Latest News
-
DCB Bank Q4 Results: PAT Grew 9% To Rs 156 Cr, NII Jumps 4.5%; Dividend Declared -
RBI Halts New Customer Onboarding at Kotak Mahindra Bank Over IT Compliance -
Macrotech Developers' Annual Profit Triples Despite Q4 Dip -
DoT Engages TRAI for Equitable Satcom Spectrum Allocation Guidelines -
Axis Bank Q4 Results: Net Profit Stood At Rs 7,130 Cr, NII Grew By 11%; Rs 1/Share Dividend Declared -
Infina Finance, Kotak Bank Promoter, Donates Rs 60 Cr to BJP -
ASK Automotive, AISIN Group Announce Joint Venture for Passenger Car Aftermarket -
No Onboarding Of New Customers Via Online, Mobile Banking From April 24 At Kotak Bank; RBI Issues Ban -
1:3 Bonus, Rs 4.5 Dividend: Maharatna PSU To Consider Dividend, Shares Rise 255% In 1-Yr -
Rs 24/Share Dividend: Buy Large Cap FMCG Stock, Highest TP Rs 2900: Motilal, PL, 5paisa Bullish
Top 4 Banks In Credit Card Market: Check Out What They Offer
The credit card market is booming in India and the world. It is the most profitable business for banks or lenders across the banking sector. There is a various reason behind this. First, the interest rates on credit cards are very high, it ranges from 10% to 25% depending on the lender or banks. A credit card has an interest-free term that might last anywhere from 20 to 50 days depending on the bank.
Credit Cards In India
In India, the credit card business has witnessed a surge over the year and is still growing. HDFC Bank, SBI, ICICI Bank, and Axis Bank combined holds more than 70% of the Indian credit card market. HDFC Bank is the market leader of the credit card market with 23.61% followed by SBI (19.17%), ICICI Bank (17.57%), and Axis Bank (11.36%), respectively.
Interest Rate These Banks Charge
| Bank | Interest Rates (p.m) | Interest Rate (p.a) |
|---|---|---|
| HDFC Bank | UP to 3.4% | NA |
| SBI | Up to 3.50% | 42.00% |
| ICICI Bank | Up to 2.49% | 29.88% |
| Axis Bank | Up to 3.6% | 52.86% |
Sourece: Banks Website
What makes credit card a good buy for the customers?
Convenience - A credit card allows the customers to pay for anything; there's no need to count out change or write a cheque when you have a credit card.
Recurring payment-It may be set up to make recurring payments for things like your phone, power, or gas bills.
EMI Option -You may purchase items and pay for them in convenient instalments. This is a great example of purchase now, pay later scenario, and between purchase and payment during which the bank does not charge interest.
Rewards/CashBack/Discount - You earn Rewards every time you spend with a credit card. You may exchange your points for fun gifts and vouchers like free shopping excursions or even free airline tickets. You also earn cashback and discounts on various purchases such as fuel or online merchants.
Compliment Accident Coverage -Many people are not aware of this fact. With a credit or debit card, the bank offers complimentary accident/death coverage. As a result, you get insurance coverage without having to pay a premium! All you have to do is meet a certain amount of spending.
