General Frequently Asked Questions on Credit Cards.

What happens if my credit card gets damaged?

Please destroy your damaged card by cutting it into four pieces and inform your credit card company along with a necessary request to issue a duplicate card.

How do I give back my credit card or surrender my credit card?

To surrender your credit card cut it into pieces and send it back to the credit card issuing company’s designated office. You must also clear any balance outstanding amount in your account. If you have a credit balance in your statement the company would send you a cheque/draft of the difference at your last recorded residential address.

What is a rewards program?

Reward programs are incentives offered by card issuing companies to encourage members to maximise use of their card. Typically for every Rs. 100 spent on the card the consumer gets one reward point, which has a value of rupees. As you keep using your card your reward points will accumulate and you could redeem these points either as an equivalent cash purchase at fixed participating outlets or as travel discounts, etc.

What is a balance transfer on credit cards?

This is an introductory incentive offered to customers by new credit card companies who want to acquire customers by weaning them away from their present credit card companies. A new credit card company may be willing to take over up to 75% of the amount outstanding on your old card to your new credit card account with them at a lower rate of interest. Normally you are given a time limit of six months at a lower rate of interest to clear this transferred amount. However you could possibly be charged a higher rate of interest for new purchases. If you are unable to clear your balance transfer amount within six months, you will end up paying a higher rate of interest with the new credit card company.

What is a PIN?

PIN stands for personal identification number. The PIN is sent you in a sealed envelope a few days after you have received your new credit card.You must send in an acknowledgment to the card company. Please memorise this number and never write it down anywhere. This number is helpful when you use the credit card over the telephone or at an ATM machine.

Can I change my PIN?

Yes you can change your PIN. The process is different for different institutions. You will need to get in touch with the individual institution to carry out this process.

Will I be charged anything extra for a photo card?

In addition to asking for your photograph, some companies charge an additional fee of Rs. 100 for this facility.