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

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What is a Credit Card?

Credit cards are convenient financial instruments provided by the banks to the customers using which the customers can make purchases without cash.

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.

Features and Benefits of Credit Cards

  • Insurance: Some cards come with protection plans and insurance plans such as car insurance, travel insurance and many more.
  • Add-on cards: Many banks provide add-on credit cards to the cardholder’s family members based on the primary cardholder’s credit history.
  • Airport lounge service: There are some credit cards that offer the cardholder complimentary airport lounge access, and the benefits vary from bank to bank.
  • Balance transfer: The card balance can be transferred from the card of the existing bank to the card of another bank.
  • International usage: Many credit cards can be used globally and are accepted by merchants all across the globe.
  • Payment Options: Most credit cards will allow you to make payments via multiple channels.
  • Credit score: Having a credit card improves the credit score of the holder. Paying credit card dues on time also improves your credit score. Using credit cards over long periods and making timely payments create a good credit history.
  • No fee on transactions: Unlike a debit card, credit cards do not charge a fee on transactions. The cards may have some annual charges, but at the same time, the banks offer rewards that could neutralize the effect of such charges.
  • Protection against theft: When the card is lost or stolen, it is immediately blocked upon intimation to the bank or the credit card company. This instant action is taken to prevent any losses. 
  • Rewards: All Credit cards generally have a reward system such as vouchers, fuel redemption, discounts and reward points.
  • Easy transactions: The cards can be used to make payment both online and offline. With a credit card in hand, an individual can forget about cash dealings.

Credit Card Eligibility

Eligibility Criteria Requirement
Nationality Indian
Age 18 years
Employment status Salaried or Self-employed
Income Depends on one bank to the other
Credit Score Good credit score (700 and above)

Documents Required to Apply for a Credit Card

Requirements Salaried Individuals Self Employed
ID Proof Passport, Permanent Account Number (PAN) card, Aadhaar card, Voter’s ID Passport, PAN card, Aadhaar card, Voter’s ID
Residential Proof Aadhaar Card, Electricity Bill, Telephone bill Aadhaar Card, Electricity Bill, Telephone bill
Income Proof Salary Certificate, Recent Salary slips, Employment Offer Letter Certified Financials, Recent Income Tax Returns (ITR) Statement, Passport

Why should you have a credit card?

  • Easy to make big purchases and an option to convert the purchase into EMIs
  • Interest-free credit period up to 45 days
  • All transactions are safe and secure as there is a need for OTP and Pin every time
  • Builds up the user’s credit score
  • Rewards in the form of cash-back, discounts, fuel vouchers and other benefits
  • Acts as a backup during financial emergencies

Credit card charges

Foreign currency charges

It is charged for transactions made on international purchases online or offline

Cash withdrawal charges

You can withdraw cash at ATMs using your credit card, and there are charges for this.

Late payment charges

The fee is applicable when the cardholder pays the credit card bill after the due date.

Duplicate statement fee

If a customer wants a duplicate copy of the statement in physical form, they will be charged this fee.

Over limit fee

This is a fine to be paid by the customer if the card has been used more than the pre-decided limit.

ECS / Cheque return charges

This is a fee to be paid by the customer if the cheque was given to settle the credit card bill bounces or if ECS instructions fail.
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.


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.