Credit Card

Credit cards are payment cards issued by financial institutions to allow you to utilise a certain predetermined amount for purchases. This credit acts as a debt that you have to repay later. Typically, the company allows you to pay back the amount interest-free for up to 50 days, post which interest would apply for the outstanding balance.

The enhanced security protocols on Bajaj Markets help keep your data safe when you apply for a credit card online. The easy option to compare cards also aids in selecting the ideal card for yourself. Applying digitally is simple, and all you need to do is:

Step 1: Click ‘Check Eligibility

• Begin by clicking the ‘Check Eligibility’ button on the credit card application page

Step 2: Fill in Basic Details

Enter the required information:

• Mobile number

• Date of birth

• Occupation

Step 3: Enter OTP

• You'll receive a One-Time Password (OTP) on your registered mobile number.

• Enter the OTP to proceed securely.

Step 4: Verify Pre-Filled Information

Check and confirm the pre-filled details, including:

• PAN Card number

• Address

• Email ID

• Income information

Step 5: Choose Your Credit Card

• Review the available credit card options based on your eligibility. 

• Select the card that best fits your needs.

Step 6: Submit Your Application

• Click the ‘Submit’ button to complete the application process.

Note: The application process may vary slightly in case of certain cards.

A credit card is a tool you can use to improve your financial well-being. In order to get the most out of it, know some important terms associated with it. 

• Credit Card Interest Rate

This is the monthly period during which all your credit cards transactions are tracked. It is usually between 28 to 31 days. When it comes to an end, you will receive a statement summarising your purchases, EMI instalments, if any, fees, and total payment due.

While the billing cycleis fixed by your issuer, you have a one-time chance to change your billing cycle to something that works for you. You may want the date to coincide with the time you receive your salary in order to pay your bill stress-free. 

• Credit Card Interest Rate

You will be charged a certain rate of interest on credit card on the unpaid balance. This is only when you do not clear your bill in full by the due date. It is calculated as an Annual Percentage Rate (APR) and is charged per day. 

Avoiding it helps you maintain healthy finances as credit card APR is quite high compared to other financial services. 

• Credit Card Grace Period

This is the interest-free window when you won’t be charged any interest on your balance. Pay the entire due amount before the grace period ends to avoid interest. This period usually ranges between 18 to 55 days, depending on your credit card. 

• Credit Card Minimum Due

This is the least amount you need to pay by the due date to avoid late payment charges. It is usually 5% of the entire balance due. Remember, the overdue amount attracts interest even if you pay this amount.

• Credit Card Late Payment Charges

If you don’t pay at least the minimum amount due by the specified date, you will have to incur a late payment fee. This may be a flat fee or a percentage of your outstanding balance. It is best to avoid late charges and strain your finances needlessly. 

• Credit Card Points Redeem and Expiration

Most credit cards have reward programs based on which you can earn points and get access to perks. To maximise your benefits, check if and when the points you get expire and how to redeem them. Evergreen points and easy redemption help you enjoy the points effortlessly. 

• Credit Limit Calculation

Your credit limit is the maximum amount you can spend using your credit cards. Banks consider your income, credit score, and other factors when determining your credit limit. To maintain financial health, try not to max out your credit card each month.

Credit cards have evolved over time, and the number of cards issued by Indian banks has crossed a significant milestone. They are extremely versatile to use and offer better safety too. 

You can increase your purchasing power and build a good credit history using credit cards. Here are some benefits you can enjoy: 

• Earn Reward Points

Accumulate points on specified purchases and redeem them for shopping vouchers, air miles, cashback, and more

• Get Complimentary Membership to Dining/Travel Programs

Co-branded and premium cards allow you to become a member of a loyalty program to enjoy more privileges 

• Get Exclusive Discounts

From electronics to movie tickets, get offers on a range of products and services from partner retailers 

• Pay Bills in EMI

alments (with or without additional charges) 

• Travel Hassel-free

Complimentary lounge access, low forex rates, air miles, and more help you maximise savings

• Save as You Spend

Cashback and reward points give you more value for most transactions 

• Emergency Cash Withdrawal

Get money from an ATM based on your card’s limit to address urgent needs, but keep in mind that applicable interest will be charged 

• Instant Use through Virtual Cards

  Once you get Instant approval for a card, you can immediately start using its virtual variant online 

  - Pay with UPI

  With RuPay credit cards, pay easily by linking your card with UPI 

  - Spend Securely

  Enjoy safety with CVV, PIN, EVM chip and contactless payment features 

  - Use Globally

  Enjoy the flexibility to make payments inside and outside India with equal ease

  - Save with Waiver on Fuel Surcharge

  Meet specific conditions and avoid a percentage of the additional charge on credit card payments at fuel pumps

  - Get a Loan Basis Credit Card Limit

  Address emergencies with an unsecured loan via your card, but keep in mind that applicable interest will be charged

  - Get Insurance Covers

  Protect yourself from fraud with zero liability cover and other covers related to travel, accidents, and more

Credit cards and credit scores have an interdependent relationship. Here's how they impact each other.

• Responsible Credit Cards Usage Can Boost Credit Score

You can prove your creditworthiness by using your credit card responsibly and making on-time payments in full every month. Maintaining healthy credit use is important since consistent late payments can impact your score.

By using a credit card with care, you can build your credit score, which will help you get quick and affordable access to credit in the future.

• Poor Credit Score Can Hold You Back From Getting a Credit Card

It will be much more difficult to acquire a credit card if you have a low credit score. This may be due to the fact that you do not have any credit history or have missed EMIs and defaulted on a loan in the past. 

Since banks check how creditworthy you are before approving your application, this can lead to rejections. You can opt for a secured credit card in this case and use it smartly to improve your score over time.

Whether you use a credit card for cashback on everyday spends or for an additional credit at hand, Bajaj Markets could help you find a credit card.

Here’s why you should apply for a credit card online through our website:

• Access to multiple options

With over 30 cards categorised for every need, you can apply for the one that the helps you manage your finances better

• Large network of financial institutions

You can get a credit card from any of the bundle of leading credit card issuers tied up with Bajaj Markets

• Quick online process

An hassle-free online journey lets you apply easily, at your convenience, without having to visit any issuer physically

Not monitoring usage or spending recklessly can strain your finances, leading to credit card debt. Here are a few things you can do to ensure that your card does not end up being a liability:

• Instead of using your full credit limit, try to spend only up to 40% 

• Increase your credit limit when you can to boost your purchasing power

• Pay your balance in full each month by the due date 

• Apply for a new credit card only when necessary

• Monitor your credit card statement regularly to be in the know

• Time your purchases at the beginning of your billing cycle to get more time to repay

• Check the spending threshold to get an annual fee waiver when possible

• Remember, the more premium the card, the higher the annual fees will be, so choose accordingly