A credit card lets you pay for purchases both in shops and online without paying cash. You usually get slightly more than a month to pay that amount back to the bank without incurring any interest. However, if you do not pay the full sum before the due date, an interest (up to 24% - 28% per annum.) is charged on the outstanding amount. Banks usually require you to pay a minimum sum each month.

When you apply for a credit card, you get a credit limit, which is usually two to four times your monthly salary. You draw down on this credit limit when you make purchases and then repay the bank at the end of the month. With a debit card, however, the exact purchase amount is deducted directly from an account that's linked to the debit card. If there are insufficient funds in the account, the transaction will not go through.

You can apply for a credit card online or through forms available at banks or shopping malls. Fill up the personal details required, submit the relevant documents and wait for the application to be approved.

You must be at least 21 years old to apply for a credit card. Some banks allow student credit cards to be issued to those aged 18. The minimum age for a supplementary card holder is also 18 years old.