Credit Card – FaujiFinServ

What is Credit Card for Defence Personnel?

decided by the issuing bank. The customers have to pay interest on money used only if he doesn’t repay within a predetermined period.
Physically, a credit card is a rectangular piece of plastic, graphite, or a metallic alloy, that identifies a financial account. It contains a magnetic strip on the back, and some contain an RFID chip. An account number and the owner’s name or business name may be imprinted on the front. A defence credit card is one such example that is designed keeping a credit card for defence personnel in mind that includes serving officers of the Indian Army, Air Force, Navy and Paramilitary. Recently Hdfc Bank launched a dedicated HDFC credit card for defence personnel which will cater to different needs of soldiers.

What is Credit Card for Defence Personnel?

By using credit cards, customers can offer bank money instead of their own to pay for a product or services today, and over a specific period, the customer repays the bank. Using banks money is often preferable to using your own because it lets you keep your own money available for other purposes, but you should repay within a specific period as decided by the issuing bank. The customers have to pay interest on money used only if he doesn’t repay within a predetermined period.
Physically, a credit card is a rectangular piece of plastic, graphite, or a metallic alloy, that identifies a financial account. It contains a magnetic strip on the back, and some contain an RFID chip. An account number and the owner’s name or business name may be imprinted on the front. A defence credit card is one such example that is designed keeping a credit card for defence personnel in mind that includes serving officers of the Indian Army, Air Force, Navy and Paramilitary. Recently Hdfc Bank launched a dedicated HDFC credit card for defence personnel which will cater to different needs of soldiers.

We at Faujifinserv.com offer credit cards of various Banks to compare & choose cheapest among all for Military which includes individuals working in Army, Navy & Airforce, Paramilitary which includes individuals working in CISF, CRPF, BSF, ITBP, SSB and Ex-servicemen.

How does a Credit Card works?

account. Many companies are involved with each swipe of a credit card and money exchanges hands between all these companies each time a card is used. Merchants pay fees to accept credit cards and eventually the card issuing banks receive part of this as revenue.
Once a month, the bank accumulates your credit card purchases and sends you a bill. The best option and only option I recommend for dealing with that bill is to pay in full by the date. If not, you have to pay a minimum amount determined by the bank to avoid extra fees.

When you choose to pay with a credit card and you hand the card to a cashier or submit your card number over a secure internet connection, the merchant you are dealing with validates your account and whether the bank will allow the purchase to go through. If everything looks good, your purchase is added to your credit account. Many companies are involved with each swipe of a credit card and money exchanges hands between all these companies each time a card is used. Merchants pay fees to accept credit cards and eventually the card issuing banks receive part of this as revenue.
Once a month, the bank accumulates your credit card purchases and sends you a bill. The best option and only option I recommend for dealing with that bill is to pay in full by the date. If not, you have to pay a minimum amount determined by the bank to avoid extra fees.

CREDIT CARD ELIGIBILITY

Your chances of getting credit card will be decided by the following factors

Age

The minimum age required to hold a‭ ‬credit card is‭ ‬18‭ ‬years,‭ ‬while the maximum age at which a credit card can be availed is‭ ‬60‭ ‬years.‬‬‬‬‬‬

Net Monthly Income

Minimum Rs.‭ ‬15,000‭ ‬as net monthly income is required to get a credit card.

ITR

Individuals are required to submit last year’s ITR as well,‭ ‬along with identity proof when applying for a credit card.

Employment Status

To avail of a credit card,‭ ‬a steady flow of income is required.‭ ‬Both salaried and self-employed can avail a credit card as long as you can provide proof of steady income flow.‬‬

Credit Score

A minimum credit score of‭ ‬650‭ ‬is required to avail a credit card.‭‬‬‬

BENEFITS OF USING CREDIT CARD

Handy during an emergency

If you are posted far away from your home city and there is some emergency at your home, you have to reach home immediately with your family then urgent air tickets which you have to buy for your family(assume 4 members including you) will cost you approx. Rs 50,000 for return air tickets. You can buy air tickets with credit cards if you don’t have cash and repay later.

Purchasing Power

Credits cards can help you make large purchases that you might not immediately have enough cash for since you can stretch the cost over time to make it more manageable.

Reward points

Many credit cards offer reward programs that will accrue points, discounts, or other benefits like frequent flyer miles.

Convenience

Credit cards reduce the need to carry cash.Most retailers accept credit cards and they are pretty much required for online purchases. Sometimes attractive offers and discounts are available online if you buy using credit cards.

Helps to improve Credit Score

Responsible use of credit card over time builds your good credit score, qualifying you for better interest rates and other financial benefits like taking home loans, car loan etc.

Cash Back

The cash back credit card was first popularized in the United States. Use the card and get 1% of your balance refunded regardless of what you bought or where you bought it. Today, the concept has grown and matured. Now, some cards now offer 2%, 3% or even as much as 6% back on selected purchases.

Universal Acceptance

Certain purchases are difficult to make with a debit card. When you want to rent a car or stay in a hotel room, you’ll almost certainly have an easier time if you have a credit card. Rental car companies and hotels want customers to pay with credit cards because it makes it easier to charge customers for any damage they cause to a room or a car.

