Players in the Indian Credit Card market are back with a bang, and are hoping to make it big again thanks to the recessionary effects that is now easing off slowly and gradually.

A credit card is a system effecting payments that comes in the form of small plastic card which is issued to users of the system. It is a card entitling its holder to buy goods and services based on the holder's promise to pay for these goods and services later. The issuer of the card grants a line of credit or a cash advance to the consumer which the user can employ for the payment of expenses. This credit or advance has to be paid in full plus interest is charged as payment for the service provided.

Credit cards are issued after an account has been approved by the credit provider, after which cardholders can use it to make purchases. When a purchase is made, the credit card user agrees to pay the card issuer. The card holder indicates consent to pay by signing a receipt with a record of the card details and indicating the amount to be paid or by entering a Personal Identification Number (PIN). Transactions can also be executed through the Internet as well by providing the required details.

Credit Cards in India is not exactly a new discovery altogether but has certainly become a popular mode of executing payments. The credit market in India is made up of 18 major banks and financial institutions. Following are major credit card providers in India:

• ABN Amro

• HDFC

• American Express

• ICICI Bank

• Axis Bank

• SBI

• Bank of Baroda

• Canara Bank

• Citibank

• Visa

• HSBC

• MasterCard

• Deutsche Bank

• Amex

• Barclays Bank

• Diners Club

• Standard Chartered

• Kotak Mahindra

The Credit Card market in India is currently hovering around 3 million users with a annual turnover of around 2500 crores.

More then 10 types are available in the country. SBI Credit Cards are the most popular credit cards in India. SBI Credit Cards are the least hassle-some credit products and offer very high consumer satisfaction as well. The next in the queue are the ICICI Credit Cards as the organization is known for its time efficiency and prompt consumer query solutions.

Credit Cards in India are suitable for those specific group of people who are big spenders and cannot carry around large sums of money due to security reasons. Also, credit cards in India are an essential commodity for Online shoppers. They can also help those who have immediate requirements of credit for short period of time.

Credit Cards if used properly can actually be very beneficial for the consumer or user but for a peaceful and financially acceptable relationship with your credit card certain steps need to be followed and certain warnings need to be paid attention to some of which are given below

• Buy only what you can afford

• Pay your credit card bills regularly

• Pay your bills near the end of your grace period

• Contact your card issuer if you have a problem

• Consider a credit card with a low interest rate

• Learn all about the charges being paid beforehand

• Don't use your credit card as a second paycheck

• Don't underestimate the negative impact of late payments

• Don't ignore your bills

These points should be kept in mind while going for a credit card. Use your credit card or cards wisely and sparingly and pay up on time. Just a few proscriptions and one can take the advantages of being a credit card holder without paying an arm and limb for it.