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CREDIT CARD

Credit Card also termed as plastic money allows the cardholders to pay later for the purchases made now. In short it offers interest free credit facility to the cardholders for a pre-defined period of time. Credit cards have been quite popular simply because of their convenience, as one need not carry cash while traveling or for shopping as it is cumbersome and risky also.
 
A credit card can be a very useful instrument if used wisely or else it can make cardholders life miserable. 
 
It is very essential to understand the terms and conditions about the usage of credit card before one starts using it. There is no harm in asking questions to the credit card issuing company if the cardholder has any doubts related to it. Apart from free credit facility, credit cards offer various facilities like revolving credit i.e. pay minimum balance every month, cash withdrawal from ATM, converting purchase into EMI, balance transfer from another credit card at minimal or zero cost, etc. Though these facilities offered with credit cards are useful, it can be a long-term debt trap too. Hence, one has to be aware about the implications of availing services offered with credit cards while managing the debt at manageable level.    
In addition to above benefits attached with credit cards, the credit card issuing companies offer other benefits linked with your spends on the credit card. There are benefits attached to credit card like reward points which can be redeemed against renewal fees or gift coupons, waiver of surcharges on railway bookings or on fuel, frequent flyers miles - redeemable points for regular flyers, discounts / cash back on specific purchases, etc. 
 
Depending on the facilities and additional benefits provided on the credit cards, they are generally categorized as Classic Credit Card, Gold Credit Card, Titanium Credit Card, Platinum Credit Card and Privilege Credit Cards and mostly affiliated to international payment gateways like American Express, MasterCard or Visa.  
 

CREDIT CARD LOAN ELIGIBILITY

1. He/she must be an Indian citizen.
2. The minimum age for an add-on card holder is 18 years.
3. He/she must have a good monthly income.
4. The applicant must have a clean credit card record.

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