Credit Card

Apply Now

Credit Card

Credit Cards are a type of modern plastic money. They come with a concept of buy now, pay later. Banks give these cards to the customers with specific eligibility and documentation to use for various personal reasons. By using these cards customers can pay for goods on credited amount by banks. In simple words, bank gives specific amount as credit or loan to the card holders to use for their utility. Customers can use this credit amount for their needs and pay back the borrowed amount to the banks before the next scheduled billing in lump sum or as EMIs. Customers have to pay a specific interest rate on borrowed amount. They are also given a specific limit of amount in which they have to limit their use. You can use a credit card around the world. Banks offer different types of credit cards for different purposes. It's always a feasible option to carry a credit card instead of carrying a roll of cash. Many prefer credit card over debit card as it allows using the card on credit.

What are the Differences between Credit Card and Debit Card?

Category Debit Card Credit Card
Credit Cards You can use the money or funds which are deposited in your account You can use the money or funds offered by bank as credit
Use of the Funds You can use a debit card only if you have money or funds in your account You can use a credit card even if you don't have money or funds in your account
Effect on Credit Score Debit card usage does not impact your credit score If you pay your credit card bills regularly and on time, this can prove as a good credit score for future financial needs
Increase in Card Usage Limit As the funds you use are deposited by you in the account, there is not fund usage limit Your credit limit on the cards will change according to your usage
Earning Rewards You can earn reward points for using your debit card and the points can be redeemed to enjoy various discounts Credit card offers you a large structure of reward points, discounts, cash back etc.
Online Transaction Debit card is not a secured way to transact online as funds or money are immediately debited from account after transaction and if you cancel the transaction, reversal time is of minimum a week Credit cards are safe to use online as the funds or money do not deduct from your account immediately and you can file a report if any wrong transactions are done and won't get charged for it

What are the different types of Credit Cards?

Balance Transfer Credit Card Co-Brand Credit Card Prepaid Credit Card
Prepaid Credit Card Super Premium Credit Card Add On Credit Card
Business Credit Card Commercial Credit Card Premium Travel Credit Card
Specialty Credit Card Cash Back Credit Card Limited Purpose Credit Card
Premium Women Credit Card Standard Credit Card Charge Credit Card
Premium Credit Card Rewards Credit Card Subprime Credit Card

What are the Do's and Don'ts of using a Credit Card?

Do not exceed your credit limit

As stated above, banks offer best credit cards to their customers. Each credit card holds a specific limit of credit i.e. a card holder can use the card for a limited amount of funds. This limit is decided on the basis of type of card and the eligibility criteria of the card holder. If you exceed the given credit limit and spend more money, you'll have to pay extra interest rate or fees for doing so. So credit card holders are always suggested to watch their limit of spending.

You should use a valid PIN or OTP option

To make a payment successfully, card holder have to enter a PIN number while doing the transaction. Many credit cards do not require a PIN for transactions. Whereas some offer to use OTP along with or instead of the PIN. It's always secure to opt for PIN or OTP.

Complete the payments with your signature

To make a payment in person, credit card holder has to swipe their cards on the machines available at various check out or payment counters. The side, on which the magnetic strip is placed, is swiped swiftly. After the swipe, the cashier gives two receipts to the card holder to sign: one belongs to the card holder and other to the shopkeeper. The card holder has to sign both copies in order to complete the transaction.

What are the features of a Credit Card?

  • You can use a credit card for international purchases.
  • You can pay your credit card bill in installments just like you pay off a loan. Banks charge interest rate when you decide to pay the bills via EMIs.
  • You can pay your utility bills online by using credit card.
  • You receive SMS and e-mail from bank every time you use your credit card and when your bill payment is due. This helps you to pay your dues on time and keep a track of your spending.
  • Many banks provide lost card liability coverage to the credit cards. That means if you lose your credit card or if it gets stolen, bank protects you from fraudulent transactions. But this happens only if you report the missing card.
  • You can use your credit card as a debit card to withdraw money from ATMs. Banks charge nominal fees for the same.
  • Many banks offer a 24*7 customer care service to their credit card customers. You can call anytime to their special help lines to solve your credit card issues.
  • You can pay your credit card bills by cheque or by online payment. Banks offer a specific period of time to pay the bill after issuing the bill. This period is known as grace period. If you do not pay your dues before the grace period ends, banks charge you with interest or other financial fee.
  • You also have to pay government decided service tax on each of the credit card transaction.
  • You can make your transactions in domestic currency (Indian Rupee) or foreign currency (Dollar, Yen, Euro etc.)

What are the benefits of a Credit Card?

