MasterCard Credit Card

Mastercard credit cards are special credit cards that use the Mastercard network to operate. Mastercard is a USA-based financial services company that facilitates card payments between Mastercard-issuing banks and merchant banks in a secure and efficient way. Several major banks in the country have partnered with Mastercard to offer credit cards with numerous benefits to users.

Some of the best Mastercard credit card variants offered by the top banks are mentioned below:

There are different types of Mastercard credit cards to suit the specific needs of cardholders. These are listed below:

• Standard Mastercard

The Standard Mastercard variant is ideal for everyday purchases. You can use the credit card at retail outlets, for online shopping, to make hotel and flight bookings, and more. The card helps you build a credit history while offering you features and benefits that support your lifestyle.

• Platinum Mastercard

The Platinum Mastercard is designed for premier cardholders. It offers financial sophistication with its worldwide acceptance. The card also comes with the best of lifestyle and travel benefits to make your experiences more enjoyable.

• World Mastercard

The World Mastercard offers many great features coupled with a worldwide acceptance that lets you be flexible while travelling and exploring places. You can use the card to shop, dine, watch movies as well as enjoy specially curated experiences to make your stay pleasurable.

• Gold Mastercard

The Gold Mastercard is specially designed for frequent overseas travellers. The card offers luggage insurance, air accident insurance, as well as extensive accident cover. It comes with free 24x7 personal assistance, contactless payments, and is accepted worldwide at over 36 million transaction points. The Gold Mastercard also offers an attractive bonus against annual spendings.

• Titanium Mastercard

The Titanium Mastercard offers special privileges and benefits to aid you when you travel as well as helps you maintain a trendy lifestyle. You can access personal lounges, book chauffeurs, get discounts on stays, and enjoy curated experiences when you use the card while travelling. The card also comes with great offers on dining, entertainment, and more.

Depending on the type of Mastercard credit card you apply for, you can avail different offers across a host of categories. Listed below are some of the popular Mastercard credit card offers you can avail:

A MasterCard credit card comes with a host of exciting benefits. Here’s what you would enjoy by getting one for yourself. 

• Travel Insurance

With a MasterCard credit card, you may be eligible for insurance coverage against damaged or lost luggage. 

• Advanced Security 

All MasterCard credit cards come with a dedicated EMV chip. This chip acts as an extra layer of protection when you carry out high-value transactions. 

• Lost Card Liability Protection 

If you manage to lose your MasterCard credit card, you will be protected from liabilities arising from unauthorised card usage. However, this would only be applicable if you report the loss of your card to your insurer on time. 

• Accident Insurance 

You may also be eligible for insurance coverage against death or injuries arising due to an air accident.

To apply for a MasterCard credit card, you will be required to submit a list of documents along with your credit card application. Here’s a quick look at a few of them. 

• A copy of your PAN card

• A copy of your identity proof - Aadhaar, driving licence, passport, or voter’s ID 

• A copy of your address proof

• A copy of your proof of income - latest salary slips or Income Tax Returns (ITRs) 

• Latest passport-size photographs 

 

Now, keep in mind that the above-mentioned list is only indicative and not exhaustive. Your credit card issuer may at any point in time during the credit card application verification process may request you to provide additional documentation. 

Mastercard credit cards can be used on the Mastercard network, which is available worldwide. The card supports payments across multiple categories, both online and offline, while also giving you access to exclusive credit card reward points. You can also use the card at Mastercard-compatible ATMs globally if you are in urgent need of cash.

If you wish to get a Mastercard credit card, you can apply for one online by following the steps mentioned below:

• Step 1: Visit the Bajaj Markets website.

• Step 2: Go to the credit card section and browse through the range of credit cards and select the best Mastercard credit card.

• Step 3: Enter the requested details such as email id, contact number, etc.

• Step 4: Click on ‘Apply’.

• Step 5: Validate with the OTP.

• Step 6: Fill in all applicable details in the MasterCard credit card application form and check your eligibility.

 

Alternatively, you can also apply for a Mastercard credit card offline by visiting the nearest bank of your choice. You would need to carry all relevant documents required for credit card and request a bank representative to assist you with the Mastercard credit card application. The representative would then check your eligibility and help you choose the right Mastercard credit card.

MasterCard, in partnership with banks, issues both credit cards as well as debit cards. However, there are quite a bit of differences between the two of them. Let’s take a quick glimpse. 

• Credit Line

With a MasterCard credit card, you get a line of credit of a certain amount up to which you can borrow. However, a MasterCard debit card is mapped to a savings account which is debited each time you use the card to make payments. 

• Interest-free Period 

MasterCard credit cards come with an interest-free period ranging from 20 days to up to 45 days, depending on the type of card you avail. As long as you repay the amount that you borrowed on your credit card within the due date, you will not be liable to pay interest whatsoever. However, with a MasterCard debit card, you don’t get any interest-free period since there’s no borrowing involved. 

• Credit History 

As you continue to use your MasterCard credit card and repay the bills on time, you get to create credit history, which can come in handy when applying for loans and other credit facilities. With a MasterCard debit card, however, you don’t get to create any sort of credit history.

Contactless is a special feature that comes with certain Mastercard credit cards. If your credit card has the contactless benefit, you can simply tap your card on a point-of-sale (PoS) machine to make a payment. This makes transactions using your credit card safe and secure as you do not need to part with your card at any point. It also helps you save time when you are in a rush or at locations where speed is essential such as gas stations, food takeaway counters, etc.

Note: As per the July 14, 2021, Reserve Bank of India (RBI) circular, RBI has restricted Mastercard Asia / Pacific Pte. Ltd. (Mastercard) from on-boarding new domestic customers onto its card network from July 22, 2021.