Credit Card

Credit card is also known as ready cash for swift expenses.


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A credit card is a plastic card that is rectangular in shape and is issued by a financial company.

It helps the cardholders to borrow funds to make payment for various goods and services. The only condition that credit cards impose is that cardholders should pay back the borrowed money and if you pay the bill in full each month, you won't be charged interest on the amount that you spent on your card. 

The credit card company at times may also offer a line of credit (LOC) to their cardholders, which would enable them to borrow funds in the form of cash advances. There are pre-set borrowing limits that are imposed on the credit-card depending on the credit rating of the customer. Credit cards are one of the most popular payment methodologies to purchase consumer goods and services. If you miss the due date for payment then credit card companies charge the interest on the unpaid balance, which is Usually, higher as compared to any other types of consumer loans.

Types of Credit Card

Standardized Credit Card

Standardized Credit Card

Standard credit cards are plain with very basic features with either no charges or nominal annual charges.

Specialized credit cards

Specialized credit cards

Specialized credit cards are tailored to specific requirements of the cardholder. Such cards offer advantages for travel, dining, fuel cost savings, and others.

Step-by-step procedure for Credit Card

It is very simple to apply for a credit card online. Here are the steps:

  • Research various credit cards offered by different banks

  • Visit their website from whom you wish to buy one
  • Thoroughly match your requirement with the products offered and then take a final decision

  • In case there is a tool of comparison, ensure to utilize the same. Compare different credit cards available.
  • Click on the credit card that you feel is the best match for you, and then hit the Apply button.
  • Fill the required details and then upload all the essential documents
  • Submit your form.

  • Easy to use and carry: Credit cards can be used at many places as compared to prepaid cards
  • Safer than cash: If you lose your credit card or its gets robbed, all you need to do is call the credit card provider or the bank and block the same. Cash however if you lose once, there are very rare chances of getting the same back.
  • Purchase now and pay later: In case you are short of cash to buy any goods or services, you can swipe your credit card and then make a payment on or before the due date.

  • Rewards and points: You also become eligible for rewards, discounts as well as points for frequently using your credit card

  • Cash back: At certain places when you use your card, you get cash back. However, this may be applicable only on certain purchases.

  • Building credit: In case you do not have any credit or you are somehow trying to build one, using a credit card responsibly will help you in improving your credit score

  • Pan Card

  • Photo Identity Proof

  • Address Proof

  • Last three months’ salary slips as well as 6 months bank statement in case you are salaried
  • Form 16 and last 3 years Income Tax Returns

  • In case you are self-employed you need to show Income tax returns, your P&L account as well as your business card

Some of the frequently asked questions about Credit Card

A credit card will let you spend money on credit. In short, it is just like taking a loan for the value that you have spent on your credit card. There is always a pre-set limit for your credit card, beyond which, you can’t utilize your credit card.  It depends on how confident your card provider is that you’ll pay it back.

 You don’t need to pay the interest on credit card, if you are regular with your credit card payments and pay the outstanding amount before the due date. . In case you withdraw cash using your credit card, you will be charged an interest on daily basis right from the day you withdrew till the day you don’t make the payment of your credit card. This is why, it is best not to withdraw cash using your credit card.

The amount of charges you pay for the withdrawals, are usually higher as compared  with other modes.  You will also be charged an interest in case you don’t pay the outstanding dues in full.


The eligibility criteria may differ depending on the type of credit card that you have applied for. It also depends on the issuing bank. Most common criteria’s for credit card application are mentioned below:

  • You should be an individual having an Indian nationality or NRI – non-resident Indian
  • You should be minimum 18 years old to apply for a credit card. However, certain credit card companies allow one to buy a credit card if he/she is atleast 21 years old.
  • You need to fulfill the minimum income requirement as decided by the bank prior to credit card application
  • You need to either be a salaried individual or a self-employed person
  • You need to have a good CIBIL score

Mentioned below are some of the factors that affect your credit limit:

  • Type of credit card
  • Your monthly or annual income
  • Credit history
  • Limits assigned on other credit cards
  • Your debt to income ratio

The meaning of the CVV Number is Card Verification Value. This 3 digit number is located on the back side of your credit card and on the right side where the signature panel is located. This is the most essential part for the verification process during online transactions. You should not disclose your CVV to anyone

What is Credit Limit?

Every credit card will come along with a pre-assigned credit limit. This limit is nothing but the total amount that you can spend on to your credit card. Say for instance, in case your credit card company provides you a credit limit of Rs.50,000 on your card, it indicates that you cannot exceed transactions beyond Rs.50,000 on your credit card. The amount is debited from the total amount of your credit limit every time you swipe your credit card.

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