  • Credit card is one safe option to transact online or in person. Instead of carrying cash, spending only the funds deposited in your account or paying cash on delivery for online transactions, you can simply use your credit card for all your needs.
  • You can use your credit card for any financial emergencies.
  • Banks offer various types of discounts, reward points, gift vouchers, bonus points, lifestyle benefits, travel benefits, airport lounge access, air miles, cash back benefits etc. On their best credit cards

What are the Eligibility Criteria to get a Credit Card?

Banks offer credit card to its customers who fulfill their designed eligibility. The eligibility criteria changes from bank to bank and the profile of the borrower. But there are some commonalities which you have to follow or acquire to get a credit card from any bank. The common and generic factors are listed below:

  • These are the generic eligibility criteria to avail a Credit card:
  • You have to be an Indian citizen.
  • You should have a good savings history along with professional stability.
  • Your age should be above 21 years.
  • You should have an existing and active savings account.
  • You should have a strong credit or CIBIL score.

What are the charges applicable on the use of a Credit Card?

  • Banks charge credit card holders with various types of fees. Some of them are mentioned below:
  • Joining fee: Every bank charges joining fee when they issue a credit card.
  • Annual fee: Every bank charges a specific amount of fees once a year as annual fee. You can renew your credit card by using this fee. Many banks offer their best credit cards to their privileged customers who do not need to pay any annual fee.
  • Paper statement fee: Now-a-days bank send you online statement of your transaction bill. But many times card holders ask for paper copy or a hard copy of their credit card statement bill. Banks charge credit card holders for the same.
  • Late payment fee: Many times card holders miss the credit card payment deadlines. Then the banks charge them with a late payment fee along with the designated interest rate.
  • Cash withdrawal fee: You can withdraw cash at ATMs using your credit card. But as it's not the original purpose of the credit card, banks charge a fee for this additional feature. So every time you withdraw cash using your debit card, banks charge cash withdrawal fee.
  • Service tax: Every time you make a transaction using your credit card, you are charged with government designated service tax.

What are the Documents Required to get a Credit Card?

The list of documents for availing a Credit Card changes whether you're a salaried applicant or a self-employed professional/ businessman. The process of getting a Credit Card can be made easier if you know exactly what documents you need to submit with your application. The documents are filed according to the eligibility criteria.

  • The list of required documents differs from bank to bank. But we have given a generic list of required documents below:
  • Neatly signed and filled Credit Card application form.
  • Passport-size photographs.
  • Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
  • Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
  • Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy.
  • Proof of Income - Salary certificate from the employer (original)/ Copy of ITR or Form 16 for last 2 years/ Copy of challans proving that Advance Income Tax has been paid/ Copy of ITR/Assessment Orders of 3 years/ Business proof (registration of business)

Why Choose Ruloans To Apply For a Credit Card?

Ruloans is India's fastest growing financial distributors. A comprised team with mammoth experience in finance and internally developed highly proficient Loan Calculator algorithm, we are pledged to offer solutions to all your financial needs. Customers can apply for credit cards with Ruloans' latest online application process. You can choose from a plethora of banks and NBFCs on our website for your credit card. We help you borrow right.

Hassle free process

We have developed an efficient, smooth and easy process for our consumers to get a credit card. Our easy to use online procedure allows consumers to apply documents quickly. Our highly proficient Loan Calculator also guides the consumers to embark on a hassle free process

Benefits of applying with us

We value our consumers and are always on our toes to give them benefits of our expertise. Applying for a credit card with us, gives you a chance to avail the best offers and deals from our partner banks.

Compare your loan options

You can compare interest rates, offers and services on our online portal. This will guide you to make the right choice and choose the right lender for your credit card as per your budget and expectations.

Privacy policy

We, at Ruloans understand the value of your documents and keeping them safe and private. Your loan applications are processed electronically with complete privacy and transparency

How to Apply For a Credit Card on Ruloans?

  • Applying for a Credit Card on Ruloans involves few easy steps:
  • Step 1: Go to the 'Credit Card' page on our website and click on 'Apply Now' box
  • Step 2: Fill out the initial personal and financial information. Once completed, our financial calculator checks your eligibility with its highly efficient algorithm.
  • Step 3: Our financial calculator presents you a list of banks most suitable for you as per your eligibility criteria. The list will include the name of the banks, interest rates, required document list etc.
  • Step 4: From the given list, you can choose bank of your choice. You can start filling up the form and upload the required documents. Here, if needed, you can call or mail our experts for advice. The contact details are given on our website.
  • Step 5: Your application will be sent electronically to the bank you selected. You will be informed about the status of your application via SMS, email or you can track it via website too.

Frequently Ask Questions

Apply Now