Mastercard Credit Card – Types, benefits, offers, bill payment, fees and charges

Many credit cards have a MasterCard stamp attached to it, which means that the credit card-issuing bank has an association with MasterCard thereby making you the owner of a MasterCard credit card. MasterCard is a US-based company that acts as a payment settlement and clearing house for digital transactions. MasterCard offers this service to both credit cards and debit cards. In simpler terms, in case you have a MasterCard credit card, then you are assured of a secure transaction, thanks to its security network.

These are the list of banks that provide as MasterCard credit card:

• Allahabad Bank
• Andhra Bank
• Axis Bank
• Bank of Baroda
• Bank of India
• Bharatiya Mahila Bank
• Canara Bank
• Central Bank of India
• CitiBank
• Corporation Bank
• Federal Bank
• FirstRand Bank
• HDFC Bank
• HSBC Bank
• ICICI Bank
• IDBI Bank
• Indian Bank
• Indian Overseas Bank
• IndusInd Bank
• Jammu and Kashmir Bank
• Kotak Mahindra Bank
• Punjab and Sindh Bank
• Punjab National Bank
• State Bank of India
• Syndicate Bank
• Karur Vyasa Bank
• Ratnakar Bank
• Union Bank of India
• Yes Bank

 

Types of MasterCards available in the market

As mentioned above, MasterCard has partnered with several top Indian Banks in both the public and private sector. These MasterCard credit cards can be used across the world to carry out transactions. Do note that if you carry out a transaction outside India, you are charged a transaction fee for paying in foreign currency.

One more thing that MasterCard offers you is the option to set up an automatic payment on your credit card, so you can pay your credit card bills on time. This way, if you pay the entire amount, you won't be charged any interest.

MasterCard has three main products keeping your interest and buying habits in mind:

Standard MasterCard Credit Card: The Standard MasterCard Credit Card is usually issued to those who have just begun their careers. It is considered an entry-level card. This MasterCard credit card is a good option for daily purchases, and comes with MasterCard global protection and Zeo Liability features.

Platinum MasterCard: Platinum MasterCard Credit Cards are a notch higher than Standard MasterCard Credit Cards and are used mainly when it comes to travel and lifestyle offers. In case you're a globetrotter, then you may want to consider a MasterCard Platinum Credit Card, as the reward points could include an air ticket. Apart from this, you can also avail MasterCard's global services such as Zero Liability Protection and concierge services

World MasterCard Credit Card: With the World MasterCard Credit Card, the world is quite literally your oyster and the pearls you can gain out of them are quite lovely. The World MasterCard Credit Card offers amazing deals on air tickets, hotels, lifestyle, shopping, and entertainment. It comes with MasterCard global services, concierge services, Zero Liability Protection service as well as MasterCard ID Theft protection.

 

Features and benefits of MasterCard credit card

If you have a MasterCard credit card, then there are a number of features and benefits that are associated with it. Here are some of them:

Global service: If you have a MasterCard credit card, then you can avail MasterCard Global Services to report a stolen or lost cretdit card. You can also obtain an emergency card replacement, and even get more information about your MasterCard credit card

Zero Liability Protection: MasterCard credit cards come with a Zero Liability Protection. This means that you will only pay for the purchases that you have authorised on your card. You will not be charged for unauthorised charges made on your MasterCard credit card.

PayPass: If you have a MasterCard Credit Card, then you have the option of tapping on the MasterCard PayPass feature on the credit card machine instead of swiping your card. Do note that this feature is only available on newer credit card machines, so you may not always have the chance of availing this facility.

MasterCard Travel Assistance: The MasterCard's Travel Assistance programme gives you services, which include visa and passport requirements, immunisation and healthcare services, and assistance in case of lost or stolen luggage or travel documents.

Secure Payment Gateway: MasterCard Credit Cards, much like VISA, offers secure payment options so that you aren't a victim of phishing and online scams. Some of these features include the EMV Chip technology, secure code and One-Time Passwords

MasterPass: If you hold a MasterCard Credit Card, then you can use the MasterPass digital wallet to make payments for online shopping. MasterPass is a free digital payment wallet and enables faster checkouts.

MasterPass QR: MasterPass QR is a new electronic payment option that lets customers in India pay for goods and services from their mobile phones. It delivers valuable benefits for merchants, issuers, acquirers and end-users.

