A credit card is a plastic card issued by a financial institution that allows its user to borrow pre-approved funds at the point of sale in order to complete a purchase.Credit Cards have earned their existence & reputation as ‘affording clean credit at a price’ which the Indian banks were not doing or averse to be doing at the time of ‘debut’ of CREDIT CARDS in India. Since then, they have become a part & parcel of banking credit & have come to stay within the financial system of India. Credit cards are issued by banks, credit card issuers and departmental stores (promotional offers).
We shortlisted certain parameters based on importance/influential matrix and based on Consumer Questionnaire and have assigned points to rate the quality of service.
CREDIT CARDS STUDIED
- PNB – Gold
- Canara Bank – Visa corporate
- Syndicate Bank – Global Classic
- Indusind Bank - Chelsea FC
- RBL Bank - Money Trap
- Kotak Mahindra - Feast Gold
- HDFC Bank Platinum
- ICICI - Coral
- Onetime Fee
- Cash Withdrawal Charge per Transaction
- Minimum Free Period
- Late Payment Charges
- Non-payment Cheque Return Charge
- Reward Program
- Balance Transfer Fee
- Loss/damaged Card Fee
- Yearly Interest Charged on Card Dues
- Cards on Offer
- Card Insurance Available
- Consumer Feedback.
Consumer VOICE Recommendations
Most popular credit cards along with their scores on each parameter have been listed below. By studying each parameter and Quality of Service, we arrived at the BEST BUY, GOOD BUY & FAIR BUY in the credit cards.
SYNDICATE BANK GLOBAL CLASSIC
ICICI BANK CORAL & HDFC BANK PLATINUM
Detailed Analysis of Credit Cards
a) Late payment is taken only up to Rs 10,000.
b) NS – not specified
c) Charges indicated here are exclusive of GST as applicable at notified rates
d) For this comparative exercise, we have chosen only basic cards or cards with least fee applicable as offered by banks