Top Credit Card Providers in India

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Credit Card Provider	Top Credit Cards
Axis Bank	Flipkart Axis CardAxis Bank Ace Credit CardAxis Bank Select Credit Card
HDFC Bank	HDFC RegaliaHDFC MillenniaHDFC MoneyBack
ICICI Bank	Amazon Pay ICICIMakeMyTrip ICICI Bank PlatinumICICI Bank Coral Contactless
SBI Card	SBI Card EliteSBI SimplySaveBPCL SBI Octane
IndusInd Bank	IndusInd LegendIndusInd IndulgeIndusInd Platinum Aura Edge
Kotak Mahindra Bank	Kotak PVR Platinum DelightKotak Indigo Ka-Ching 6E Rewards XLKotak Privy League Signature

Credit Card Eligibility Requirements

Note that the above mentioned criteria are general parameters to apply for a credit card in India. The eligibility criteria for credit cards differ not only from one issuer to another but also for different card variants offered by the same issuers. While the basic requirements like age, city of residence, source of income, credit score, etc. are likely to remain the same across card variants, the major differentiator in case of credit cards is the minimum income requirement. Depending on the type of card, its benefits, and its annual fee, card providers have set the income eligibility criteria for each card they offer.

Documents Required to Apply for a Credit Card

The documentation requirement also varies from issuer to issuer. Some of the key documents required to apply for a credit card are as follows:

Identity & Signature Proof	Passport, PAN card, Driving License, Voter ID card, Aadhaar card, employee identity card in case of government employees. (any 1)
Address Proof	Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/ electricity/ water/ credit card bill or Property tax. (any 1)
Age Proof	Voter ID card, Secondary School Certificate (class 10), birth certificate, Passport, Aadhaar Card, pension payment order or Receipt of LIC policy. (any 1)
Income proof for Salaried Individual	Latest 3 months’ salary slips, Salary account bank statement for six months.
Income proof for Self-employed Businessmen/Professionals	Latest IT Returns with computation of income and other certified financial documents along with business continuity proof.

Note: If you have a pre-approved credit card offer from an issuer, you may not have to submit any document, especially if you already have an existing banking relationship with the issuer.

Check if you are eligibile for the best credit cards on Paisabazaar.com

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Beginner’s Guide to Credit Cards

Here are some quick links that can help you if you are a beginner using a credit card or if you are planning to avail a new card:

Why Should You Have a Credit Card?
How does a Credit Card Work?
How Does the Credit Card Interest Rate Work?
How to Earn & Redeem Credit Card Reward Points
?How does Credit Card EMI Work?
How Credit Cards Affect Your Credit Score?

FAQs

General FAQsFees & ChargesRewards & CashbackCredit LimitBill Payment

What is the difference between a credit card and a debit card?

The basic difference between a credit card and a debit card is that debit card is connected to your savings or current account whereas credit card is a type of loan taken from the bank. In case of a debit card, the amount is directly deducted from the connected savings/current account and there are no interest charges on its usage. However, in the case of a credit card, the amount is deducted from your credit limit.

What is a secured credit card?

A secured credit card is one that is issued against an asset say Fixed Deposit. It can be a good beginning for those who are not eligible to get a regular (unsecured) card.

Paisabazaar Step Up Credit Card is the best secured credit card option for those who wish to build or improve their credit score but are not eligible for an unsecured credit card. The card has been launched in collaboration with SBM Bank (India) Pvt. Ltd. Users can choose from an FD of as low as Rs. 2,000 and up to Rs. 60,000 and avail a credit limit up to 100% of the FD amount. Along with using the features of this card, the deposit will earn interest at the rate of 6.1%.

Can I convert my credit card purchases into EMIs?

Yes, you can convert your big-ticket purchases in easy EMIs as per the applicable EMI options available with your credit card. The interest rate on EMIs varies from lender to lender, thus it is better to check the interest rate beforehand. You can use the credit card EMI calculator to check the same. Also, some lenders in collaboration with big brands and online stores offer discounted or no interest EMIs for their customers. You can check EMI options on your card using your net banking/mobile app or call bank customer care for more information.

How to upgrade to a new credit card?

Mostly people upgrade to a new card when either they have low credit limit or they are not satisfied with the features offered with their existing card. In both the cases, getting a new credit card is the most feasible option. You can either apply for a new card through bank or look for upgrade option on your existing card. You can also compare credit cards at Paisabazaar.com and then select the one that best suits your requirement.

