature credit card, HDFC titanium edge credit card, HDFC purchase credit card, HDFC platinum plus credit card, etc.
HDFC premium credit cards are frequent air traveler friendly.
Provides 8 complimentary lounge access in one year.
15% discount in premium restaurants in India
4 credit points in each purchase of INR 200.
2% return back policy in each international expense.

#15 What are different credit cards offered by Kotak Mahendra Bank?

Kotak Mahendra offers 19 variety of credit cards to meet the needs of customers.
Aqua Gold credit card is free from joining or yearly fees.
5X reward points in every INR 150 purchase in Solaris platinum credit card.

#16 What are different credit cards offered by City Bank?

City bank offers mainly 10 varieties of credit cards.
City bank corporate credit card is free from any annual charges.
City bank rewards domestic cards grants 10 rewards points in every INR 125 purchase.
The interest rate after relax period is 3.25% in City bank rewards domestic cards.

#17 What are different credit cards offered by Bank of America?

Out of around 17 different credit cards offered by Bank of America, three cards are dedicated for cash back, travel and balance transfer.
Bank of America cash reward credit card grants 3% & 2% cashback in grocery purchase.
Bank of America travel reward visa credit card is a traveler’s friendly card. It has no foreign money transaction charges, no annual fee. Rewards point 1.5X in each credit card use of $1 purchase. Earned points never expire in this credit card.
Bank Amricard credit card is customized for all general use. This card has no annual fee and it has a low APR.

#18 What are different credit cards offered by Discover?

Discover offers eight different credit cards.
Discover it cashback, Discover it travel, Discover it student chrome, etc are highly popular.
5% cash back for each purchase is the main attraction of Discover it cashback credit card.
Travelcard offers 1.5 times reward points on each $1 purchase.
Student chrome card grants 2% cashback on each purchase at gas stations and restaurants.1% cashback on all other purchases.

#19 How to apply online for a credit card?

Online application for a credit card is simple and you can do it by simply a few clicks and upload of documents.
You must keep the scanned copy of the documents specified below.
Identity Proof anyone – PAN card, Passport, Aadhar card, driving license or voter ID card.
Address proof such as electricity bill in your name, passport, Aadhar, etc.
Income proof- at least last three months salary slip, Form 16, Income tax 9IT) returns.
Banks provide an online facility for application and upload the facility of documents.
At the final submission, you will get an application number.
You can track your application.
Card will reach in your home address by post once the bank verifies and sanction your application for the credit card.