In India, there are a variety of credit cards that offer appealing perks such as reward programs, cashback, fuel savings, insurance benefits, travel benefits, and so on. Choosing the proper credit card for your lifestyle needs will allow you to get the most out of your card.
How do you go about getting a credit card?
The good news is that the procedure is straightforward, and you have numerous options.
You can never be guaranteed that an issuer will grant you a credit card, but there are a few things you can do to increase your chances of acceptance before applying.
The application process is pretty simple and completing one doesn’t take more than 5 minutes.
Your legal name, birth date, residence, Social Security Number, and annual income are usually required. Giving an issuer your Social Security Number allows them to run a credit check on you to check your credibility. Your salary is also important because it determines whether you will be able to pay off your credit card debt.
Here’s everything you need to know about for a credit card apply for the first time. We’ll try to answer most of your queries in the content below — whether you’re unsure where to begin or seeking advice on how to appropriately use your new card.
If your credit is good, you’ll be able to apply for your first credit card in person, by mail, over the phone, or online. Also, you’ll be able to choose from several cards and banking institutions.
We will walk you through the 3-step online application process for a credit card. After all, the offers you receive aren’t necessarily the best for you; they’re simply the ones that credit card firms are most interested in selling at the moment.
Make an application online.
Once you’ve decided on a credit card, look for a “Apply Now” button on the website, which will lead you straight to an application. Questions may vary slightly, but you should expect to supply a mix of personal and financial information, such as your name, address, and Social Security Number, as well as your annual income, monthly spending, and the balance in your current bank account (s).
Submit your application
It’s time to sit back and wait for a response after you’ve completed your application. Some issuers are more responsive than others, but you should receive a response within 10 to 14 business days.
Receive your card
If you’re eligible, your replacement credit card should arrive in 10 to 14 business days, though in some cases, delivery can be accelerated due to extenuating circumstances. After that, you’ll need to activate your card before you can begin making purchases.
Eligibility for credit cards in India
To ensure that your credit card application is approved, you must meet certain eligibility requirements. Each bank or card may have different parameters. If you don’t meet the requirements set by the bank, your application may be rejected. If this happens, your credit score might take a hit.
Mentioned below are a few points on eligibility for credit card requirements
- Applicant must have a minimum age of 18 years
- The minimum income salary must be between Rs.1 lakh and Rs.3 lakh.
- Applicant should either be salaried or self-employed
Documents required for a credit card application
The documents you will need to furnish with your application will differ from bank to bank. However, below is a list of some of the basic documents required you will need to submit:
- Completed application form
- Passport-size photographs
- Proof of identity (copy of PAN, Aadhaar, passport, etc.)
- Proof of residence (utility bills, Driving Licence, PAN, Aadhaar, etc.)
- Latest salary slips
- Form 16
- Bank statements
If you’re self-employed, you will need to submit:
- Income proof
- Statement of accounts
- Proof of business
- If you’re applying for a student credit card, you will have to provide your student ID card along with your application form.