The Development Credit Bank (DCB) offers a wide range of financial products to its customers hailing from different parts of India and belonging to various strata of society. One of its key financial products is the DCB Payless Credit Card, a specialized credit card suitable for a varied range of users.
About Development Credit Bank
Development Credit Bank, earlier known by the name of Development Co-operative Bank, was established in the year 1930 after a series of smaller regional banks were merged together. It was founded in the city of Mumbai. In the year 2006, it issued shares to the public through an Initial Public Offering (IPO). This bank gives loans to small and medium enterprises as well as mid- corporate customers. It also serves individual credit needs such as loan against gold, loans for commercial vehicles, small business loans, loans to microfinance organisations as well as home loans. A few of the leading services provided by the bank to its customers on creation of the savings account are the cash back option on debit/credit card spends and personalised account numbers.
Development Credit bank has 310 branches all over the country and is spread across 3 union territories and 19 states. It was also awarded the title of “Best Small Bank in India” by Business World as part of the Magna Awards ceremony in the year 2017.
However, before we get into the DCB Payless Credit Card, let us find out what credit cards are in general and how they benefit the customers and what makes the DCB Payless Credit Card different from other credit card offerings in India.
Credit Cards
Credit Cards are a form of plastic money that essential provides short term loans to its consumers so that they can purchase their necessities immediately. This is done by a simple process. A credit card looks more or less like a debit card and the customers can use it just like they use their debit cards. However, in case of the credit cards, the bank account of the customers is not debited directly with the amount that was spent on shopping, paying bills or making withdrawals. The bank transfers the money to the merchant and the customers can pay the bank later as per the consolidated statement through various options like DD or cheque or through internet banking. Credit card payments often allow both installment and lump sum payments.
DCB Payless Credit Card
The DCB Payless Credit Card is provided by the Development Credit Bank to its customers and provides them with an attractive rewards program when they use it for shopping. This card is a secured credit card that is linked to a customer’s Fixed Deposits that they have with a bank. This makes availing this credit card easy for people because a lot of people in India carry Fixed Deposit accounts with various banks and also because the paperwork required is minimal.
After the card is linked with the customer’s Fixed Deposit Account, he or she gets a credit card limit of up to ninety percent of the amount kept with DCB in the form of the Fixed Deposit. The customer can pay back the amount due to the bank before the due date and also earn FD interest on the deposit as per the applicable rate. Any amount that is left overdue can be deducted from the customer’s Fixed Deposit with the bank hence the risk exposure of the bank is also minimised. Other reasons to go for the DCB Payless Credit Card include flexibility in payments, discount offers, etc. The following are key benefits of the DCB Payless Credit Card.
Please Note: DCB is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.
DCB Payless Credit Card Benefits
Flexible Credit Limit
The credit limit with this card is flexible as the credit limit depends on the amount of the fixed deposit that the customer maintains with DCB. If the customer increases the amount of his/her fixed deposit with the bank, the credit limit automatically increases. The available credit limit of DCB Payless Credit Card can be up to 90% of the fixed deposit amount held with the bank.
Zero Fuel Surcharge
The customer can avail waiver on the fuel surcharge (as per the applicable rate) if they spend up to Rs. 20,000 annually on fuel.
Personal Accident Insurance
DCB Payless Credit Card holders are also covered by a complimentary personal accident cover (Air/rail/road travel) for an amount of up to Rs. 1 lakhs.
Free Balance Transfer
This credit card allows you to transfer the balance from your other credit cards to your DCB Payless Credit Card without incurring any sort of processing fee.
Low Interest Rate
The rate of interest charged to the customers on an annual basis is 24%, which is one of the lowest among credit cards in India.
Introductory Cash back Offer
When users of the DCB Payless Credit Card shop using their card, they can get cash back of Rs. 350 on spending at least Rs. 5000 during the first 3 months of the issuing the credit card. This is given as the introductory offer to those signing up for the credit card.
Credit Period
The credit period on this card is from 15 to 45 days. This means that the customer of the DCB Payless Credit Card can pay back the amount due on the credit card between 15 to 45 days from date of purchase without being charged any interest on the amount spent till the due date.
Credit Score Improvement
The use of DCB Payless Credit Card helps the holder of the card in improving his or her credit score. When the card holders use their cards regularly and also pay back their dues on time, their credit history improves and their credit score improves as a result.
Secure Online Payments
The holder of DCB Payless Credit Card can securely make online payments at a variety of merchants by signing up with the Verified by VISA (VbV) program. The VbV program covers a wide range of online merchants within India including leading utilities companies that accept online credit card payments.
How to get the DCB Payless Credit Card?
Anyone who can open a Fixed Deposit account with the DCB bank with a minimum amount of Rs 25,000 can apply for the DCB Payless Credit Card. They just need to provide their PAN Card, an address proof as well as an income proof in the form of their recent salary slip. The credit limit available is up to 90% of the amount kept as FD with DCB.