Insurance

Most credit cards automatically come with a plethora of consumer protections that people don’t even realize they have, such as rental car insurance, travel insurance, and product warranties that may exceed the manufacturer’s warranty.

Grace Period

When you make a debit card purchase, your money is gone right away. When you make a credit card purchase, your money remains in your savings account until you pay your credit card bill.

Hanging on to your funds for this extra time can be helpful in two ways. First, the time value of money, will add to wealth. Postponing payment makes your purchase that much cheaper. Beyond that, your cash will spend more time in your bank account, and if you pay your credit card from a high-interest checking account and earn on your money during the grace period, the extra will eventually add up to a meaningful amount.

Second, when you always pay with a credit card, you don’t have to watch your bank account balance as closely.

Grace Period

When you make a debit card purchase, your money is gone right away. When you make a credit card purchase, your money remains in your savings account until you pay your credit card bill.

Hanging on to your funds for this extra time can be helpful in two ways. First, the time value of money, will add to wealth. Postponing

payment makes your purchase that much cheaper. Beyond that, your cash will spend more time in your bank account, and if you pay your credit card from a high-interest checking account and earn on your money during the grace period, the extra will eventually add up to a meaningful amount.

Second, when you always pay with a credit card, you don’t have to watch your bank account balance as closely.

BEST CREDIT CARDS FOR 2024

HSBC Platinum Credit Card

Lifetime Free | Easy Approval

Features

Enjoy Free of Charge Credit Card with no joining and annual Charge.
Get an Amazon voucher of Rs 500/- as a welcome offer
Earn 2 rewards points for every 150/- spend
Convert your rewards points into airmiles of top airlines like Etihad airways,Vistara, British Airways etc.
Save upto 3000/- on fuel bills with fuel surcharge waiver.
Enjoy zero liability with insurance coverage of up to Rs 3 lakh.
Spend Rs 4lakh with the HSBC Platinum Credit Card to get 5X accelerated reward points
Avail of exclusive discount with HSBC’s partner brands.

Eligibility Criteria:

Annual Income: Min Rs 4 lakhs.
Age: 18-65 Years
Resident: Indian .
Occupation: Salaried.
CIBIL Score: 750+
Locations: Chennai, Gurugram, Delhi NCR,Pune, noida, Hydrabad, Mumbai, Bangalore, Koichi, Coimbatore, Jaipur, Chandigarh, Ahmedabad or Kolkata.

Documents Required :

Identity Proof: Anyone of the following documents- Passport, PAN Card, Ration Card, Aadhar Card, Voter ID Card, Driving licence or any other Government Approved ID.
Address Proof: Anyone of the following documents- Telephone Bill, electricity Bill, Passport, Rental agreement, Ration Card, Aadhar Card, or any other Government Approved ID.
Income Proof: Salary Certificate, Recent Salary Slip, Employment Letter etc.

HDFC Freedom Credit Card

Lifetime Free | Easy Approval

Features

Enjoy Free of Charge Credit Card with no joining and annual Charge.
Limited Free Credit Card (Limited time offer) till 31-october-2024
10X CashPoints on your favourite merchants – Big Basket, BookMyshow, OYO, Swiggy & Uber.
1 CashPoint per ₹150 spent on other spends.
Upto 20% discount on partner restaurants via Swiggy Dineout.
Zero lost Card liability: On reporting the loss immediately, you have zero liability on any fraudulent transactions made on your Credit Card.
Interest Free Credit Period: Avail up to 50 days of interest free period.
Smart EMI option: Convert big spends into EMI after purchase.Eligibility Criteria:

Annual Income: Min Rs 4 lakhs.
Age: 18-65 Years
Resident: Indian .
Occupation: Salaried.
CIBIL Score: 750+

Documents Required :

Identity Proof: Anyone of the following documents- Passport, PAN Card, Ration Card, Aadhar Card, Voter ID Card, Driving licence or any other Government Approved ID.
Address Proof: Anyone of the following documents- Telephone Bill, electricity Bill, Passport, Rental agreement, Ration Card, Aadhar Card, or any other Government Approved ID.
Income Proof: Salary Certificate, Recent Salary Slip, Employment Letter etc.

Standard Chartered Platinum Rewards credit card

Exciting cashbacks | Lifetime Free | Discounts on flights & travels

Features

Earn 5X reward points per INR 150 on dining Expenditure.
Earn 5X reward points per INR 150 on fuel.
Earn 1X reward points per INR 150 on other categories.
Host of offers and discounts across shopping and travels and more with exclusive offers.

Fees & Charges:

*Zero Annual and joining Fees.
*Spend of Rs 500 or more on retail transitions within 30 days from card issue date to avoid levy of onetime fee of INR 250+ GST.

Eligibility Criteria:

Age: 18-65 Years
Resident: Indian .
Occupation: Salaried professional.
CIBIL Score: 700+
Customer should have a stable monthly income (at least Rs 3,60,000 per annum).

