Credit Cards

the virtual plastic money

want to apply for credit card?

What is Credit Card

Credit Card is also known as plastic money. It is issued by a bank or a similar financial institution that gives authority to the borrower to borrow funds at the point of sale. Credit Cards are a convenient substitute for cash and primarily used for short-term financing. A Credit Card is issued based on eligibility factors that include monthly income, credit history, credit score, company category and other related factors. The lending financial institution draws a credit limit for each borrower based on his/ her credit profile. Usually, the borrower must pay back the credit within 45 days of the purchase. In case, the cardholder delays or fails to pay back the amount, the bank charges interest on the borrowed amount.

How We can help you?

The SRFINCORP team consists of experienced and service-oriented professionals who help you choose the best Credit Card, suitable to meet your specific requirement. They will analyze your financial needs, and then help you throughout the process beginning from the submission of Credit Card application till the card issuance and even afterwards for any service requirement.

Credit Card FAQs

What is meant by credit card limit and how can it be increased?

A Credit Card limit is the maximum amount that users can spend while using their Credit Card. This amount is decided by the credit card issuing company. The limit usually depends upon the applicant’s requirement, his credit repayment track record and policies of the card issuing company. The limit is raised based on card usage pattern and repayment behaviour.

How can I repay my credit card bill?

There are several options to repay your credit card bills. Some options include NEFT, Standing Instructions, Through ATMs, and others traditional methods like dropping a cheque in designated drop boxes.

Do I have to pay interest on my credit card on a continuous basis?

No, you don’t have to pay the interest on your credit card on a continuous basis. The bank charges interest only if you fail to pay the amount beyond the bill payment date.

How much penalty does the bank charge if I fail to pay my credit card dues?

Banks charge late payment charges if the Minimum Amount Due (MinAd) is not paid by the bill payment due date (PDD). The applied charges are required to be paid in case the amount paid is less than the Minimum Amount Due. A number of late charges vary from one card type to another. These charges are applied within the three days of Payment Due Date.

Can I withdraw cash from ATM using credit card?

Yes, you can withdraw cash from ATM using your credit card but you may have to pay additional charges. Please check terms and conditions of the credit card issuer.

What is the procedure for applying for a credit card?

The duly filled application form along with the necessary documents is required to be submitted to the bank. The Bank will then review your application and take a decision.

What is a CVV number?

CVV (Card Verification Value) is a 3 digit number that is written on the back of the card. This number is required for safe and secure online transactions.

What is the Over Credit Limit charge?

When the number of transactions exceeds the credit card limit and the bank approves a transaction, that amount is known as Over Credit Limit. However, on the basis of your past card performance, the bank may or may not approve your transaction.

What are the various modes of receiving a credit card statement?

There are several modes of receiving a credit card statement including a physical statement, a statement by over email, online email via net banking, phone banking, and others.

Credit Card – Features & Benefits

Substitute of Cash

Credit Cards are a substitute for cash. You can use your Credit Card to make purchases in person and online.

Joining Fee

Depending on the Credit Card some financial institutions may charge a joining fee.

Repayment of Credit

The borrower must repay the amount to the bank for the purchases made within a stipulated time (usually 30-50 days). If the borrower cannot repay the card balance, the bank will charge interest on the unpaid balance.


Credit Cards provide convenience to the borrowers as they can make purchases easily anywhere and anytime. Moreover, the payment can be made in domestic as well as in foreign currency.

Additional Benefits

 Apart from the convenience, Credit Cards are beneficial in other ways. Credit Card users can earn reward points, enjoy discounts and cash backs on purchases.

Helps in Building Credit History

Credit Card details and repayment history can help the borrower build a strong credit rating. The sound repayment track of credit card bills impacts the credit score of the borrower.

Helpful in Emergencies

A Credit Card could be helpful in an emergency. For example, an urgent requirement of cash for a medical emergency can be fulfilled by a Credit Card.


One of the great features of a Credit Card is the chip and pin system that secures the transactions from any kind of theft.

Amount of Penalty

In case the user delays or fails to pay back the amount then the bank charges a percentage of the bill due as a penalty. Typically, the penalty ranges from 36% to 42%.

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