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Best Bank Credit Cards in India 2022

IDFC FIRST Millennia Credit Card

Annual Fees: Nil
Reward Type: Reward Points
Joining Fees: Nil

Flipkart Axis Bank Credit Card

Annual Fees: Rs. 500 + GST
Reward Type: Cashback
Joining Fees: Rs. 500 + GST

SimplyCLICK SBI Credit Card

Annual Fees: 499 + GST
Reward Type: Reward Points
Joining Fees: 499 + GST

IDFC FIRST Select Credit Card

Annual Fees: Nil
Reward Type: Reward Points
Joining Fees: Nil

Axis Bank Neo Credit Card

Annual Fees: Nil
Reward Type: Reward Points
Joining Fees: Nil

Bank wise Credit Cards

What Is A Credit Card?

A credit card is a plastic card that gives the cardholder a set amount of credit to spend. The cardholder can use the credit card to make purchases up to the credit limit and will be required to make monthly payments on the outstanding balance.

How does A Credit Cards work?

A credit card is a plastic card that gives the cardholder a set credit limit that they can use to make purchases or withdraw cash. The cardholder is then responsible for repaying the debt, plus interest and any fees, to the credit card issuer.

There are many types of credit cards in India. Some of the most popular ones are:

  1. Rewards Credit Cards: These cards offer rewards points for every purchase made. These points can be redeemed for cash back, merchandise, or travel.
  2. Balance Transfer Credit Cards: These cards offer 0% interest on balance transfers for a specified period of time. This can help you save money on interest payments.
  3. Cash Back Credit Cards: These cards offer cash back on all purchases made. This can help you save money on your everyday spending.
  4. 0% APR Credit Cards: These cards offer 0% APR on purchases and balance transfers for a specified period of time. This can help you save money on interest payments.
  5. Business Credit Cards: These cards are designed for business owners and offer perks such as rewards points, cash back, and 0% APR on purchases.

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Some benefits of credit cards include the following:

  1. Convenience: Credit cards are generally more convenient to use than carrying cash. You can use them to make purchases anywhere that accepts credit cards, which is most places.
  2. Safety: Credit cards are also generally safer than carrying cash. If your card is lost or stolen, you can usually get a replacement card quickly and you’re not responsible for any fraudulent charges.
  3. Rewards: Many credit cards offer rewards, such as cash back or points that can be redeemed for travel or merchandise.
  4. Build Credit: Using credit cards responsibly can help you build your credit history and improve your credit score. This can make it easier to qualify for loans in the future.
  5. Protection: Credit cards offer various protections, such as extended warranties and purchase protections.

Many factors help determine your credit card's interest rate. These include your personal credit score, the type of card you're applying for, whether you're transferring a balance from another card and the prime rate.
Here are a few other things that may affect your credit card interest rate:

The Credit Card Accountability Responsibility and Disclosure Act of 2009 capped the interest rate on new credit card accounts at 30% unless you're more than 60 days late on payments. Your credit card company may increase your rate if you make a late payment, go over your credit limit or default on another loan. If you have a good payment history with your credit card company, you may be able to negotiate a lower interest rate. If you have a variable rate credit card, your interest rate may increase or decrease when the prime rate changes.

  1. Annual Percentage Rate (APR): This is the yearly rate charged for borrowing, expressed as a percentage of the amount borrowed. It includes the interest rate, any points, mortgage insurance, and other fees you may be required to pay.
  2. Minimum payment: The smallest amount you can pay each month to keep your account in good standing.
  3. Statement balance: The balance on your credit card statement. This may be different from your current balance, which may be higher or lower depending on the time of your last statement and any recent transactions.
  4. Current balance: The balance on your credit card at the current time. This may be different from your statement balance, which is the balance from your last statement.
  5. Available credit: The difference between your credit limit and your current balance. This is the amount of credit you have available to use.
  6. Credit limit: The maximum amount you're allowed to borrow on your credit card.
  7. APR for purchases: The annual percentage rate charged on new purchases made with your credit card.
  8. APR for balance transfers: The annual percentage rate charged on any balance transfers you make with your credit card.

Difference Between a Credit Card and Debit Card

A very common question with regards to credit and debit cards is what is the difference? Although both of them can be used to make payments or purchases, there are some big differences between the two.

Credit Card Debit Card

A credit card is a plastic card that gives the cardholder a specified line of credit from the card issuer.

A debit card is a plastic card that gives the cardholder a direct link to their bank account.

Credit cards allow consumers to borrow money up to a specified limit in order to purchase items or withdraw cash.

Debit cards allow consumers to purchase items or withdraw cash by drawing on funds they have already deposited in their account.

Cash withdrawal from an ATM is allowed subject to a certain percentage of the credit limit. Moreover, cash withdrawal will incur a fee of a certain percentage of the amount withdrawn.

Free cash withdrawal from ATMs is allowed up to a certain limit. Beyond that limit is chargeable as per bank’s internal policies.

You get a monthly bill statement.

There is no monthly bill, but you can get a statement of your past transactions.

Credit cards charge interest on the outstanding balance if the balance is not paid in full each month.

Debit cards do not charge interest.

Fees include joining fees, annual fees, late payment fees, bounced cheque fees, processing fees on balance transfer etc.

Fees on the card varies from bank to bank. There may be annual fee and PIN regeneration fee if applicable.

Loans can be availed against the credit limit.

Overdraft facility is available with certain banks.

Frequently Asked Questions About Credit Cards

  1. What is the best way to get a credit card?

    There is no one-size-fits-all answer to this question, as the best way to get a credit card depends on your individual financial situation and credit profile. However, some methods for getting a credit card include applying for a card online, in person at a bank or credit union, or through a credit card issuer's customer service department.

  2. What is the minimum income required to get a credit card?

    There is no set minimum income, but generally speaking, you will need to have a regular source of income to qualify for a credit card.

  3. Can I get a credit card without a credit score?

    If you were to apply for a conventional credit card from a bank, your credit score would be requested and evaluated. Banks often use credit scores from credit bureaus as an assessment method. However, if you apply for a credit card with a store like Target, Sears, or Best Buy, you may have a higher chance of being approved for the perks and rewards that come with that specific store's store card.

  4. What is the minimum due amount on a credit card?

    The minimum due amount on a credit card is a minimum percentage of the balance owed on the credit card, typically 2 percent. This minimum payment is due every month.

  5. How many credit cards can a person have?

    A person can have as many credit cards as they want, but it is generally recommended to have no more than four or five.