Compare and Apply
for the Best Credit Cards

Credit cards are convenient financial instruments provided by the banks to the customers using which they purchase things without cash.

Best Credit card
Credit Card by Banks
indusiand-bank-cc
RBL
icici-cc
yesbank-cc
axis-bank
hdfc-bank
Home Banking Credit Cards
a

Trending Credit Cards 2024

amazon-pay-icici-credit-card

Amazon Pay ICICI Bank Credit Card

(4.8/5)
4.8/5

Joining Fee

Nil

Annual Fee

Nil

Paytm-HDFC-Bank-Credit-Card

paytm HDFC Credit
Card

(4.6/5)
4.4/5

Joining Fee

Rs. 500 + GST

Annual Fee

Rs. 500 + GST 

flipkart-axis-bank-credit-card

Flipkart Axis Bank Credit
Card

(4.4/5)
4.4/5

Joining Fee

Rs. 500 + applicable taxes

Annual Fee

Rs. 500 + applicable taxes

Swiggy-HDFC-Bank-Credit-Card.

Swiggy HDFC Bank Credit
Card

(4.5/5)
4.5/5

Joining Fee

Rs.500 + applicable taxes

Annual Fee

Rs.500+ applicable taxes

Suggested Article  –  Best Credit Cards in India 2024

What is a Credit Card?

  • A credit card is a financial tool that allows cardholders to borrow funds from a financial institution, typically a bank, up to a predetermined credit limit. Unlike debit cards, which are linked directly to a bank account and draw on the available balance, credit cards enable users to make purchases or withdraw cash on credit.
  • Every credit card comes with a pre-decided credit limit up to which you can spend. You have to repay the amount spent in a billing period – usually a month – on the due date. You can also pay a minimum portion of the bill and roll over the remainder as credit, for which the bank will charge you interest.
  • Credit cards can be used for making both offline and online transactions. They also give you benefits like reward points, cash-back offers and many more.
  • With a credit card, you can make purchases even if your bank balance is zero. Of course, you have to pay it back by the due date to avoid a penalty.

How Credit Card Works? explained it in 5 simple steps

1. Swipe (Tap, Insert): You present your card or enter details.

2. Authorization: Merchant checks if you have credit and if it’s valid.

3. Approval: Bank approves if everything’s good.

4. Payment: Bank pays the merchant.

5. Statement and Repayment: You receive a statement and pay by the due date (ideally, in full).

Credit Card Interest Rates in India

Card Type Interest Rate Range (p.a.) APR Range (p.a.)
Regular Cards 29.88% – 43.20% 33.88% – 49.20%
Travel Cards 32.88% – 42.20% 36.88% – 48.20%
Premium Cards 23.88% – 38.20% 27.88% – 44.20%
Cashback Cards 34.80% – 44.00% 38.80% – 50.00%
EMI Cards 12.50% – 36.00% 16.50% – 40.00%

Credit Card Eligibility Criteria

CriteriaGeneral RangeSpecifics (Vary by Issuer)
Age18+Minimum age (often 21-25 for premium cards); Maximum age (often 65-70)
Nationality/ResidencyIndian Citizen/ResidentSome cards available to NRIs or foreign nationals
Employment StatusSalaried/Self-EmployedMinimum income requirements; Proof of income (salary slips, ITR for self-employed)
Minimum IncomeRs. 15,000 – Rs. 25,000 per monthHigher income needed for premium cards; Varies based on card type and city
Credit Score650+Minimum score varies by issuer and card type; Higher score = better card options
Existing Credit HistoryPositive Credit History PreferredNo defaults, delinquencies, or high outstanding debt
Other FactorsCIBIL Report, Payment History, Debt-to-Income RatioIssuers may consider additional factors for risk assessment

Documents Required for Credit Card Application

Document Category Required for Most Cards May be Required
Identity Proof:
– Passport
– PAN Card
– Driving License
– Aadhaar Card
– Voter ID Card
Address Proof:
– Utility Bill (electricity, water, phone)
– Bank Statement
– Rental Agreement
Income Proof:
– Salary Slips (latest 3 months) ✔ (Salaried)
– ITR Returns (latest 2 years) ✔ (Self-Employed)
– Business License/Registration ✔ (Self-Employed)
Additional Documents:
– Signature Verification Letter from Bank Sometimes
– NOC from previous employer (if applicable) Sometimes

