BANK LISTS
Om Finservs offers a variety of credit cards in collaboration with Partner Banks and NBFCs to meet the needs of different profiles. Each partner banking institution issues credit cards based on different qualifying criteria. Here are a few of the general requirements that must be met before issuing your preferred credit card.
Different Types of Credit Cards in India
As of today, credit cards are critical tools that empower a person to acquire goods, and avail of services with the comfort of making payments for those purchases on another date. Banks and NBFCs issue credit cards with credit limits, and the holder has to repay the amount used inside the allotted credit limits in accordance with the agreed due dates. The financial institution decides terms and conditions of the credit extended in agreement with the cardholder.
From travel to shopping, to expenses for day-to-day life, and various other needs, credit cards are meant to buy now and pay back later. There are many types of credit cards; some are secured credit cards, some deal with rewards, some are speciality cards that deal with important day-to-day needs such as fuel. Even cash back credit cards, and co-branded cards are a segment offered by financial institutions. With the use of these cards, you can increase your credit score too. Below you will find a list of types of available credit cards.
Best Credit Card Available In India
Life Style Cards
Reward Cards
Shopping Cards
Travel & Fuel Cards
Different Types of Credit Cards Offered by
- HDFC Business
- Kotak Mahindra
- HDFC
- State Bank of India
- Standard Chartered
Credit Card Eligibility
We offers a selection of credit cards in association with Partner Banks and NBFCs to suit individual profiles based on requirements. Each partner financial institution issues credit cards based on eligibility criteria that differ. Here are the generic few of those prescribed criteria, which you need to fulfil before issuing your choice of credit card.
Generic eligibility criteria to avail a Credit card
- Citizen of India
- Good history of savings
- Professional Stability
- Above 21 years
- Existing and Active Savings Account
- Strong Credit or Credit Score
Documents Required for Credit Card
| Duly Filled Application Form | Passport-Size Photographs Identity and Signature Proof Passport Pan Card Driving License Voter ID Aadhar Card Employee Identity Card in case of Government Employees |
| Address Proof | Bank Statement Rent Agreement Voter ID Ration Card Passport Bills Telephone Electricity Water Credit Card Bill Property Tax |
| Photo Identity Proof/ Age Proof | Voter ID Secondary School Leaving Certificate Birth Certificate Passport Aadhar Card Pension Payment Order Receipt of LIC Policy |
| Income Proof | Salary Certificate ITR 2 years Form 16 Advance Income Tax Paid Challans 3 years Assessment Orders Registration of Business |
Applicable Charges
Credit services via credit cards offered Banks and NBFCs are of various types. Some of them are mentioned below.
Joining fee
Joining fees are a one-time fee charged when you are issued a credit card.
Annual fee
Just like a renewal fee that permits you to use a service, financial institutions charge you an annual fee every year to continue with your credit services.
Paper Statement Fee
Credit Card Online statements are the norm of the day; yet at times, you require a hard copy or a paper copy of your statement, for which you have to pay a paper statement fee.
Late Payment Fee
You may at sometime forget to pay or miss your credit card payment deadlines, and for this you are liable to pay penalty charges as a late payment fee.
Cash Withdrawal Fee
Your credit card also works as an ATM card, which enables you to withdraw hard cash at an ATM. Financial institutions generally charge you a cash withdrawal fee for this additional facility.
GST
All credit card transactions are taxed in accordance with prevailing rates in the country. Known as Goods and Services Tax, the levy applies to annual fees, interest payments, and processing fees.
Over-Limit Fee
Subject to your credit card type, you are allowed to spend above your agreed credit limit, for which you pay a over-limit fee in accordance with the terms and conditions in your agreement.
Interest Rate (APR)
Your Credit Card Annual Percentage Rate comes in to effect when you fail to pay your outstanding credit balance. You are required to pay a certain amount as interest at an interest rate decided by your card issuer.
Foreign Currency Mark-up Fee
When you use your credit card globally, you are liable to pay an extra fee for the foreign transactions. The charges payable are known as foreign currency mark-up fees, and these are charged as a percentage of the transacted amount.
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