Can Pensioners Get a Credit Card after their Retirement

Can Pensioners Get a Credit Card after their Retirement?

Everyone has a different interpretation of their own life, what we do after retirement, how we spend our life and more? In general, we all want peaceful life after spending many years working. For some people, retirement means comfortable and cosy mornings.

After pension from a job many retired persons want to live life their own way, they do like going for a holiday and spending money where they want without any complications or obstacles. But the key concern that keeps us worried is the finance.

Finance is the need for urgencies and uncertain things. You may require immediate cash to get the medical treatment done as early as possible. Hence, to live retirement life without any financial worry, banks are geared up with their range of credit cards. Many banks offer a credit card as per their norms and as well as pensioners requirements.

Being a pensioner, how will you get a credit card and what will be the criteria factor?

Being a pensioner, for finding such cards which suits as per their needs they can check out SBI credit card for pensioners, ICICI credit card for pensioners and many more on the official website of the bank. For getting a credit card, the first step in this process is to check twice all the eligibility criteria material as per your chosen card then submit request of the card.

The two most critical area that is common to most cards is the minimum income and a good credit score. As a pensioner it’s quite likely that you have held a bank account with one of the major banks for a few years, this relation may potentially assist with your application if you are applying for a credit card. During the online application process, they will ask if you have a current or past relationship with the bank. With this process, you must also submit as proof stating that you are a pensioner.

Senior citizen card- Indian Bank

  • One of the best credit card in India. We can use this card as an ID card.
  • Date of birth, photo and blood group on the card.
  • Availability of higher point of sale or online limits.
  • There will not be any AMC charges for the senior citizen card.
  • Online limit of cash withdrawal Rs 25,000 and point of sale Rs 25,000 (the aggregate limit of Rs 50,000 per day)

Credit card for pensioners:

Below listed are the credit cards for retired persons in India.

  • Credit limit based on thrice the monthly pension of the applicant.
  • The billing cycle is from 16th of the current month to 15th of next month.
  • And payment is to be made on or before 5th of succeeding month which most suits the requirement of the salaried class.
  • Specially designed for pensioners.
  • No transfer on death (TOD)allowed.
  • Low- interest credit cards for a senior citizen.

Features of Bank of India credit card for pensioners:

The following features accompany a bank of India credit card for pensioners.

Balance transfer facility: Pensioners can transfer their outstanding balance on another credit card to the bank of India for credit card pensioners subject to a maximum amount is 75% of the spending limit. The minimum amount required to avail the balance transfer facility is Rs 10,000 for other bank cards and Rs 5,000 for the bank of India credit card for pensioners.

Cash withdrawal facility:  Bank of India pensioners credit card holders can withdraw cash from any ATM including other bank ATM using their card.

Interest-free credit: All the purchases that you make using a Bank of India pensioners credit card will be offered an up to 51 days of the interest-free credit period.

Benefits of Bank of India credit card for pensioners:

24* 7 customer care: If customers have any query regarding any service or want to report the loss of card, they can do the same by calling Bank of India 24*7 helpline for a credit card.

Cash advance facility: Bank of India pensioner credit cardholder can avail the cash advance facility at over 4,000 bank branches with free remittance option for a credit card payment.

You can earn reward points also which can be redeemed for cash back, shopping voucher or a wide range of goods and services through card issuers online store. So, Bank of India will provide cards just for you.

 

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