Types of cards available for self employed are the same as available for salaried people with the same facilities and terms of use. The only difference is in the appraisal process and limits defined by each bank according to their norms.
Please refer the section for salaried people to know all details of types of cards and facilities available to card holders.
Application and scrutiny, appraisal process?
- Apply for a credit card
- experts coordinate with you and the bank, assisting you with important details such as mentioning income, assets and continuous source as a pointer to your ability to make payments on time.
- Bank will scrutinize income-tax return. Returns should be for minimum Rs. 300000.
- Other assessment criteria are risk profile and type of card you apply for.
Minimum age for application is 21 and maximum is 65 years as on date of application
How much credit limit can I expect?
This depends on your income limit, monthly income, risk profile and other assessment criteria and also varies from one bank to another. Your usage pattern will also influence credit limit.
Apply for minimum limit and then, after regular use, ask for increase.
Cost of owning credit card, joining fees, annual fees?
The same as for salaried class. Refer that section.
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.
Add-on/Supplementary card?
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.