Credit Card Fees and Charges

Fee/ChargeDescriptionTypical Range
Annual FeeYearly charge for card membership.Rs. 0 – Rs. 5,000+
Renewal FeeAdditional charge after initial year (often waived with certain conditions).Rs. 0 – Rs. 2,000+
Cash Advance Fee:Charge for withdrawing cash from an ATM or bank using your credit card.2.5% – 5% of transaction amount, minimum Rs. 100 – Rs. 500
Foreign Transaction Fee:Charge for using your card outside of India.1% – 3% of transaction amount
Late Payment FeeCharge for making a payment after the due date.Rs. 100 – Rs. 500 per instance
Over-limit FeeCharge for exceeding your credit limit.Rs. 250 – Rs. 500 per instance
Minimum Payment ChargeFee for paying less than the minimum required amount on your statement.5% of outstanding balance, minimum Rs. 100
Returned Payment ChargeFee for a payment that is rejected by your bank.Rs. 250 – Rs. 500 per instance
Card Replacement FeeFee for replacing a lost or damaged card.Rs. 100 – Rs. 500
Other ChargesMay include charges for additional cardholder, statement duplication, SMS alerts, etc.Varies depending on the issuer and service
How to buy

How to apply for credit cards at Fincover?

  • Log onto “Fincover.com”
  • Select “Credit Cards” and Click Apply now
  • Enter the required information
  • Upon providing the information, you can see credit card options from multiple banks
  • Compare, analyse and apply for the best card that suits your requirements.
  • Submit the necessary documents, and the application will be forwarded to the bank concerned. A representative from the bank will call you soon for documentation.
Blogs

FAQ

You can learn more from our asked questions
A credit card allows you to spend upto a pre-set limit. You would get a bill on a monthly basis for what you've spent each month. It is important to settle all your dues to avoid interest charges
If you carry a balance in the credit card, then the credit card issuer will charge an interest on what you owe to them. For credit cards, interest is typically expressed on an yearly rate known as Annual Interest rate (APR). Though it is expressed on an annual rate, credit card companies use it calculate the interest during your monthly statement generation. Generally, the interest rates on credit cards range from 2.5% to 3.5%.
Yes, you can withdraw cash from any ATM using your credit card. However, it is best advised to use your credit card issuing company's ATM. For cash advance, 2.5% of the transaction value or Rs. 500 (whichever is higher) is levied usually. The charges vary from bank to bank.
Credit card is good to have and can improve your credit score, but you must use them responsibly. Irregular payments on your credit card can highly impact your credit score and can affect your future prospects of getting a loan highly.
You can either pay it online using bank transfer, NEFT, IMPS, Mobile Wallet, Autodebit from your account or pay offline through cheque, Over the counter, or ATM transfer.
It is important to keep a track of your credit card purchases. You can easily do so by logging into netbanking of your credit card issuer or through a mobile app. Some banks even send their monthly credit card statements through post.
Yes, you can hold multiple cards from different banks. Do remember to pay their dues on time as non-payment could highly impact your credit score.
Minimum due amount refers to a fraction of the amount of the total outstanding bill that you must mandatorily pay to the bank. Usually, it is 5% of the total amount due.
A Late Payment fee is a charge that lenders impose on customers when they fail to make a payment within the payment due date.
For International transaction, banks charge a fee for currency conversion, which is typically between (1-2) % of the transaction value. It will be billed in addition to the transaction amount.
Reward points can be earned by making purchases through the credit card. Every bank follows a different procedure to calculate the rate of earning reward points (Usually you will receive 1 reward points for Rs. 100 spend). You can redeem your reward points by placing a redeem request with the bank. You can redeem them in the form of rewards, airmiles, fuel, adjusting with the balance.
Yes, you can convert your credit card transactions into EMIs. For converting the same, you will be levied a small processing charge along with the interest charge. Some banks, provide no-cost EMIs on credit cards as a part of their promotional campaigns.