From March, top credit card issuing institutions, State Bank of India (SBI), ICICI Bank, and Axis Bank, are about to launch the RuPay credit card on UPI. This help quickens the daily transactions that currently stand at Rs. 50 Lakhs per day.
This RuPay credit card is a specialised credit card which uses the domestic electronic payment settlement system of India. This card is considered to be a domestic substitute for various networks of international payments like MasterCard and Visa. To know more about a RuPay credit card, keep reading.
Benefits of RuPay Credit Cards
RuPay cards come with a variety of beneficial factors for card issuers as well as cardholders with enhanced customer service and better acceptance. National Payments Corporation of India (NPCI) provides RuPay cards to customers at low processing charges. Some of the significant advantages provided by this card are listed below:
RuPay Cards Minimise Costs
Being a domestic method of payment, every transaction taking place within the political boundaries of India leads to lower settlement and clearing charges. Financial institutions will be considerably benefitted from this owing to the reasonable transaction costs. This will escalate the utilisation of RuPay cards all over the nation.
RuPay Transactions are Safe
Another notable benefit of the RuPay credit card is that it keeps the secrecy of your private details. Since RuPay card transactions will remain confined within India, consumers can stay assured that their personal details will be intact inside the nation, without the interference of foreign parties.
Personalised for Indian Customers
Being an Indian financial instrument, RuPay credit cards are engineered in order to satisfy the requirements of Indian citizens with complete flexibility. With it, the card issuers will be able to better personalise the product and services offered.
Variants of RuPay Credit Cards
Mainly there are three variants of the RuPay credit card. These include RuPay Classic, RuPay Platinum, and RuPay Select. Take a look at these variants in further details.
RuPay Classic Credit Card
The RuPay classic credit card features several exclusive offers at plenty of websites and merchant terminals. This card offers you attractive deals and merchant offers with which you can shop according to your satisfaction. However, make sure to clear your credit card payments on time to avoid hassle.
RuPay Select Credit Card
The RuPay select credit card is manufactured for travellers. It offers a plethora of attractive offers as well as lifestyle benefits. This card comes with complimentary airport lounge access which you can utilise at various domestic and international airports. Furthermore, while utilising this card, you may get concierge services for entertainment, dining out, and travel. Additionally, the RuPay select credit card offers you accident insurance coverage of Rs. 10 Lakhs.
RuPay Platinum Credit Card
Last but not the least, the RuPay Platinum credit card is another variant of the RuPay credit card which offers many welcome rewards from various brands. It helps you enjoy substantial cashback on the payments of electricity and utility bills. This card also provides 24 X 7 concierge support for travellers. Like RuPay Select credit card, this card also offers personal accident coverage, but up to to Rs. 2 Lakhs.
Eligibility Criteria to Apply for a RuPay Credit Card
The RuPay credit card has become accessible to all Indian citizens. Hence its eligibility criteria and documentation requirements are fairly minimal. Mentioned below are the eligibility criteria required to avail this credit card:
- Applicants should be Indian citizens
- Age of salaried applicants should be between 21 years and 55 years
- Age of self-employed persons should be between 21 years and 70 years
Once you meet the eligibility criteria, gather the necessary documentation in order to avoid the last-minute rush.
Documents Required for Availing a RuPay Credit Card
The documents required to avail a RuPay Credit Card are as follows:
- Identity Proof (PAN card, Aadhaar card, voter ID card)
- Address Proof (Aadhaar card, electricity bill, utility bill, passport)
- Income Proof (salary slip of last 3 months, copy of Income Tax Returns, Form 16)
As soon as you meet the eligibility criteria and collect the necessary documents, you are good to go towards the application procedure for the RuPay credit card.
Steps to Apply for a RuPay Credit Card
You can easily apply for a RuPay credit card by following the steps mentioned below:
Step 1: Navigate to the official website of RuPay
Step 2: Go to the credit card option and choose the financial institution you want to apply to
Step 3: Insert your personal details like name, phone number, and email ID
Step 4: Select the option ‘Apply Online’
Step 5: After this, you will get an OTP on your registered phone number
Step 6: Enter this OTP to get a card request form
Step 7: Fill out the form with your details
Upon completion of all these steps, your application for a RuPay credit card will be submitted successfully.
Now that you know that SBI, Axis, and ICICI Banks are all set to introduce RuPay credit card on UPI, you can get ready to take its advantage if you have an account with these financial institutions. Also, having a complete idea about RuPay credit card alongside its application process will help you avail this effortlessly.