How to apply for a Credit Card?

audioslave

What?
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Jul 9, 2011
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I am planning to Get a Credit Card For Myself. I have Debit Cards of SBI,AB and Axis.What is the minimum Requirement to Get an Credit Card and How much Minimum Bill Will i Get?Please Tell which one is better? Thanks in Advance!
 

Toocool

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Apr 2, 2007
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I don't know anything other than that you can get a cc against fixed deposit............ It's called instant credit card....... No hassle of any document..... Except pan number. I guess. :)
 

Sushubh

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Oct 29, 2004
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ok here are a couple of pointers. do not get a credit card if you do not need it. but i guess you want it for online shopping purposes. do not get a credit card if you want to use it to get credit for longer duration. interest rates and penalties are horrible.if you get a credit card. always pay in time. never ever delay the payments. use your credit card as a debit card (only use it for buying stuff that you can buy using your debit card. i mean you can pay for it from your bank account... do not use it as a loan machine to buy stuff that you cannot afford to buy) and it would be fine. do not get a credit card with a fee. there is enough competition in the market and for basic cards, there is definitely no need to pay a fee. ask you bank if you are eligible for a basic credit card. try to get a card with offers like money back on shopping etc. if you are not eligible for a card and you still need one, get one through the FD route. with credit card, money is not deducted from your bank account. you get it on credit (loan) for a shorter duration. can be as long as 50 days. mostly, it is shorter. you get a monthly bill. if you pay on time, you do not pay anything extra. if you have a cashback type of card, you might actually pay less. depends upon the card. delay the payment by a single day, and the charges starts to add up. delay it for a couple of months, you are literally looking at paying 1000 rupees for a 500 rupee balance.i have seen my friends cursing banks for charging atrocious fees for delays in payments. i hate when that happens. they complain why do i have to pay this much penalty. i mean get over it. you made the mistake of not paying in time. stop blaming the bank for charging the interests and penalties. in any case, indian market is still not mature enough and in most cases, you can get the bank to take back most of the penalties if you push for it. reason being, there is very little incentive for the bank to go after you if you simply refuse to pay anything. so they try to get whatever they can from you if you have defaulted on a payment. this would of course change with the credit rating system we have in place today in india. default and your rating would go low. you would find it hard to get a new credit card or a loan in the future. i actually have a friend who took in 3-4 cards. maxed them out. did not pay. moved back to his village. he is the kind of customer these banks are afraid of. but the fact remains eventually he would suffer if his credit rating is affected. he would probably not be able to get a loan unless he manages to get one through a sarkari bank who might not check for his credit history properly.
 


maniaco

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Jun 6, 2008
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If you are a working guy, then it depends on lot of factors like, how much you earn, which company & how is your credit rating.

One advice, if you dont know much about credit cards then I would suggest you to be away fron it! Its a trap that many people fall into and then it gets difficult for then to come out of it!

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Sushubh was quicker than me!
 

Sushubh

Administrator
Oct 29, 2004
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if you are working in a company, it would be easier to get a card. it was pretty hard for me to get a card as a freelancer. i had to lie about couple of things. but i have never defaulted on a payment. except for one time i guess where i entered a wrong date on a check that resulted in it bouncing i think. overall i think have been a loss making customer for credit card companies. i actually pay a fee for my debit card (which is stupid i know) but i do not pay any fee for my credit card and i get a decent cashback on various types of purchases.
 

maniaco

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Jun 6, 2008
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I have known lot of people who have taken personal loans to clear there CC balances!If you know how to use smartly, then you can have couple of advantages! Like mentioned the previous posts.
 

agantuk

Bhatakti Aatma
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Jun 13, 2009
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overall i think have been a loss making customer for credit card companies. i actually pay a fee for my debit card (which is stupid i know) but i do not pay any fee for my credit card and i get a decent cashback on various types of purchases.
On the contrary, banks do earn even from good customers. That is one reason they do not want to let go of them so easily. I think you yourself put up a post on how the banks earn from each transaction.

In my case, credit cards have been a great help. I haven't ever missed a payment date in all these years and the only time I did, it was due to external factors, and the bank was quick to understand and reverse the fine as I had been a long time customer.

Identifying the right card based on one's usage can actually help one save a few bucks apart from availing (relevant) deals that are on offer from time to time.
 

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