However, you should be considering the below-mentioned factors before moving on to a new credit card:

Increased Credit Limit: This will not only increase your spending limit but will also help in improving your credit utilization ratio.

Spend Based Benefits: if you already have a card that has offers on fuel then no point having another one with same features. Look for cards that offer other benefits like travel, cashbacks, dining, movies, etc. depending on your spending habits.

Credit Score: Having multiple credit cards will divide your spend between them thus bringing your credit utilization on a single card down. If you keep the utilization ratio below 40% for all your cards your credit score will improve.

Card Fees & Charges: Getting a new card will also increase the burden of paying annual fees for the same. Also, the penalties on your new card will be revised depending on its annual fees. Thus, always consider the annual fees along with other charges before applying for a new credit card.

What are Add-On credit cards?

Add-on credit cards are issued under a primary credit card and all transactions are directed to a single account for the payment of dues. It is useful for students who are living away from their parents and also for those who cannot have a card of their own.

Mostly, the credit limit on an add-on card is the same as that of the primary card, but according to certain bank conditions, the credit limit for supplementary cards is set lower than that of the primary card. If you have been issued more than one add-on card, the sub-limit decided will be distributed equally among the add-on cards to match the total limit of the primary card. This sub-limit will also apply to any ATM withdrawals. The terms and conditions related to add-on cards may vary from one bank to another.

The information about all the transactions that will be conducted is recorded on one primary account. So, if you hand over the additional card to someone else, you can also keep track of the withdrawals and transactions along with the exact dates. Rest all features & benefits of the add-on card will be same as that of the primary credit card.

What is a premium credit card?

Premium credit cards offer extra benefits on lifestyle, travel, entertainment, dining, etc. and they also charge a substantial annual fee. International airport lounge access, concierge service, air accident insurance are some premium card features.

What is credit card balance transfer?

Some credit cards offer the facility of transferring outstanding balances from other cards, consolidate the debt and pay back in EMIs. Banks also offer low introductory offers to encourage users to transfer balances from other cards.
Read about Credit Card Balance Transfer in detail

Are co-branded credit cards available in India?

A number of banks have collaborated with different brands to offer co-branded credit cards in India. Air India SBI Signature Card, Axis Bank Vistara and Amazon Pay Card by ICICI Bank are some co-branded cards in India.

What are milestone benefits?

Banks offer cardholders bonus rewards or shopping vouchers on reaching a particular spending limit within a specific period. This is termed as milestone benefits.

My Credit Report does not show information on my new card. Why?

Usually, it takes up to three months for a new loan or credit card to reflect on your credit report. If it does not reflect even after three months, you should contact either your bank or the credit bureau.

What is a lost card liability cover?

This is a zero liability benefit offered on most of the cards under which the card user will not be liable to pay any amount against the expenses that occurred during the period between card loss and the user informing the bank. Some banks also offer card protection plan that offers additional security cover to your card in case of card loss or theft.

How to read a credit card statement?

The main components of a credit card statement are statement date, payment due date, total amount due and minimum amount due. These are mentioned usually at the start of the statement. The second part contains detailed information about transactions.

Do credit cards offer protection against fraud?

Credit cards are secured with chip and PIN, thus reducing the chances of fraud. Every time you make an online payment, you receive an OTP on the registered mobile number which you can use to authenticate the transaction. Most of the cards come with zero lost card liability cover which means if your card is lost or stolen and you inform the bank immediately, the card will be blocked. This way, the cardholder has limited liability in case of such fraud.

What is credit utilization ratio?

This is the ratio of your card usage to the total credit limit on your card. For example, if the total credit limit is Rs. 1 Lakh and you have used Rs. 30,000 out of it; your credit utilization ratio will be 30%. You should always try to maintain the ideal credit utilization ratio of 30% on all your cards.

How to transfer money from credit card to bank account?

Banks and NBFCs do not allow you to transfer money from your credit card to your bank account. Some mobile apps allow you to do this and charge a small percentage of the transferred amount as fee. However, it is not a recommended way to get access to cash.

How to check credit card balance?

Credit card balance is the amount that you owe on your card. You can check the same on your monthly statement or by logging into your net banking account.

Courtsey To : Paisabazaar