Mysore Credit Cards

Mysore might be only the third largest city in Karnataka, but it is considered to be the cultural capital of the state. It was the capital of the Mysore Princely kingdom for a long time after all and is known for the various cultural influences it has imbibed through a series of powerful rulers in the kingdom. Mysore is known for its stunning palaces and the breathtaking Dassera festivals, which are well known.

1. Who can get a Credit Card?

Anyone with a fixed income, aged above 21 & favorable CIBIL credit score of over 800 can get a credit card.

1. What will be my credit limit?

The credit limit will depend on various factors like your income, repayment, CIBIL score, etc. Your credit limit can be increased or decreased depending on your last years spending and repayment history

1. Can I get an Add-on card? And will there be a separate credit limit on the Add-on card?

Yes, you can get an Add-on card but, it will totally depend on the offers the credit card issuer is running at a given point of time. There will not be a separate credit limit for the add-on card.

1. What should I do if there is a fraud transaction on my credit card?

You should immediately inform your credit card issuer about the fraud transaction.

1. What should I do if my Credit card is lost or stolen?

If your credit card is lost or stolen inform your credit card issuer within 24 hours and block your card immediately for any fraudulent transactions. Ask your card issuer to send you a new card which generally gets delivered in 3-4 working days.

1. Which payment network credit cards are available in India?

Basically, Visa, MasterCard and American Express are three popular payment networks available in India. Payment Networks are not credit card issuers your credit card is issued by banks or other financial institutes.

1. What is a grace period?

A grace period is an interest-free period for you to pay your credit card balance in full without any interest rate charges. The grace period is calculated based on your billing cycle and not from the date of the transaction.

1. Will there be any joining fees for a credit card?

Most credit card issuers do not charge you any joining fees. Some may charge you but they might reverse those charges in your first credit card statement.

1. Is there any annual fee associated with credit cards?

Most issuers waive off annual fee for the first year and then charge a minimum amount of Rs. 500 as an annual fee.

1. What is the interest rate/finance charge for credit cards?

The finance charges will vary for each card issuer and type of card like Platinum, Gold, Titanium or any special credit card. Generally, credit card interest rates start at 2.5% per month (30% per annum) to 3.75% per month (45% per annum).

1. Will there be an overdue penalty or late payment fee?

Yes, every card issuer will charge you a late payment fee ranging from Rs 300 to Rs 600.

1. Will there be a separate charge for foreign currency transactions on my credit card?

Yes, every card issuer will charge you some percentage of the transaction value for the foreign currency transactions. It is generally around 3.5% of the transaction value.

1. How can I make my credit card payment?

Credit Card issuers provide the following credit card payment options:

- Through ATMs: Make payments through your card issuing bank ATMs.
- Through Net banking: Make Card payments using your Net banking.
- Visa Money Transfer
- Standing Instructions: If you have a bank account with your card issuing bank then you can give standing instructions to directly debit the minimum amount due or full payment due for your monthly credit card payment.
- National Electronic Funds Transfer (NEFT): Transfer funds from any other bank account to make your card payments.
- Drop Box Option: You can also drop a local cheque, payable to bank card A/c followed by your card number, at any drop box located in ATMs and branches of your card issuer.
- Over the counter: You can pay directly by visiting your card issuing bank and make the cash payment for your credit card outstanding.