Credit Card

"Banks introduced the installment plan. The disappearance of cash and the coming of the credit card changed the shape of life in the United States."Jerzy Kosinski , an American Novelist and two times chairman of American Chapter of P.E.N.

What is a Credit Card?

A credit card is a small thin plastic card with a magnetic stripe mostly of size 85.60 × 53.98 mm (33/8 × 21/8 in) conforming to the ISO/IEC 7810 ID-1 standard that allows the card holder to pay for their goods or services. When we are paying our expenses through a credit card we are actually borrowing money along the line of credit from the credit card company with a promise to pay it within certain time limit. When the time limit gets exceeded we need to pay a fixed pre-decided interest rate (usually the base rate of the issuing financial institution) on the outstanding amount.

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Credit Card Holder?

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Types of credit card

The financial institutions in India offer a wide range of credit cards providing different types of financial benefits. Some of the popular credit cards in India are as follows:

Premium credit cards – Provides better service, better rewards and also higher limits.
Cash back credit cards - Targeting the working section of the society these cards gives discount to its card holders which may vary from 0.25% to 1%.
Secured credit cards - Beneficial for people without a credit history like students or poor credit history; this credit card is generally secured by the savings account of the card holder.
Prepaid credit cards - As the name suggests the cardholder needs to load the entire amount to be loaded into the card before he or she can use it .It is similar to a debit card.
Business credit cards - These cards can be used by business owners and executives as these enable them to keep transactions separately for business use.

According to the services offered by the issuing financial institution credit cards can be categorized into the following categories:

Platinum cards
Gold cards
Classic cards

Minimum Criteria for having a credit card in India

The minimum eligibility criteria for having a credit card differs for different financial institutions and also depends on the scheme or services they opt. Some basic criteria are as follows:

Minimum income of Rs 1,50,000 to Rs 1,80,000 ( a person can be self employed or salaried)
Minimum age requirement is 18 years and the upper age limit is of 65-70 years which may depend on the financial institutions issuing the card.
A good credit history.

How to get a credit card?

First, we need to find out the credit card issuing financial institutions.
Then, we need to conduct a thorough research about the interest rates and reward schemes and then find the best plans that suit our needs.
We need to fill in the application form with the correct information and submit the necessary documents (which may include income proof, copy of bank statement, photographs etc) that we are being asked to submit.
The credit card company after assessing the documents and information would decide about the credit card limit and would issue the credit card.