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All About Credit Card

Carrying a good amount of cash with you is never a wise thing to do, and cheques are not always acceptable. With the coming of new age technology, this dilemma of our lives has come to an end. In the era of smart cards, money has a new physical form that makes it more portable and convenient.

With the change in time we have shifted ourselves to credit cards from hard cash. While debit cards to have gained a lot of popularity, here is all you need to know about these plastic cash. Credit card is a mode of payment that requires the cardholder to pay at the end of a specific period once they have reached the limit.

Cash back: Credits cards are a widespread mode of payment among shoppers, reason being that the user gets a fixed amount of cashback in the form of points and sometimes real cash (more on the same later) on every transaction.

Interest rates: The interest rate differs from bank to bank. Every bank has different interest rules. The delay in payment adds penalty to your net payable amount.

First-time reward: There are a few credit card providers who offer a specific amount of reward or gift to the first-time credit card users. The rewards are usually in the form of points which can be redeemed later and sometimes gifts like free shopping vouchers too.

Additional charges: In some cases you may be liable to pay additional charges such as international transaction fees, account-keeping fee, cash advance fees, etc. Find out if the credit card you plan to choose comes with any of these charges. If yes, make sure the charges aren't too heavy.

Rewards: Some credit cards do a discount on purchases you make. Every transaction through your credit card offers you points that you can be later redeemed.

Cash Withdrawal: There are a few credit cards that offer you the privilege of withdrawing cash. This turns out to be a boon in times of emergency. But it is advised to go through the terms and conditions well, as the interest rates may be exceptionally high for cash withdrawals.

The eligibility criteria

One needs to fulfil the following eligibility criteria before being issued a credit card.

Should be at least 18 years of ageMust have an active source of income, based upon which you'll be able to pay the credit card bills.Should hold a good credit historySavings account is mandatoryDocuments to be submitted

Before applying for a credit card, make sure you have the following documents with you. These are the most essential requirements that need to be shown.

Proof of residence - Rent Agreement, Bank Statement, Ration Card, Electricity Bill, Telephone Bill, etc.

Identity proof - PAN card, Voter ID card, Driver's License, Aadhar card or Passport

Age proof - Birth certificate, Voter ID card, Passport, etc.

Income proof - last 3 month's salary slips or latest ITR in case of self employed.

Comparison is important

With the market blooming with coveted offers and discounts, the credit card companies do their best to lure more and more customers. They come up with exciting offers that increases their popularity and brings them more customers. Some of the best credit card companies are HDFC, ICICI, American Express, SBI and Citi Bank. All these have different policies and different benefits. It is advisable to compare the offerings of all the credit cards and apply for one according to your needs or may be multiple if need be. We advice our users to have atleast 2-3 cards so that various online and offline shopping promotions which card companies offer can be availed.

This comparison is not feasible if you plan to visit each of these banks and finding out about their guidelines. To make things easier, here is for you GoPaisa that makes you compare the offers and details of different credit card companies. You can compare different credit cards within a few minutes by simply choosing the desired credit card provider. All their offers, rules and regulations appear on your computer or mobile screen without any hassle.

Why GoPaisa?

GoPaisa is the most trusted website that offers you genuine details for each and every credit card provider. This is that one place that allows you to make comparison between different credit cards before applying for one. This simple yet accurate comparison technique at GoPaisa helps you get great deals and credit card offers.

GoPaisa keeps updating its credit card deals regularly to help you choose the one that suits you the best. If you ever feel that the offers on the GoPaisa page are not what you have been looking for, then visit us again and we will not disappoint you.


Q. Why should I get a card when I always carry money to shop?

A. While you may be full of cash, but did you know you get interest free period of 20-50 days from the day you start shop to the day you actually pay your card bill? In the meanwhile your money can comfortably sit in your bank account and earn interest. If this is not enough, you also earn additional bonus reward points and cashbacks on all your expenditures, which can total up to 1-5% of total expenses. Last but not the least, you also get year round special offers. Who can forget those amazing Amazon, Flipkart, Snapdeal and more card specific offers which you always miss because you don't own a credit card. We have seen card users amount starting from Rs.8000 to a lakh depending on their spending habits.

