Credit Cards – Benefits, Eligibility, and Application


In elementary terms, a Credit Card is an instrument that allows you to borrow money from the bank to purchase whatever you want. It can be a simple movie ticket or a burger at McDonald’s. You can also use the Credit Card to buy your tickets for your honeymoon in Switzerland. In fact, you can use the credit card to buy anything.

You borrow money from the bank. So, you have to pay interest on it, Right? No, you do not have to pay any interest as long as you pay your Credit Card bill in full on or before the due date. You get interest-free credit from the bank. Thus, we can say that the Credit Card is the best alternative for cash. You need not carry cash around with you all the time when you have the Credit Card in your wallet.

Who issues these Credit Cards?

Banks and financial institutions issue these Credit Cards. In the ordinary course, you submit your Credit Card application to the banks. The banks determine your Credit Card eligibility depending on your income and credit history.

How do you apply for a credit card?

Usually, banks conduct marketing campaigns for issuing their Credit Cards. Alternatively, you can take the help of loan service providers like You can Compare Credit Card Offers of various banks on a single screen. The process of applying for the Credit Card is easy.

  • Access the official website of MyMoneyMantra and fill in your details.
  • You get a chance to compare the best Credit Card offers.
  • Choose your card provider after going through the respective features.
  • Check your Credit Card eligibility and click on the “Apply” button.
  • Submit the application form.
  • The bank will contact you to seek more details or documents. These documents comprise your KYC and income documents.

How do you calculate the Credit Card eligibility?

Once you submit Credit Card application online, you have to wait for the bank representative to contact you. Banks need your KYC documents and income documents to process the request. The banks give importance to your income and employment status. They can get your credit history by accessing the credit bureaus. Your credit report is the most crucial document for the banks. It provides the details of your credit history, repayment record, and other vital information. A credit score of 750 and above is an excellent one. Some banks approve Credit Card limits for borrowers with a credit score over 700 as well.

Usually, banks decline Credit Card to the applicants having credit scores less than 700. However, some Credit Card issuers give Credit Cards for a poor credit score. Naturally, the terms and conditions are stringent.

Benefits of Credit Cards

  • The most significant benefit of the cards is that you need not carry cash with you wherever you go. You can swipe your card and make the payments.
  • Every card comes with a specific limit and payment cycle. The payment cycle determines the interest-free payments. In the regular cycle, you get a maximum of 45 to 50 days of free credit depending on your billing cycle.
  • Credit Cards come with rewards programs that allow you to earn reward points on each transaction you make. You can redeem these points for gifts and discounts. Some cards come with cashback and discount offers.
  • Co-branded Credit Cards give you benefits like air miles points, airport lounge access, lifestyle benefits, travel insurance, fuel surcharge benefits, and so on.
  • Add-on cards are handy as family members can use them independent of the parent card.
  • You can avail the benefit of 0% interest EMI (Equated Monthly Instalment) offers on Credit Cards. However, banks make sure that they block the limit on a pro-rata basis until the time you clear the loan.
  • You have the benefit of withdrawing cash from ATMs. Every credit card comes with a cash advance limit. Remember that cash advance limit does not have any interest-free period. You have to pay interest from day 1 on the amount you withdraw.

Grace Period

Credit Cards issuers follow a specific billing period. Each card comes with a grace period ranging from 20 days to 52 days. Hence, your purchases during this period are free of interest. Timing your purchases well can help you to avail the maximum grace period. Using your card smartly can help you avail the maximum benefit from your card.

You have just seen the benefits of using cards. We have also looked at the application procedure and eligibility criteria. It should not be difficult for you now to get the best Credit Card offer.

To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit, the leading online lending marketplace that offers financial products from 60+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.

Talk to our Loan Specialists toll-free at 1800 103 4004 to know more about our products and offers.

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