You lived along the huffs and puffs of corporate life, worked around the clock, got your kids educated and eventually called it quits from the professional arena. The savings accumulated over the years were partly utilized in your kids’ wedding and you’ve got kept the remaining amount within the bank account and glued deposit to accumulate further. Suddenly, one day, you strolled across the nearby markets and located some interesting accessories to shop for. But you didn’t have the cash at that point to shop for the accessories. So, you came disappointed. If you had a MasterCard, you’ll have easily bought the accessories and smiled your way back home. Yes, credit cards are available for pensioners such as you. So, with none further delay, let’s read on credit cards for pensioners in India.
Banks that provide Credit Cards to Pensioners in India
There are a couple of banks that provide credit cards to pensioners in India. they’re –
- Bank of India (BOI)
- Indian Bank
Let’s know the pensioner card for every of those two public sector banks one after the opposite.
Bank of India Pensioner MasterCard
The product, which is exclusively designed for pensioners, accompany a credit limit that equates to 3 times the monthly pension. However, you won’t be allowed TOD. The rate of interest would be lower for the pensioners. Billing cycle runs from 16th of the present month to the 15th of next month. One must pay the bills on or before 5th of the succeeding month.
Indian Bank MasterCard for Senior Citizens
Indian Bank, like BOI, is additionally busy helping pensioners shop freely with a MasterCard full of attractive features. the cardboard plays the twin role of MasterCard and ID card to a T. One would have their photo, date of birth and blood type printed on the cardboard. Cash withdrawal and POS transactions are capped to ₹25,000 each day each. There won’t be any AMC charges for the cardboard.
How to Apply for a Pensioner Credit Card?
Both online and offline application processes are available to subscribe to a pensioner MasterCard. Either you’ll visit the web site or any branch of those banks to use. If you speak of the previous option, it’s much more comfortable than the latter. All you would like to try to do is to go to the web site and obtain to Mastercard section and apply for an equivalent. you would like to fill some personal and income-related details and submit it to the bank to try to to the remainder. However, if you would like to try to to it on a branch level, you would like to invite a pensioner MasterCard form, fill the relevant details and hand it over to the concerned official to process the case. Your details are going to be checked thoroughly before the appliance gets approved.
How to Ensure a Smooth Repayment of MasterCard Bills?
Being a pensioner, you want to not revolve the credit very much like repayment can get tougher with an equivalent. Do make an inventory of necessary expenses and inspect their respective amounts that you simply would be comfortable paying on or before the maturity. Banks may debit late payment charges on paying the bills after the maturity. You never know whether your monthly pension proceeds can accommodate the increase in MasterCard bills thanks to such unnecessary charges. Plus, you’ll be tempted to pay only the minimum due, which is calculated at 5% of the general outstanding balance during a particular billing cycle. Doing this may only make the due larger by the day and make repayment a troublesome thing to try to to. confirm to buy during a way that you simply pays the dues fully and not get swirled away by the sweet storm of minimum due, which you’ll see in your MasterCard statement.
So, the pensioners have their credit cards ready at BOI and Indian Bank. There might be a couple of more banks offering credit cards for pensioners in India. So, do check out that and luxuriate in a rewarding shopping experience filled with reward points and discounts.