Hello Friends, I am redesigning my question which I asked earlier, hoping that this time I will be able to express myself properly and get response. This question is particulary for people living in India and accepting payments vide Paypal. 1) Which card should I go for Credit or Debit cards. I have never used Credit cards before and also not intend to use in future for any kind of purchases. Just because Paypal is insisting of verifying by Credit/Debit cards, I am looking for one. Moreover, I am inclined for Debit cards, because of fear of scams and mis-use of Credit cards. Will that do ? 2) I live in Gujarat, India.. Can anybody guide me the easiest way of whom to approach for the above Credit/Debit Card please ? 3) I hold an account with SBS ( State Bank of Saurashtra) and most of my transcations are through this account. I have seen number of cards at www.sbicard.com like SBI International card, SBI Gold Card, SBI Master Card. I think SBI International Card seems the best option. The reason why I am asking this question here instead of approaching the bank is because I want to make sure that after I purchase one of the above card, it should suit well with Paypal. As said earlier, the idea of me purchasing the Card is only for Paypal. For example: I have an ATM-cum-International Debit card having VISA logo of IDBI bank. But that is simply not working with Paypal. This card was issued to me recently by IDBI without asking for it and claims all international validity. Sorry for this lengthy matter, but I am confused, I want to know the right way. Thank you all in advance, With Regards gopalgkb
Most Indian debit cards don't work for online transactions, so forget about a new debit card - it won't be of any use. You will either need a VCC or credit card to verify your account. Credit cards are very safe, if you restrict the use to only online payments on secure sites. I cannot comment on offline use. I never use my credit card for offline purchases. Most private banks will easily give you a credit card, if your have an income statement. If you don't have an income statement, you can still get a credit card against a fixed deposit. ICICI requires a minimum fixed deposit of Rs 20000 for a credit card. I am not sure about what other banks require.
Just to comment, technically speaking a Debit Card if used as a Credit card (ie not with an ATM withdrawal) is subjected to the same level of 'risk' as a credit card. The only difference is that a Debit Card withdrawal may be restricted by the total amount of your bank account while a credit card is limited to your bank assigned credit limit. From my experience, if money is taken off your debit card when you use it online or offline, it would be gone and banks generally do not give you any protection to that. However with Credit Cards, depending on the bank, they may raise a dispute for the transaction and some banks given give you purchase protection. As long as you do not enter your credit card numbers on phishing sites or give them to anyone to use, you should be protected. Banks do not make money from a Debit Card so they are not as protective of them while a Credit Card has the potential of earning the banks money through their high interest rates.
Thanks Sachin & Eddy for your valuable suggestions. Since I have quit my regular job for feelancing, an income statment now would have been difficult. I never knew about fixed deposit policy, thanks sachin for that. Ok, just one last question... If I do go for credit card, any credit card i.e Gold or Silver will do ? This bank people come up with lots of different cards, I want to have the minimum credit ( so the scammer can get away with only less money), hence this question. But I will approach the Bank anyway, thanks a lot Regards gopalgkb
Go for the minimum limit that your bank offers. ICICI offered me a minimum of Rs 18000. If I need to do a bigger transaction, I deposit money in my credit card account via net banking and my limit automatically goes up. e.g. If I want to do a 21000 transaction, I just add Rs 3000 to my credit card account and the limit goes up automatically.
Silver, Gold or Platinum or even Titanium credit cards all have the basic feature of being used to make payments with. The add-on benefits defined by the bank is what distinguishes the card ans also it is sort of a status symbol. It may have tell people who sees your card your social or financial status but that is really not important. Gold or higher end credit card may come with additional benefits like free insurance, club memberships or additional bonus points and all that but all in the hope to making you spend even more. Online you cannot tell if someone is using a standard silver card or a titanium card, what is important is that you have the credit limit which can pay for expenses. Usually, higher end cards means that you need to pay more membership fees and also may require a higher income level. I am not sure about your banks but over here in Singapore, most banks may just levied a S$50 when you report a stolen card or misused which means your maximum liability (when reported) is just S$50 and not the full amount, assuming that you even need to pay anything. However, you can always tell your bank to limit your credit limits to something even lower. Some banks are proactive and will contact you each time a transaction which is made againsts your card which is unusual for your regular spending pattern and denied those transactions until you confirm with the bank that you made them. I had that happened to me a few times.
Dear friend! IMHO, please take care about the credit card should be Internation Credit Card. bcas some credit cards issued by indian private & nationalised banks are not international.
Hi Gopal, Well as someone has already pointed out , DEBIT card won't HELP you with Paypal. So go for a CC with any bank. The only thing is that the CC must be VISA International Card. There are various Banks that offer this like BOB Card, HSBC, HDFC, IDBI, SBI and I guess even your BANK Of Saurashtra. About your GOLD/Silver confusion , just go for a GOLD card. What I suggest is you get a DEBIT card from your Bank. So once you transfer amount from your Paypal account to your BANK through Xoom , you can withdraw that from any ATM using your Bank Debit Card. I hope this HELP's. Best Regards, handsomeabhi
You can go for SBI card. SBI cards are good comparing with others. This statement is from my people who work for me from india. BO
Which you choose is a personal choice although I perfer debit cards. If you do go for a debit card remember to get one with a VISA or MASTERCARD logo on it if you want to buy online.
