Want To Apply For a Credit Card In India? Know-How

Credit Card

Credit cards and their benefits are known to everyone. They are the most popular option to arrange funds to cater to immediate financial requirements without encouraging any financial burden. Having a credit card allows you to make purchases and pay off your debt at the end of every month. However, the catch is that you will have to pay on-time repayments to avoid paying hefty charges.

So, if you wish to apply for a credit card, the process is simple and hassle-free. You will have to find a credit card that best serves your needs, and then ensure that you meet the eligibility criteria and have the document requirement. This way, you get the credit limit you need and pay your card bills on time and in full.

Here Is How To Apply For a Credit Card:

Know The Type Of Credit Card You Need

There are numerous credit cards available in India based on your needs and preferences. For instance, if you are a frequent traveler, a travel credit card may best suit you. It comes with special discounts on your flights and hotel bookings. You will have travel insurance and several other benefits. On the other hand, if you enjoy going to the movies, you may want to apply for an entertainment card that comes with rewards and discounts at movie theatres, etc.

After selecting the type of credit card you need, it would be wise to compare credit cards. You may need to make a comparison of the same credit card from different issuings, as the features and benefits differ across different issuing banks. Make sure to choose a credit card that comes with the maximum rewards, cashback, and bonuses.

Meet The Eligibility Criteria

After selecting the type of credit card you want, you will need to meet the eligibility requirements set by your credit card issuer. You will have to be within the age bracket set by your issuing bank. You must be at least 18 years old at the time of application and 65 years during maturity.

You must have a stable income to get a credit card of your choice. Based on your income, you are eligible for different credit cards that offer varied benefits. To apply for a credit card, it is essential to be a salaried employee of an organization. These days, most credit cards issuers offer credit cards to self-employed individuals as well.

Furthermore, you must have a stable credit score. If you want to apply for a credit card that comes with rewards, cashback, and bonuses, you will need to maintain a minimum CIBIL score of 750. However, if you do not have a good credit card, you can apply for a basic credit card to build your credit.

Prepare The Documents Required

After meeting the eligibility requirement to apply for a credit card, you will need to prepare all the documents required and submit them along with your application. The documents required to get a credit card are:

Identification proof: Aadhaar Card, PAN Card, Driving License, Passport (Anyone)
Address proof: Driving License, Ration Card, or Passport.
Income proof: Salary slips, Income Tax Return, bank statement

These are the documents required for every credit card application. Your salary slips and bank statement indicates that you have sufficient income to get a credit card. Your bank will verify these documents before approving your application.

Completing Your Credit Card Application

After meeting the eligibility requirements and preparing the documents, you will need to decide your bank and complete your application. All banks offer credit cards, and you can apply for one based on your needs. You do not necessarily have to have an account with the bank. You will have to visit your bank’s website, click on the Credit Cards section, and apply for a credit card through your net banking profile.

If you are a new customer, you will need to click on the Credit Cards page, fill in your details, and a bank representative will contact you for KYC submission and assist you further in the process of your application.

Choose Your Mode Of Payment

While submitting your application, you need to choose your mode of payment. Consider your convenience while paying for your credit card. If you want to opt for the conventional way, you can visit the nearest bank branch and pay in cash. In such cases, you will have to pay a nominal processing fee.

You can also choose to pay through cheque. You will have to mention your credit card number in the cheque and submit it to your bank. It will take form 2 – 3 working days to get cleared. You can also make payments through online credit card bill payments, such as NEFT. You will need to enter your credit card details as a payee and make a submission through your net banking profile. The amount will be transferred from your bank account to your credit card instantly.