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Here’s What you Need to Know About Credit Cards



What is a credit card? A credit card lets you borrow funds whenever you want with a simple swipe. That means you can use the bank’s money instead of your own to pay for a product or a service. You need to repay this amount within the stipulated period. The Bajaj Finserv RBL Bank SuperCard allows you to gain instant access to credit in addition to amazing features such as emergency loans and interest-free cash withdrawals from ATMs.

Eligibility criteria for availing a credit card

There are different kinds of credit cards available in the market, and each type is designed to suit the unique spending habits of cardholders. This is why the eligibility criteria may vary for different cards. However, there are a few common credit card eligibility requirements to be met:

  1. The minimum age of the applicant must be 18, and maximum age 70
  2. For salaried individuals, lenders prefer applicants to be in their current job for at least a year
  3. Your city of residence is essential. Some credit card companies offer certain cards only to people living in urban cities
  4. A good credit score is vital because it increases your chances of being approved for a credit card. But the benefits don’t stop there. Banks also offer better perks like lower interest rates, cashback programmes and reward points to cardholders with good credit.

Things to know when you apply for a credit card

Annual Percentage Rate

When you borrow money on a credit card, you have to pay a certain amount as interest. This interest rate is stated as a yearly rate known as the Annual Percentage Rate (APR). As a borrower, you must compare the APR for different cards to find out which offers you the best terms. It is critical to know the monthly rate of interest on your card. For example, a 3% interest rate per month might sound low, but the yearly interest rate could be as high as 40%. You can avoid paying the APR by paying the balance amount in full each month before the due date.


Different types of credit cards may charge you different kinds of fees. These could include annual maintenance charge, interest charge, late payment charge and the charge on ATM withdrawals. Some of these charges are avoidable. This is possible if you know what is credit card and why they are being charged. Check the credit agreement provided to you to lower your outgo towards charges.

Minimum repayment

When you use a credit card to make purchases, you don’t have to repay the full amount at once. Instead, credit card issuers allow you to repay a minimum balance amount each month. The minimum payment is calculated as a percentage of your total current balance.


Loyalty points, cash-back offers, discounts and complimentary gifts are part and parcel of a credit-card owner’s life. For example, imagine that you land in a new city and you find that in addition to a significant discount on your hotel booking, you also get a VIP welcome and complimentary breakfast.


If you are interested in getting a credit card, there are lots of different options available to you. Each one offers various benefits and advantages. But before you zero-in on a credit card, remember to check out all its various features. Also, compare with other options to ensure the right fit for you.

Not only does this simplify the process of availing financing, but also helps you save on time. All you have to do is share a few basic details and check out your pre-approved offer.

Gaurav Khanna is an experienced financial advisor, digital marketer, and writer who is well known for his ability to predict market trends. Check out his blog at HighlightStory