Know About Mastercard Credit Card

Check the benefits, features, and offers of Mastercard credit cards. See how you can apply.
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Know About Mastercard Credit Card
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5 min read
01 December 2023

Among the plethora of credit cards available, Mastercard stands out as a globally recognised and trusted brand. This article delves into the intricacies of Mastercard in credit cards, highlighting its offerings, types, and how you can apply for one in the Indian market.

What is a Mastercard network?

Mastercard is a leading global payment solution that facilitates secure and convenient transactions. It operates as a network that connects consumers, financial institutions, merchants, and governments worldwide. Mastercard offers a range of credit cards, tailored to meet specific needs and preferences.

Types of Mastercard in credit card

Below are the different types of Mastercard and each type caters to different preferences and requirements, ensuring there is a card for everyone.

Types of Mastercard

Description

Standard Mastercard

Ideal for everyday use with basic features.

Gold Mastercard

Offers enhanced benefits such as higher credit limits.

Platinum Mastercard

Provides premium privileges like concierge services and airport lounge access.

 

Mastercard credit card acceptance

Mastercard is an exclusive payment network that is accepted globally across various payment categories. It facilitates connections among financial institutions, businesses, merchants, consumers, and governments in more than 200 countries.

Mastercard credit card offers

Mastercard credit cards are not just a payment method but a source of added value for cardholders. The following are the common credit card offers you get on Mastercard.

Offer type

Description

Cashback

Earn cashback on specific spending categories

Rewards program

Accumulate points for various transactions

Travel benefits

Enjoy discounts on flights, hotels, and more

Shopping discounts

Avail special offers at partner retailers


What is the difference between Mastercard credit card and debit card?

Mastercard offers both credit and debit cards, catering to the diverse financial needs of consumers. Let's break down the key distinctions between Mastercard credit and debit cards:

Feature

Mastercard credit card

Mastercard debit card

Usage

Allows users to borrow money up to a credit limit.

Linked to your bank account, spending your own funds.

Credit limit

Has a predetermined credit limit set by the issuer.

No credit limit; limited to the available balance.

Interest rates

Charges interest on outstanding balances.

Interest-free if paid in full within the billing cycle.

Overdraft protection

No overdraft protection; may lead to fees.

Overdraft protection may be available.

Rewards and benefits

Often comes with rewards, cashback, and perks.

Limited rewards; focuses on transaction convenience.

Cash withdrawal

Cash advances available with associated fees.

Cash withdrawal at ATMs using available balance.


Mastercard credit card processing fees and charges

When using a Mastercard credit card, there are several fees and charges that you need to be aware of:

  • Annual fees: Some Mastercard credit cards may charge you an annual fee for the privilege of having the card.
  • Interest charges: If you carry a balance on your Mastercard credit card, you will be charged interest each month.
  • Balance transfer fees: If you transfer a balance from another credit card to your Mastercard credit card, you may be charged a fee.
  • Cash advance fees: If you use your Mastercard credit card to withdraw cash from an ATM, you may be charged a fee.
  • Late payment fees: If you miss a payment or make a payment after the due date, you may be charged a late fee.

It's important to read the terms and conditions of your Mastercard credit card agreement carefully to understand all of the fees and charges that may apply. By staying aware of these fees and charges, you can better manage your finances and avoid unnecessary expenses.

How to apply for a Mastercard credit card?

Applying for a Mastercard credit card online is a simple and seamless process.

Visit the website: Go to the official website of your preferred financial institution to explore the available credit card options.

Choose your card: Select the Mastercard credit card that aligns with your lifestyle and preferences.

Check eligibility: Verify your eligibility by reviewing the specified criteria for income, age, and credit score.

Fill online application: Complete the online application form with accurate personal and financial details.

Submit documents: Upload the necessary documents, including proof of identity, address, and income.

Verification process: The bank will initiate the verification process, which may include a credit check.

Card approval: Once approved, your Mastercard credit card will be issued, and you will receive it at your registered address.

Mastercard in credit cards goes beyond being a mere payment tool; it is a gateway to a world of convenience and rewards. With Bajaj Finserv's co-branded credit cards, you can experience unparalleled benefits and deals tailored to your lifestyle. Whether you are a frequent traveller, a shopping enthusiast, or someone who enjoys dining out, there is a Mastercard credit card waiting for you. Apply today and elevate your financial experience with Mastercard's innovative solutions.

Disclaimer

1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.

2. All other information, such as, the images, facts, statistics etc. (“information”) that are in addition to the details mentioned in the BFL’s product/ service document and which are being displayed on this page only depicts the summary of the information sourced from the public domain. The said information is neither owned by BFL nor it is to the exclusive knowledge of BFL. There may be inadvertent inaccuracies or typographical errors or delays in updating the said information. Hence, users are advised to independently exercise diligence by verifying complete information, including by consulting experts, if any. Users shall be the sole owner of the decision taken, if any, about suitability of the same.

Frequently asked questions

Can I directly apply for a Mastercard credit card on the Mastercard official website?

No, Mastercard does not directly issue credit cards. You can apply for a Mastercard credit card through the website or branch of a bank or financial institution offering Mastercard credit card services.

What should I do if I lose my Mastercard credit card?

If you lose your Mastercard credit card, immediately contact your card issuer's customer service or the number on the back of your card. Report the loss and request for your card to be blocked immediately. Also, ask for a replacement card and follow the necessary steps required by your card issuer.

What are the benefits offered by the Mastercard credit card?

Mastercard credit cards come with a range of benefits, including cashback offers on various expenditures like shopping, dining, and fuel. You get discounts on movie tickets, travel bookings, and hotel stays. Additionally, you get reward points on transactions, zero-interest EMI options, and complimentary airport lounge access. Premium Mastercard credit cards such as Platinum and World Elite offer higher credit limits, premium benefits, and exclusive services, including personal concierge and lifestyle benefits.

How do I know if my chip card is Mastercard contactless?

If your chip card has Mastercard contactless, it will have a symbol of four curved lines on the front or back of the card. The symbol represents the card's contactless payment capability. You can use the contactless feature to make payments quickly by tapping the card at the payment terminal, and it is secured and safe.

Who is eligible for a Mastercard?

Mastercard is available to everyone, however, eligibility is subject to meeting the financial and creditworthiness criteria set by the issuer.

What should be the credit score for Mastercard credit cards?

The credit score requirement varies with the issuing authority. A credit score of 750 or above is considered ideal and will help you get a credit card quicker. You may check the eligibility criteria provided by the credit card issuer.

Does Mastercard have any benefits?

Yes, Mastercard provides a host of benefits to its users. These benefits include purchase protection, extended warranty coverage, travel insurance, and reward points. Depending on the issuer, there may also be exclusive discounts and offers available to Mastercard users.

What is a Mastercard credit card?

A Mastercard credit card is a type of credit card that is accepted worldwide. Mastercard partners with banks and financial institutions to offer credit cards that come with various benefits, such as cashback, rewards, and discounts on purchases. Cardholders can use their Mastercard credit cards to make purchases and avail themselves of credit facilities. Mastercard credit cards also come with enhanced security features, such as EMV chips, to protect against fraud and identity theft.

What is the best credit card for Mastercard?

The best credit card for Mastercard depends on your needs and spending patterns. You can look for credit cards that offer a range of benefits, such as cashback on online purchases, airport lounge access, and reward points on shopping, dining, and travel. Before choosing a credit card, it is recommended to compare the benefits and fees of different credit cards to find the best one that suits your needs.

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