FAQs on Credit Cards in July 2024

In July 2024, credit cards continue to serve as indispensable financial tools for individuals, offering convenience and flexibility in making purchases both online and offline. With the ability to apply for credit cards online, platforms like Best Credit Cards India provide a seamless experience for comparing and selecting the best-suited cards. Upon renewal, credit card numbers typically remain unchanged, ensuring the continuity of transactions. Whether securing a first credit card or managing multiple ones, understanding credit limits, repayment options, and associated fees is essential for responsible usage. Additionally, credit cards in July 2024 retain their global usability, with international transactions subject to varying fees and policies.

What is a Credit Card?

A credit card is a financial tool allowing cardholders to make purchases on credit, both online and offline. If the cardholder pays off their bills within the due date, they usually don’t incur interest charges.

Can I Get a Credit Card Online?

Yes, you can apply for a credit card online through the issuer’s website or platforms like Best Credit Cards India, where you can compare and apply for multiple cards conveniently.

Does My Credit Card Number Change When I Renew?

Typically, the renewed card retains the same number as the expired one, but the CVV (Card Verification Value) number on the new card is different.

How Can I Get a Card for the First Time?

If you have a credit history, you can check eligibility, choose a suitable card, and apply through platforms like Best Credit Cards India. For those without a credit history, secured credit cards against fixed deposits are an option.

How Do Credit Cards Work?

Credit cards provide a line of credit for purchases, cash advances, and balance transfers. Repayment is required by the due date, with options to pay the minimum, more than the minimum, or the total due amount.

What is the Meaning of a Credit Card Limit?

The credit limit is the maximum amount one can spend on their card. A higher limit allows for more spending and can positively impact credit scores.

Do I Need to Use My Credit Card Every Month?

While not mandatory, regular usage is recommended to prevent the card from being labelled inactive by the bank.

Can I Get a Credit Card Without a Job?

Having a substantial monthly cash inflow, even without employment, may make one eligible for a credit card.

Can I Get a Credit Card in One Day?

While approval can be quick due to online applications, receiving the physical card may take longer than a day.

Do Credit Cards Come With Airport Lounge Benefits?

Yes, many credit cards offer complimentary access to domestic and international airport lounges.

Are There Any Benefits of Having a Credit Card?

Most credit cards offer reward points for spending, which can be redeemed for various benefits like vouchers, cashback, or air miles.

How Many Credit Cards Should I Have?

The number depends on financial ability and spending behaviour, but it’s crucial to manage all cards wisely and make timely payments.

Which is the Best and Easiest Way to Apply for a Credit Card

Applying through platforms like Best Credit Cards India allows for easy comparison of features, benefits, fees, and interest rates.

Should I Pay Interest on All Purchases Made Using a Credit Card?

Interest is only charged if the total due amount is not repaid within the specified time.

What Does ‘Minimum Due’ Mean on a Credit Card Statement?

The minimum due is the lowest amount required to be paid if the total outstanding cannot be repaid.

Do I Need to Pay a Processing Fee for a Loan Against a Credit Card?

Yes, banks typically charge a nominal processing fee for such loans.

How Many Days Will It Take for a Credit Card to be Renewed?

Renewal usually occurs automatically before expiration, with the new card sent out a month prior.

How Long Are Credit Cards Usually Valid?

Credit cards in India typically have a validity of 3 to 5 years.

Can I Use My Credit Card in Other Countries?

If accepted globally by the issuer, credit cards can be used abroad, though foreign transaction fees may apply.
If I Make a Late Payment, Will It Affect My Credit Score?
Late payments can impact credit scores, depending on factors such as duration, frequency, and outstanding amount.
Can a Credit Card Be Reopened Once Closed?
While it’s possible, approval for reopening depends on the issuer’s policies.
Do I Have to Pay the Bill if I Don’t Use My Credit Card?
In most cases, no fees are charged for unused cards, but inactivity fees may apply.
What Are the Charges for Withdrawing Cash Using My Credit Card?
Withdrawal fees typically range from 2.5% to 3% of the transaction amount, with minimum charges.
What Should I Do When My Credit Card Is Lost?
Immediately notify the bank to block the card.
Can I Get a Credit Card Without a Credit Score?
Secured credit cards may be available without a credit score, but with higher fees.
How Do You Use a Credit Card at an ATM?
Cash advances, capped at a percentage of the card limit, allow ATM usage.
What Is the Minimum Age Criteria to Apply for a Credit Card?
Applicants must be at least 18 years old.
How Long Will the Approval Process Take for Online Applications?
Online applications may be approved within a day.
Do International Credit Cards Work in India?
International cards can be used in India, subject to issuer policies.
Can I Set a Transaction Limit on My Credit Card?
Yes, contact the issuer to set limits.
How Do I Reach Credit Card Customer Care?
Contact customer care via phone, email, chat support, or WhatsApp.
How to Disable or Enable International Transactions?
Contact customer support or use online/mobile banking.
How to Change Contact Details for a Credit Card?
Submit a form or update online/mobile banking details.

Checkout credit cards in July 2024 here.