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The excitement of landing a new job is exceptional, and you don’t want to spend your first salary. It is a significant milestone in your life that shows the beginning of financial independence and the starting point of a new life. Amongst other things, building a corpus and managing daily expenses begins at this stage. In this article, you’ll learn about the credit card benefits you can avail of. Having a credit card has various benefits that help manage expenses and it also lays a foundation for a credit score.


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It is wise to take a step back when considering applying for a new credit card with a new job but trying to figure out the meaning of the credit card. Banks provide credit cards to help individuals get a line of credit for a specific period.

Landing a new job is exciting in many ways, and there is no reason to curb this excitement once you receive your first salary. A credit card helps you spend now and you can pay later. Credit card holders can analyze their future cash inflows and spend before receiving cash. Credit card holders can receive a credit line with zero interest for a brief period. However, credit card holders must be well versed in the penalties associated with late repayments and their impacts to improve their creditworthiness.

While a new job comes with financial independence, it also means additional responsibilities and bills. Managing various bills, such as utilities, food, gas, groceries, and transportation, can sometimes be overwhelming. Individuals can use a credit card to streamline and monitor these expenses simultaneously. Credit cards are a widely accepted mode of payment and can also save you the time involved in making cash transactions or other forms of bank remittances.

As a credit card holder, one can benefit from the various offers and discounts the banks provide. These offers are designed exclusively for credit card holders and can help save costs. The cumulative effect of these offers and discounts can significantly impact individuals’ monthly savings. Someone who has just obtained financial independence can benefit from additional savings from the onset of their career just by utilizing a credit card. Credit cards usually offer discounts on travel, food, online shopping, utility bills and movie tickets.

A healthy credit score is essential for taking loans, and a well-maintained credit card will help you. Timely payments of credit card bills ensure that the credit line is not misused, and this way, the credit score is maintained over a period. As a new job holder, one would have many ambitions, such as buying a house, purchasing a new car, family vacation, etc.. A good credit score can help them quickly procure a home, car or personal loan. A good credit score can also help raise the credit limit banks offer.

Applying for a credit card with a new job is beneficial in many ways. However, one may need clarification on what is the best credit card for a first job. There are a large number of banks that offer credit cards to their customers. However, individuals should understand their requirements, spending structure and frequent spending areas before deciding on the best credit card for their first job. Additionally, one can look into the following aspects that define a credit card best.

  • It is widely accepted.
  • Cardholders are entitled to various discounts, rewards, offers and cash-backs on spending.
  • Credit cards offer additional discounts or redeemable points on the customer’s frequent spending.
  • Cardholders have the flexibility to withdraw cash during emergencies.
  • Credit cards provide a hassle-free shopping experience for in-store and online purchases.
  • A credit card comes with a 24/7 helpline service and a minimal joining/membership fee

Holding a credit card from the onset of your financial independence can be ideal for managing finances and building your credit score. Good credit cards also facilitate cost savings through the various schemes designed specifically for their customers. Additionally, it is a strong financial tool to cater to emergencies requiring immediate funding. Applying for a credit card along with your new job is always a good idea. However, credit card holders must be thorough with the terms and conditions mandated by the banks and comply with them throughout their association. Utilizing credit cards by meeting the norms and ensuring timely repayments can offer individuals a wide range of benefits. On the other hand, misusing a credit card and not maintaining a timely repayment schedule can negatively impact an individual’s creditworthiness.

To apply for a credit card, check the eligibility criteria before –

  • Primary cardholder age – 18 years
  • Minimum income salary – Rs.1 lakh and Rs.3 lakh.)
  • Employment status – salaried or self-employed

The following are the documents that need to be submitted to apply for a credit card –

  • Duly filled application form
  • Passport-size photographs
  • PAN, Aadhaar, passport, for ID proof
  • Driving Licence, PAN, Aadhaar, for address proof
  • Latest salary slips
  • Form 16
  • Bank statements

The following are some of the important credit card terms you should know about –

Credit Cards Statements

Every credit card holder is issued a bank statement each month by their respective bank showing a list of all the charges made to show the monetary amount that needs to be paid by the due date. The credit card due balance is shown on your credit card statement.

Current Balance

The current balance is the total amount unpaid by you; this includes all the charges of finances and retail transactions made by you.These transactions are sometimes also shown under unbilled or pending transactions when you have made a transaction in the last 24-48 hours but have yet to pay the bill. It is unpaid and therefore shown under that section if it is still in process.

Credit Cycle

Every month the bank will send you credit card statements with all the details on the transactions, charges, and costs on your credit card. This statement is generated at the end of your billing cycle. Any charges or transactions you make using the card after the statement is generated will be shown under the ‘Current Balance’ section. So, the balance generated in your credit card statements is the statement balance. The outstanding amount falls under the current balance section.
Depending on your transactions, this current balance can be higher or lower than your statement balance. For example: If you have made any payments on your Kotak Bank Credit Cards after the bank generated the credit card statements, your statement balance is more than your current balance. But if you have made any transactions after the statement, your current balance can be higher than your statement balance.

