FAQs About Credit Card
What is a Credit Card?
A Credit Card allows you to make purchases without immediate payment. Also known as plastic money and you need not carry cash with you always. This card is issued by the bank based on your income, profile and other eligibility criteria. You can effortlessly manage both minor and major expenses with confidence and repay within a specific time without incurring extra costs. If you are late in making the payment you are charged an extra amount on it in the form of interest.
How to apply for a Credit Card?
Fill a simple online application form with your basic details such as name, mobile number and PAN Number.
Submit the required documents. Upon approval, your credit card will be dispatched to your specified address within the next few days.
What is a Credit Card limit?
The credit card limit is set by the bank which a Cardholder can use to purchase goods through Online, Point of Sale, Cash Withdrawal etc. Your credit limit can be increased or not depending on various factors such as income, age, credit history, credit score, liability etc.
What should be the credit score to apply for a new credit card?
First time new credit card users receive lower limits because the bank is not familiar with their spending and repayment habits. Minimum Credit score should be 750 or above to apply for a new credit card.
Credit Card Charges on outstanding dues?
The maximum charge is 3.75%, per month on outstanding amounts.
What should I do when my credit card is lost?
In the event of losing your Credit Card, notify bank customer care, the card will be instantly blocked and you can request a replacement.
Can I activate or deactivate my Credit Card for domestic and international transactions?
Yes, you can activate or deactivate as per usage your Credit Card for domestic and International transactions through Bank App or Internet Banking.
What are reward points?
A reward point is an extra benefit offered by banks to credit card holders for every purchase transaction that they make. The value of a reward point varies by bank, some banks allow conversion of reward points into cash, which can be used to pay off the credit card balance.
How can I redeem my reward points?
You have the option to redeem them for various rewards such as gift vouchers, merchandise, air miles, and cashback. Banks also allow conversion of reward points into cash, which can be used to pay off the credit card balance.
What is the minimum monthly salary required to apply for a Credit Card?
The minimum salary required to apply for Credit Card varies according to the issuer and card type. Generally, a minimum monthly salary of Rs. 20,000 is required for basic Credit Cards. Check the specific requirements on the website before you proceed with the online application process.
