I am not well informed on credit cards and banking in general. So please bear with me. I want to purchase an item from an online merchant with monthly EMI scheme. The criteria from the merchant is that I should have a credit card from (HDFC, ICICI, American Express, Citi) banks only. I don't have account in any of these banks. The first two banks provide Instant credit cards whereby if I have fixed deposit (don't have idea about this too) I can obtain the credit card (If I understood correctly).

What might be the charges for the purchase? All I want is to be able to buy the item through EMI scheme (say Rs 10000 Per Month).
Should I go ahead and get the Instant credit card?
What charges might I be incurring for these cards?
After I finish off paying the amount, how should I deal with the credit card?
i.e If I don't do any transactions with i.e not use it, will I have to pay any fees/charges?

1 Answer 1


It depends on various factors, for exact answer, you should talk to multiple banks and find out what is best.

Getting a Credit Card: One can apply to any Bank to get a Credit Card, fill the form attach supporting documentation. If approved [each Bank has a criteria that is not disclosed, to grant] you would typically get a card in 8-10 weeks.

Instant Credit Card: If you don't have a credit score or cannot establish sufficient earning capability via Bank Statement, some Banks have made it easier, you go to the Branch and Open a Fixed Deposit. While opening Fixed deposit you would need to complete all KYC formalities, ie give good documentation. If the Bank is satisfied, they may open an Fixed Deposit and give you a Card with the Fixed Deposit as colletral. Inspite of the claim, its never same day, the entire process could take around a week.

Charges for the Purchase: This depends on the Merchant and the scheme. Typically these days there is no additional fee. However quite a few Banks charge additional processing fees. If you make the payments on time, there is no additional fee.

Further Usage: Most cards these days in India are free for life. IE you need not pay anything yearly as subscription/ usage fee. If you really don't need the card, call up the Bank and have it cancelled. Make sure you get the a cancellation letter and keep it as records.


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