A credit card is a small rectangular plastic instrument issued by a financial institution that allows you to make purchases without any cash from a pre-approved credit limit and the same has to be paid at a later date as agreed upon. The limit is decided by the issuing bank depending upon the customer’s credit history, credit score etc. the higher the credit score, the higher is the credit card limit. When a customer does a credit card transaction, the issuing bank pays on behalf of the customer and customer has a certain amount of time to pay the credit card bill.

Annual Fees*
Renewal Fees*

*The figures provided in the table are indicative subject to change from time.

Credit Card Eligibility

Criteria Salaried Self-Employed
Age 21 - 58 years 23 - 65 years
Minimum Net Income Rs.15,000-25,000 (monthly) -
Minimum Profit After Tax - Rs.1-2 lakh (annual)
Credit Score 750+ 750+

Financial institution has pre-defined eligibility criteria for offering credit cards. It would vary card to card.


Documents Salaried Self Employed
Identity Proof Aadhar Card / Passport / Driving License / Voters ID / PAN Card (any one)
Residence Proof: Owned
Address proof submitted should match with the one you entered in the application.
Electricity bill / Ration card / Passport / Driving License / Voters ID (any one)
Proof of Income Latest 6 months’ salary slips. Income tax IT Return
(Financial for last 2 years)
Last 2 years form 16, Latest 6 Months Bank Statement. (Where salary is credited) Latest 1 Years Bank Statement. (Where income is credited)
Photographs 2 Passport size coloured photographs

Features & Benefits

Safe and Secure

Paying with a credit card makes it easier to avoid losses from fraud. When your debit card is used by a thief, the money is gone from your account instantly. The expenses for which you've scheduled online payments may bounce, triggering insufficient funds fees. Even if it’s not your fault, these late or missed payments can also lower your credit score. It can take a while for the fraudulent transactions to be reversed and restored to your account.

On the contrary, when your credit card is used fraudulently, you aren't out of any money – you just have to notify your credit card company of the fraud and don't have to pay for the transactions which you haven’t done.

Grace Period

When you make a debit card purchase, your money is gone right away. When you make a credit card purchase, your money remains in your account until you pay your credit card bill.

Hanging on to your funds for this extra time can be helpful in two ways. First, the time for which the money remains, will add to wealth. Beyond that, your money will spend more time in your bank account, Second, when you always pay with a credit card, you don't have to watch your bank account balance as closely.

Universal Acceptance

Certain transactions are sometimes difficult to carry out with a debit card. While travelling abroad, you may find merchants reluctant to accept Debit Cards even if they are backed by reputable banks. Even for some domestic transactions, paying with a Debit Card can be difficult.

Building Credit

If you have no credit or are trying to improve your credit score, using a credit card responsibly it will help because credit card companies will report your payment activity to the credit bureaus. Debit card use doesn't appear anywhere on your credit report, and thus, it can't help you build or improve your credit.

Rewards and Points

Earn reward points for transaction made on your card for shopping, travel, bill pay, etc. You can redeem them for gift vouchers, merchandise, air miles and more. 

Cash Back

Customer can opt for cash back credit cards which gives Money-back directly on spend (or) by converting the points to cash.

When Not to Use a Credit Card

Although using a credit card for payment is better than cash. There are reasons when one should not use credit card. Using a credit card may not be right under the following circumstances:

  • You can't pay your credit card balance in full and on time.

    If this tends to happen, stick with the debit card (or cash) to avoid racking up interest.
  • You tend to spend more than you can afford.

    Paying with debit will limit you to spending money already earned.
  • You can only get a credit card with a low credit limit and you have a hard time staying under the balance.

    Exceeding your credit limit results in costly fees, and doing this can also put a dent in your credit score.

The Bottom Line

Credit cards are best enjoyed by the disciplined, who can remain cognizant of their ability to pay the monthly bill (preferably in full) by the due date. If you already know how to use a credit card responsibly, shift as many of your purchases as possible to your credit card, and don't use your debit card for anything other than ATM access. If you do, the combination of rewards, buyer protection and the value of cash-in-hand will put you ahead of those who deal strictly in green

Banks offering Credit Card