Interest on Credit Card

It is ideal to start a new billing cycle without any pending interests from your previous cycle. If your pending balance is zero, you can enjoy the premium benefits of the interest-free credit period. But if this is different from the case and you are carrying forward the amount from your previous billing cycle, then the interest rate would already have been applied. Setting up an automatic debit system with your credit card provider is ideal. This way, you will not miss the deadlines and ensure that you have enough money in the savings account you register for auto debit.
Not paying your credit card amount will lead to a negative credit score. Try to make timely payments and start the new billing cycle without any previous histories. Clear all the payments on your credit cards statements to balance within your billing cycle for a good credit score and manage between various statements.

Cash Withdrawals

Credit card withdrawals from ATMs are referred to as cash advances. As you know, the main use of credit cards is to purchase items now and pay for them later. Banks also provide cash advance features in credit cards, using which users can withdraw cash from their credit limit. For this, they usually levy certain credit card withdrawal charges.
The availability of withdrawal features differs from bank to bank, and the withdrawal limit and charges vary from card to card. It is crucial to know credit card cash withdrawals are different from the ones done through a debit card.

Extra Charges

Cash Advance Fees: When you use a credit card for a cash advance, it attracts cash advance fees. This fee is a certain percentage of your withdrawal amount and applies every time you make a cash withdrawal. You can see the cash advance fee in your next month’s billing statement.

Interest Charges: All Credit card transactions have associated interest charges. Therefore, certain interest charges are also levied on credit card cash withdrawals. The charges are levied from the date of withdrawal until you’ve fully paid the credit card bill.

Credit Score

Although obtaining a cash advance may not lower your credit score, the high fees connected with cash withdrawals increase monthly expenses. Your credit score could be negatively impacted if you only pay the minimum due.

Reward Points

Most banks provide reward credit cards to help users save and take advantage of other special offers. This encourages cardholders to use credit cards for dining out, traveling, and shopping. And these reward points can be exchanged for gift cards, cash, air miles, and other items. However, it is advisable to use a cash advance when you need money since when you use your credit card to withdraw cash, you might not get any reward points.

ATM-Related Fees

Credit Card users can do up to five free ATM transactions each month. And if this ATM transaction limit is crossed, you must pay ATM maintenance or interchange fee. You’ll be charged for the cost, which will appear on your credit card statement.


It is wise to take a step back when considering applying for a new credit card with a new job but trying to figure out the meaning of the credit card. Banks provide credit cards to help individuals get a line of credit for a specific period.

Regular credit cards and secured credit cards both have the same features. The main distinction between a regular credit card and a secured credit card is that the latter is issued in exchange for security, such fixed deposits, to lower the risk for card issuers. For people with no credit history or a bad credit history, secured credit cards are advantageous. As a result, it is among the simplest ways to raise your credit score while still reaping the rewards of a credit card. Secured credit cards reduce the risk for credit card businesses by being offered in exchange for a fixed deposit. Your deposit may be taken by the credit card company if you don’t make your payment on time.

Common credit cards: Basic credit cards with no annual fees and simple features

Cards with specialized features: Credit cards are made especially to fulfill the cardholder’s special needs. These cards offer a variety of benefits for travel, dining, and other activities.

Basic Cards: Credit cards contain minimal annual fees and provide basic features. These cards are excellent for regular use.

Cards with Reward Points: Every purchase made using a credit card earns the cardholder reward points. A cardholder earns more reward points the more they spend. Gift cards, coupons, and other items can be obtained by exchanging these reward points.

Credit cards with cash back: Cash-back credit cards provide cash compared to reward credit cards, which provide reward points. When a cardholder uses a cash-back credit card, a certain proportion of their purchases are refunded back to their account. On occasion, the card account is changed to show the total cash back earned.

You can apply for a credit card online at is short term procedure.The card issuer will get in contact with you after you finish and submit the online application to ask for the supporting documents. After receipt of your properly filled application form by the bank, your application will be processed within two weeks. If all of your paperwork is in order, you should receive your new credit card within 7 working days of the bank accepting your application and finishing its due diligence. By SMS or email, the bank will promptly update you on the status of your credit card application.

By checking out the credit card’s eligibility criteria on the bank’s website, you may find out if you qualify. To find out if you qualify, you can also get in touch with the credit card companies’ customer service branch.

The maximum credit limit given to you on your credit card is known as a credit limit. The repayment capacity, CIBIL credit report, applicant’s profile, and other elements all play a role in determining the credit limit. Nevertheless, you might ask your supplier for an increase in your credit limit. After you submit the request, your provider may require additional proof of identity or carefully examine it in light of your financial situation, credit score, and other factors. Your credit limit will be raised if you are determined to be eligible. Additionally, your provider could increase your annual credit limit if you have paid your credit card bill in entire on time.

You can expect payment charges on the unpaid balance if you don’t pay your entire credit card bill by the due date. Every year, interest rates for non-bill payments typically range from 30 to 49%. Additionally, the interest-free period on new credit card transactions may be suspended if the full amount due is not paid. interest will be charged on any future credit card purchases until the balance is paid in full.

Yes, you are able to make cash withdrawals from an ATM using your credit card. However, you may be charged an extra fee of between 2.5 and 3.5% if you withdraw money using a credit card.

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