Hello Friends, Wow what a response. Today is my first day in this forum. I am happy that all members are pouring their advices. Not long ago, I was confused and disturbed, where am i going to learn such vital things. For me, this is my first venture in business otherwise it was boring 9 to 5 boring job with less income. Thank you so much every one one of you. You have been of great help and I do appreciate your valuable time spent to my queries. Thank you Regards gopal PS: After reading above suggestions and my personal convenience, I am going to SBI bank to enquire about SBI International Card. If that does not work out, I have whole set of options mentioned by you all.
Hello Friends, One stupid question if I may ask ? If I do get a Credit Card, is it mandatory to make transactions through it ? I am not into any online selling or purchasing business . I thought once I get a Credit Card, all I have to do is put those details in my Paypal Account, Get Verified and forget it. Am I right ? Ok after all your views and suggestions, I did do some extensive research on Bank's Credit card weblinks. SBI card does look a promising card, but it is too expensive to bear at this moment . Their annual fees are Rs. 1500.00 I picked up BOB Silver Card. Would this be enough to get verified in Paypal. At this point, my sole interest is withdraw funds from Paypal. I have just started this new venture. I am reproducing their text below for BOB Silver card. Indian friends, please have a quick glance at it and help. ======================================================== BOBCARD SILVER DESCRIPTION This card is affiliated with Visa international. It is welcomed at over 1,10,000 Member establishments in India. ?? ELIGIBILITY Individual : Annual income of Rs. 75,000. Company : Paid-up capital of Rs. 3,00,000 or more. FEATURES · Revolving credit : Upto Rs. 25,000 per month. . Cash withdrawal: Rs.10,000 per month. . Service charge on revolving credit limit : 1.99% · Service charge on Cash withdrawal : 2% or Rs. 100 whichever is higher(At Bobcards/Bank of Baroda branches). · Service Charge on ATM Cash withdrawal : 2.5% or min. Rs.100(Domestic), 3% or min. Rs.150(Abroad). . Insurance : Free personal accidental insurance of Rs. 2,00,000, In case of air-accident Rs. 4,00,000. . Minimum payment : 5% per month. · Comprehensive monthly statements. Cash can be withdrawn at any branch of BOBCARDS Ltd. or at any of the specified branches of Bank of Baroda. FEES: FREE FOR FIRST YEAR (Principal Rs.400, Add on Rs.250) DOCUMENTS NEEDED a) Income proof : Salary slip/form 16/IT return in case of individual, Balance sheet and P&L A/c in case of company. b) Address proof. In case of account holders of Bank of Baroda, submission of the application through the concerned branch of Bank of Baroda is recommended for expeditious processing of application. BILLING 1st of every month, a bill will be sent to the cardholder at his/her given address for making payments on or before the due date mentioned in the bill. Bills can also be viewed on www.billdesk.com. ========================================================= Thanks, I think I wont post any further queries on this topic after this one. I will approach the Bank tommorrow after I receive your views. Regards gopalgkb
You don't need to use a card, if you don't want to. Why do you want to waste Rs 400 every year? There are many free for lifetime cards also available. You should give preference to those.
Thank you Sachin I have tried to get ICICI Credit Card. I have applied and re-applied since last 3 months. Everytime it is getting rejected. The first time they said my residential address is not in their service area, second time they said income is not enough. Now it makes my matter all the worse since I have quit my regular job and have no proof of income. i.e Salary slip. I have not put any Company' name to my business as it is still in infancy, so I am duing all my transcations in my individual name under my savings bank account. As my business grows, I will change all the parameters like opening a Current account, putting a firm's name for marketing purpose, fill all those legal forms etc. The reason why I am going for a BOB card is because I have an account there and probably with rapport of some senior officers, I might get the card quickly. My money is blocked in Paypal and what is worse, yesterday they replied to my query that I will be able to withdraw funds only after I am verified i.e not even their 500$ monthly limit. But thank you immensely for your suggestion. Did you go through the card details please, do you think it is suitable for verification in Paypal? As my business grows, hopefully with reasonable transcations, I am sure many Banks will phone me and request to avail their services. But right now, I am the one who is tied up. Any other suggestions you think where I will get the Credit card without many hassles ? If required, I dont mind putting a fixed deposit of around Rs. 20000/-. ( It is better to put those fixed deposit by borrowing rather than the blocked funds in Paypal) Sachin, you have been of great help, I have been following your advice along with others since I posted the question yesterday. These days, it is very rare to get a genuine advice. Thanks Regards gopalgkb
BOB looks good to me. (I hope there is no joining fees). Maybe you can use it for a year and cancel it after 11 months. ICICI gives credit cards without any income proof, to their customers, if they maintain a good balance in their ICICI accounts for a few months. However this is on discretion of the branch manager.