Q. How do I know the payable amount?

A. Your credit card statement clearly mentions the amount to be paid. There are 2 types of payments which you can make: 1.Minimum amount due and 2.Full Payment. We advice our users to take the second option whenever possible. But in case of emergency card users can take option number one i.e. Minimum amount due, but in that case interest will be levied on current month's and next month's outstanding amount too. Hence one should choose wisely.

Q. Is there a way to increase or upgrade my credit card limit?

A. You can get your credit limit increased by simply handing over a written application. But you need to be a card holder for a minimum of 6 months to 2 years (varies from bank to bank) before applying for an upgradation.

Q. What do I do when I cross the credit limit?

A. If you happen to cross the limit on your credit card, you will have to pay over-limit fee.

Q. Can the reward points be used to buy what I want?

A. There are a number of credit card providers that offer you the freedom to redeem your points in whichever way you wish too. Though there are a few who allow you to redeem your points for a specific gift or cashback.


Cashback: When you own a credit card, you are bestowed with innumerable facilities that make you shop more and more. One such provision provided by the credit card providers is that of cashbacks. Every time you make a transaction on your credit card, you are given cashback in form of reward points. These reward points can be later redeemed for specific purposes. Some of the best known credit cards for cashbacks are:

Citibank Cash Back Credit CardSBI Platinum CardAmerican Express Gold CardCitibank Reward Credit Card

Fuel: Owning a vehicle means that you spend a large portion of your income on fuel. With the fuel prices at an all time high, credit cards have come up with some amazing policies that help you save money every time you get your vehicle refilled. A transaction via credit card at the fuel station gets you reward points and exempts you from all the extra surcharges. Thus by spending on using our specified cards, one can save extra money on regular spends too. These are the best known fuel cards:

Citiback IndianOil Credit CardICICI Bank HPCL Coral Credit Card

Airlines & Travel: Travel cards should surely be a part of your life if you are a regular traveller and spend a large part of your income on flight tickets. The benefits of having a travel credit card are endless. You become eligible to avail travel vouchers, complimentary airport lounge visits, reward points at fuel stations across the country and a lot more. Here are the cards for the travelling hearts:

Air India SBI Signature CardYatra SBI CardIRCTC SBI Platinum CardAmerican Express Platinum Travel Credit CardAir India SBI Platinum CardJet Airways ICICI Bank Coral Credit Cards

Lifestyle: Enjoy the luxuries of life? Add more flavour to your luxurious expenditures with Lifestyle cards. These cards offer amazing offers on dining in form of reward points, cashbacks and discounts. Apart from this, a lifestyle card also offers reward points on fuel and waives off fuel surcharge to some extent. Some of the best Lifestyle cards are:

CICI Bank Coral Credit CardFerrari Signature Credit CardFerrari Platinum Credit CardICICI Bank Platinum Chip Credit Card

Shopping: For the shopaholic, these shopping cards are the ultimate treat. They have on plate a welcome gift voucher, anniversary gift bonus every year, discount of shopping at various stores, cashback, reward points and a freedom from fuel surcharges. All these keep adding to your saving to make shopping a better experience. The shopaholics can choose from:

Simply SAVE SBI CardSimply Click SBI CardSTYLEUP Contactless Card

Lifetime Free Card: Lifetime Free Cards release you from the clutch of annual charges and the drama around it. They even have for you reward points every time you shop online or offline. They even offer deals on dining, fuel, entertainment and more. On the whole, this one card serves the purpose of many other cards and still remains free. Get one of these Lifetime Free Cards:

ICICI Bank Platinum Chip Credit CardCitiback IndianOil Credit CardCitiback Reward Credit Card

Entertainment: For the lover of motion pictures, entertainment cards are the best companion. They offer they feature just adds a sizzling feel to your movie nights. Entertainment cards have for their holders two complimentary movie tickets under buy 1 get 1 free offer. Apart from this, you also are given reward points every time you book your movie tickets. So next time you book your movie tickets do try these:

Simply SAVE SBI CardICICI Bank HPCL Coral Credit Card