 

Master Card Credit Card offers

MasterCard credit card owners can avail several offers from their credit card, but this also depends on several factors. These include

• The bank issuing the card
• The purpose of the card i.e. if it’s used for travel, shopping, or lifestyle
• Whether it’s a cobranded credit card

Based on these factors, you can avail the offers after a purchase. Some of these offers usually have a time limit, so it’s advisable to avail them at the earliest. Do note that there are terms and conditions involved in availing credit card offers, so be smart to read the fine print that your MasterCard credit card document provides you. Most people tend to ignore this document, and sometimes lose out on the rewards.

 

Fees and charges

If you opt for a credit card, chances are that you will be paying a registration fee and an annual fee. However, some cards have only registration fees and no annual fees. Finally, there is a section of credit cards that has neither registration nor annual fees. These credit cards are called free credit cards.

Having said that, most banks that issue you a MasterCard, VISA, American Express or RuPay Credit Card, will have a processing and annual fee. Before you opt for the credit card of your choice, be sure to read the terms and conditions, as some cards are costlier than the others. The cost of these cards also depends on various factors including the card type i.e. Standard MasterCard Credit Card, Platinum MasterCard Credit Card, and World MasterCard Credit Card.

 

Documents required for a MasterCard Credit Card

For salaried individuals

If you are a salaried individual, you need to send the following list of documents

-              Proof of address: These include any one of the following: Your Passport, your Aadhaar card, your voter ID, your driver’s licence, and/or a utility bill i.e. electricity or gas bill

-              Proof of identity: These include any one of the following: Your Passport, your Aadhaar card, your voter ID, or your drivers’ licence

-              Salary slips for the past three-six months (depending on the bank from which you are applying for a card)

-              Form 16

-              Income Tax return certificate

-              Proof of age i.e. birth certificate, school leaving certificate

-              Photocopy of your PAN card

If you are self-employed, these are the documents you need to submit

-              Proof of address: These include any one of the following: Your Passport, your Aadhaar card, your voter ID, your driver’s licence, and/or a utility bill i.e. electricity or gas bill

-              Proof of identity: These include any one of the following: Your Passport, your Aadhaar card, your voter ID, or your drivers’ licence

-              Proof of age i.e. birth certificate, school leaving certificate

-              Photocopy of your PAN card

-              Income tax returns with computation of income or

-              Certified financial documents and

-              Proof of business continuity

-              Photocopy of PAN card

 

How does a MasterCard credit card payment work?

If you are a MasterCard Credit Card owner, this is how your credit card processing works

- You buy a goods or service from a merchant

- The merchant will capture your account information and sends it to the acquirer i.e. the merchant's account

- The merchant acquirer then asks MasterCard to get authorisation from your issuing bank

- MasterCard will then submit the transaction to your bank, following which the bank will confirm if you have adequate credit balance

- Once the bank authorises the transaction, the transaction is complete, and the amount is credited into the merchant's account

Paying your MasterCard Credit Card

There are two main ways to pay your MasterCard credit card

• Online
• Offline

Online Through internet banking

• NEFT/RTGS online funds transfer
• Through BillDesk
• Auto debit facility
• Mobile wallets and payment systems
• Most banks also let you pay your credit card through Netbanking or Mobile banking

Offline Payments

• By calling customer care
• By walking into a bank ATM and dropping off a cheque in the credit card box
• Over-the-counter payment
• By drawing a cheque or demand draft

 

FAQs

 

Can I pay my MasterCard bill through the MasterCard site?

No. You will need to visit the site of the bank that has issued you the MasterCard credit card.

What is MasterCard SecureCode?

MasterCard SecureCode is a facility that will improve the security of your  Mastercard credit card. This SecureCode  gives you an additional layer of security that may protect you against unauthorised use of your card when you shop at participating online retailers. This service is provided by your card issuing bank.

What is EMV Chip Card?

EMV (Europay MasterCard Visa) is a global security standard for chip card technology. It enables chip cards to be accepted anywhere in the world. With the EMV Smart Chip, your card is better protected against fraudulent usage.

Can I use my MasterCard credit card outside India?

If you have an international credit card, then this is possible. Do note that you will be charged a fee for every foreign transaction that you make.