The credit cards are widely used to meet financial needs. Credit card lenders have switched to a digital application process, making it easier for you to apply for a card. In India, there are currently 77 million cardholders, and that number is expected to grow to 78 million by 2023.
Credit Card Lenders’ Measures to Make Credit Cards More Accessible
- The application process is simple, fast, and digital.
- You can choose from a variety of credit cards for shopping, travel, groceries, movies, etc. Choose the right credit card for your lifestyle.
- Provide options for controlling credit card payments, limits, and expenses.
- Customers will benefit from reward and cashback programs.
- Credit cards are now more accessible in Tier 1, Tier 2, Tier 3, and Tier 4 cities.
- Prepaid credit cards
- Introduce collateral-backed credit card
- Documentation and eligibility criteria that are customer-friendly.
- Credit cards approved without credit history
Credit card providers offer credit cards that have less strict eligibility criteria and documentation. Also, credit cards are available to applicants without a credit score. The applicant only needs to deposit a certain amount in the bank of their choice or NBFC. The amount of collateral will determine the credit card limit.
This initiative has made credit cards available to many applicants, especially those from the unorganized sectors.
Benefits from a Credit Card
- Access To Credit– A credit card can provide you with extra financial assistance when you’re short on funds. Very useful in an emergency.
- Convenience – Credit cards eliminate the need always to carry cash and keep it safe. Most merchants accept credit cards both nationally and internationally. Cashless transactions are made very simple.
- Tracking expenses and budget – You can keep track of all your expenditures and funding with a credit card. You can also keep track of where you receive the most rewards, cashback, and discounts.
- Cash Advances: You can also get cash advances using your credit card. Cash advances have high fees, so they should only be used sparingly.
- Credit Card Perks– You can redeem rewards and benefits from credit cards at reputable brands. Credit cards have something for everyone, whether it’s travel, groceries, movies, fuel surcharge waived, etc.
- Low-cost loans If you pay off your credit cards on time and in full. Lenders will approve loans with a low-interest rate.
- Credit cards are a great way to improve your credit score. Your credit score will gradually improve if you pay off your credit card bills regularly. When you need additional loans, a high credit score is beneficial.
Top Credit Card Lenders In India
- HDFC Credit Card
- HDFC Moneyback Plus Credit Card
- HDFC Regalia Credit Card
- HDFC Millenia Credit Card
- HDFC Infinia Credit Card
- ICICI Bank Credit Card
- ICICI Platinum Credit Card
- ICICI Sapphiro Credit Card
- ICICI Coral Credit Card
- Amazon Pay ICICI Credit Card
- SBI Credit Card
- SBI Card Elite
- SBI Card Pulse
- SBI Card Elite Benefit
- Doctor’s SBI card
- Axis Bank Credit Card
- IndianOil Axis Bank credit card
- Axis Bank Magnus Credit Card
- Axis Bank My Zone Credit Card
- Axis Bank Privilege Credit Card
- IDFC Credit Card
- IDFC First Wealth Credit Card
- IDFC First Millenia Credit Card
- IDFC First Select Credit Card
- IDFC First Classic Credit Card
Conclusion
Credit card usage in India has exploded due to the ease of using cashless transactions around the globe. Credit card lenders strive to offer credit cards that require minimal documentation and eligibility requirements, which will increase the number of cardholders in India. These credit cards can be approved even if the applicant has no credit history. In 2023, the credit card industry is expected to grow significantly.