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Add On Card The Supplementary card/add-on card fee is the fee payable per additional card that a member may request for his close family member like father, brother, sister or spouse. Any card under this head comes at a fee, which varies between Rs 150 to Rs 800. One thing noteworthy in a supplementary card is that your credit limit remains the same. To be precise, your credit limit gets divided between the main card and add-on cards since an add-on card does not get additional credit limit.
Air Accident Insurance The credit card holder entitles its members credit card holder is insured for a certain sum of money, which is paid upon the death of the individual. The amount of cover depends upon the type of card owned and the cover is higher for a gold card .
Annual Fee This is payable in advance, but not paid for in cash. It is billed into the first billing statement received by the card member at the start of every year. The annual fees for a Standard Chartered Executive card is Rs.800 and could be go as high as Rs 1,500 for an HSBC Gold Card.
Baggage Cover The baggage cover provides the safety of insurance in the event of losing ones baggage while travelling, useful for frequent travellers .This cover is a normal feature of Gold cards and International Credit cards and generally not available for other credit card types.
Cash Advance Fees On withdrawal of cash from an automatic teller machine using your credit card, cash advance fees are payable. Cash advance fees are very high and are mostly in the range of 2.5% per transaction subject to a minimum of around Rs.100. This facility should be used prudently, as the interest rate is very high, usually around 38%.
Credit Card A credit card as the name goes gives credit for the payments you make through the card obviously for a charge. The days of credit one gets could range from 20 - 50 days depending on the date when one made the purchase. You can chose to pay your entire dues at one go, or stagger them after paying the minimum amount due every month. Besides this, it entitles the member to plethora of benefits like travel discounts, discount on retail loans.
Credit Shield
Sometimes due to death of the card holder, the onus of payment of the card bills falls on his/her spouse or parents. The credit shield feature provides for a waiver of payment of outstanding on the card up to a certain limit of such card holder.(This could be around Rs. 25,000 worth of cover)
Charge Card
A charge card is pretty similar to a credit card with one major difference. With a charge card you have to pay the entire dues within the credit period and cannot carry over any balances like a credit card.
Debit Card
A Debit card is basically ATM card on the move. It enables you to access your bank deposits for payment. When you make any purchases using a debit card, then your bank account is automatically and instantaneously debited to the extent of the purchase amount.
Eligibility The eligibility norms for a credit card differs with the card issuers. The general norms for applying for a card are : A person should be at least 21 years of age and not more than 65 years. A regular and steady source of income Credit card Issuers have a requirement of a minimum income level, which serves as the starting point while applying for a card. This requirement varies from bank to bank and could vary between Rs 60,000 per annum to Rs 200,000 per annum depending upon a persons risk profile and the type of card you choose.
Entrance Fee
The entrance fee or the joining fee is payable on approval of your application form. Again this fee varies depending upon the issuing bank and the type of card requested and is somewhere between Rs 100 to Rs 400. More often than not, this fee is waived.
Executive Card
Executive Card, Silver Card and Gold Card are the terms used by issuing banks to differentiate between the levels of services offered on each. Naturally the gold card offers better features, higher insurance covers and more facilities. There is also an element of esteem associate with gold cards. However, all these features do not come cheap. Gold cards have the highest fees and service charges associated with them.
Free Credit Period
Interest free credit upto 50 days can be availed by making purchases just days after the statement date. Even then, free credit of at least 20 days is assured. After this period, the payment has to be made on purchases made against the credit card. If full payment for the outstanding amount is not made, then the member loses the privilege of free credit from that date.
General Insurance
Every credit card holder is insured for a certain sum of money, which is paid upon the death of the individual. The insurance cover varies between bank to bank and depends upon the type of card owned. For example, each member of ANZ Grindlays Gold Card is insured for a sum of Rs 500,000 (in case of a general accident) and for 1,000,000 (in case of an air accident).
Gold Card
Gold, Silver and Classic/Executive are the terms used by card issuing banks to differentiate between the levels of services offered on each. On the premium segment is the gold card which gives higher insurance covers, more privileges and discounts . Here an element of prestige does form an important factor for subscribing to such cards. But it does come at a cost as these cards have the highest fees and service charges associated with them.
Global Card
A Global Card enables you to use your credit card when you are overseas. You can spend in dollars or any other foreign currency and settle the dues in your local currency. Your credit limit is based on the basic travel quota (BTQ) entitlement, and if this more than your assessed credit limit, you could buy traveler's cheques.
Issuing Bank
The issuing bank is the bank that issues credit cards.
Joining Fee
Fee that is to be paid to the credit card issuer when your application form for a credit card is accepted. The fee varies from bank to bank and on the type of card applied for. Typically joining fees vary between Rs 100 and Rs 1,000. Also see Entrance Fee
Lost Card Liability
If lose your credit card one must inform the bank immediately. The bank then deactivates your credit card to prevent any fraud. After reporting loss, the lost liability fee is restricted to a maximum sum of Rs 1,000 in the case of most credit cards issuing banks. Before reporting, the liability is unlimited.
Monthly Interest Rate
The rate of interest charged for funds withdrawn from ATMs or funds carried forward beyond the free credit period.
Personal Accident Insurance
This is basically a life insurance which covers air accidents, road accidents or otherwise .The amount insured differs across the categories and again varies from one player to another.
Personal Identification Number (PIN)
PIN or the Personal Identification Number is unique to every card and is a combination of numbers. It is normally a 16 digit number with the first 8 digits reserving information about the card issuer and the country. The next 8 stores customer information like the category of the member ( whether is a businessman, individual or NRI ). The PIN serves as a key, which allows you to avail certain services like cash withdrawal from automatic teller machines. This number is very important and must be stored carefully. Most credit card issuing banks instruct their clients to write the PIN in a very safe place or better still, to simply memorize the digits.
Purchase Protection
The purchase protection feature automatically insures all items bought on the credit card from damage or loss due to fire or theft, upto a certain some of money. This generally works out to around Rs 40,000 worth of cover.
Reward Points To encourage frequent usage of cards, the card companies introduced the concept of reward points. For Citibank card holders, every 100 rupees worth of purchases made through the card, the card older gains one point. These points could be redeemed for gifts, select product purchases and even for paying the annual fees. So every point would be equivalent to one rupee. For eg. Standard Chartered card holders, every 125 rupees worth of purchase made through the card makes one reward point.
Service Fee The credit card companies levies service charges for various services offered like cash advance, tele draft. For example the service fee for a cash advance through an ATM is around 2.5% of the transaction value subject to a minimum of around Rs.100.
Supplementary Card
Same as Add-on card
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