Can we use card to withdraw cash from ATM?
Yes, but only in emergency because charges are high at 36% to 38%, levied on daily basis and 2.5% transaction charges.
How to protect card and prevent misuse?
Please refer section explained in detail for salaried card holders.
Various modes of payment that the credit card can be used for?
Explained in full in section for salaried card holders.
Documentation Salaried People Have to Submit for credit cards:
- PAN Card
- Last 3 months’ salary slip
- Last 3 months’ bank statement
- Address proof: Copy of passport/voter ID/aadhaar card/latest electricity bill/latest water bill/telephone bill/bank pass book copy/bank statement.
Documentation Self employed People Have to Submit for credit cards:
- PAN card copy
- Latest IT returns
- Computation of income acknowledgement slip issued by Income Tax department
- Address proof: voter card/Aadhaar card/passport copy/electricity bill/water bill/telephone bill/bank passbook copy/bank statement
- If you hold any other card, submit details along with latest statements.
Advantages of credit card?
- You do not have to carry cash and can make on the spot purchases up to the limited defined in your card.
- You get a credit period of up to 50 days to make full payment.
- You can opt for EMIs, available on online purchases.
- You can make payment of credit card bill on installment basis.
- Some sellers will offer additional discount if you buy with credit card.
- If your purchases exceed a certain amount you could be eligible for discount on annual fees.
Penalties for late payment?
- Late payment fees apply only after “interest-free period”.
- Always make payments in time, well before due date of statement.
- Institutions can levy 15% of minimum payment as late fees or 2.5% of total outstanding amount.
- Your CIBIL credit rating is negatively affected.
Usually issued under the same card to family members with the same maximum limit shared between cards. Charges for each card range from Rs. 125 to Rs. 1000.
Main card holder is liable for payment, though charges may be shown separately in statement.
The same terms apply to salaried and self employed. Refer that section for more details.
PIN number, safeguarding it and in the event of loss?
Please refer the section for salaried people.
What are Reward Points?
Same reward points criteria apply for self employed and salaried card holders.
Please refer section in salaried credit card info.
What is purchase protection plan for credit card holders?
The same terms apply for salaried and self-employed. Please refer the section in salaried employees