Documents Required :

Identity Proof: Anyone of the following documents- Passport, PAN Card, Ration Card, Aadhar Card, Voter ID Card, Driving licence or any other Government Approved ID.
Address Proof: Anyone of the following documents- Telephone Bill, electricity Bill, Passport, Rental agreement, Ration Card, Aadhar Card, or any other Government Approved ID.
Income Proof: Salary Certificate, Recent Salary Slip, Employment Letter etc.

HDFC Bank UPI Rupay Credit card

Credit Card for UP apps | Earn rewards on all UPI transitions

Features

Earn 3% Cash Points for grocery, supermarket, dining and PayZapp purchases, up to 500 points monthly.
Receive 2% cash points for utility expenditures with a 500 point limit each month.
For all other transitions except rent, wallet top ups, EMI, fuel and government categories , get 1% cash points. The maximum obtainable is 500 points per month.
Have a renewal membership fee waived by spending INR 25000.0 or more annually
Enjoy a 50 days interest free credit period*.

Fees & Charges:

Joining Fees: INR 250+ GST.
Annual Fees: INR 250+ GST.
*Spend of Rs 500 or more on retail transitions within 30 days from card issue date to avoid levy of onetime fee of INR 250+ GST.

Eligibility Criteria:

Age: 21-60 Years(Salaried) & 21-65 Years (self-employed)
Annual Income: INR 20000/- monthly (Salaried) and INR 6 lakhs PA (self-employed).
Customer Type: NTB.
CIBIL Score: 750+
Customer should have a stable monthly income (at least Rs 3,60,000 per annum).

Documents Required :

Identity Proof: Anyone of the following documents- Passport, PAN Card, Ration Card, Aadhar Card, Voter ID Card, Driving licence or any other Government Approved ID.
Address Proof: Anyone of the following documents- Telephone Bill, electricity Bill, Passport, Rental agreement, Ration Card, Aadhar Card, or any other Government Approved ID.
Income Proof: Anyone of the following documents- Bank statement (last 6 months), Salary Slip(last 3 months), Employment Letter etc.

Axis Bank Credit card

Cashback on Every Purchase

Features

Higher purchase limits
Enjoy exciting rewards and cashback benefits
Complementary flight tickets.
Discounts on movie tickets.
Waiver of fuel surcharges
Access to airport lounges
Discounted deals on hotel bookings and restaurant orders.
All the above features and benefits vary from card to card and depend on card variant.

Fees & Charges:

Joining Fees: Rs.499 (Differ with variants).
Annual Fees:Rs.499 (Differ with variants).

Eligibility Criteria:

Age: 21-60 Years(Salaried) & 21-65 Years (self-employed)
Annual Income: INR 20000/- monthly (Salaried) and INR 6 lakhs PA (self-employed).
Customer Type: NTB.
CIBIL Score: 750+
Customer should have a stable monthly income (at least Rs 3,60,000 per annum).

Documents Required :

Identity Proof: Anyone of the following documents- Passport, PAN Card, Ration Card, Aadhar Card, Voter ID Card, Driving licence or any other Government Approved ID.
Address Proof: Anyone of the following documents- Telephone Bill, electricity Bill, Passport, Rental agreement, Ration Card, Aadhar Card, or any other Government Approved ID.
Income Proof: Anyone of the following documents- Bank statement (last 6 months), Salary Slip(last 3 months), Employment Letter etc.

HDFC Bank UPI Rupay Credit card

Credit Card for UP apps | Earn rewards on all UPI transitions

Features

Earn 3% Cash Points for grocery, supermarket, dining and PayZapp purchases, up to 500 points monthly.
Receive 2% cash points for utility expenditures with a 500 point limit each month.
For all other transitions except rent, wallet top ups, EMI, fuel and government categories , get 1% cash points. The maximum obtainable is 500 points per month.
Have a renewal membership fee waived by spending INR 25000.0 or more annually
Enjoy a 50 days interest free credit period*.

Fees & Charges:

Joining Fees: INR 250+ GST.
Annual Fees: INR 250+ GST.
*Spend of Rs 500 or more on retail transitions within 30 days from card issue date to avoid levy of onetime fee of INR 250+ GST.

Eligibility Criteria:

Age: 21-60 Years(Salaried) & 21-65 Years (self-employed)
Annual Income: INR 20000/- monthly (Salaried) and INR 6 lakhs PA (self-employed).
Customer Type: NTB.
CIBIL Score: 750+
Customer should have a stable monthly income (at least Rs 3,60,000 per annum).

Documents Required :

Identity Proof: Anyone of the following documents- Passport, PAN Card, Ration Card, Aadhar Card, Voter ID Card, Driving licence or any other Government Approved ID.
Address Proof: Anyone of the following documents- Telephone Bill, electricity Bill, Passport, Rental agreement, Ration Card, Aadhar Card, or any other Government Approved ID.
Income Proof: Anyone of the following documents- Bank statement (last 6 months), Salary Slip(last 3 months), Employment Letter etc.

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What is Credit Card for Defence Personnel?

What is Credit Card for Defence Personnel?