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Information and Documents Required to Apply for a Credit Card

Credit cards have become an important part of how we carry out our financial activities as they make it easier to buy things and keep track of expenses. However, before applying for a credit card, it’s important to understand the information and documents your financial institution will require for approving your credit card application.

This article will outline the essential details and documentation you will need to provide when applying for a credit card and some helpful tips for the application process.

Eligibility Criteria to Apply for Credit Cards

Credit card issuers may have different requirements for applicants. Here are the credit card eligibility criteria: 

  • You should be 18 years of age or above.
  • Be an Indian citizen.
  • Have a valid identity and address proof.
  • Have a good credit history with no defaults or overdue payments.
  • Be a self-employed or salaried professional.

Now that you know the credit card eligibility criteria, let us find out how to apply for credit cards online.

Documents Required To Apply For Credit Cards Online

When applying for credit cards online, you need to submit some documents for verification. Though the list might differ for different credit card companies, here’s a generic list of documents that are needed by most issuers.

Proof of Identity

Proof of identity is required as your credit card company wants to ensure they are not being scammed. Any government issued card such as PAN card, Aadhaar card, driving licence, passport, voter identity card, and ration card can be submitted for the same.

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Proof of income

Your issuer wants to know if you have a genuine source of income that will allow you to make timely repayments of your credit card bill. For the same, you need to provide proof of income. The documents can include the current income tax return, a salary slip for the last three months, the last three months’ bank statements, and Form 16 (for salaried individuals).

Proof of address

The documents required to show as proof of address include: Aadhaar card, rental agreement, passport, ration card, recent utility bill if you have property, property documents, lease agreement, and driving licence.

How to Apply for Credit Cards Online

Credit card companies have different online application processes. Online credit card applications are simple.

Step 1: Visit or download the financial institution’s app.

Step 2: Enter your phone number and email address.

Step 3: Enter your basic details like name, age, and address for verification.

Step 4: Enter your PAN card details.

Step 5: Your issuer will check your credit score to check your eligibility. If you are eligible, you will move on to the next step of uploading your documents. If not, your issuer might give you the option to apply for a credit card by opening an FD.

Step 6: Upload the documents asked for. Once your verification is complete, your virtual credit card will be activated in less than 5 minutes. In 7-10 days, your physical credit card will be delivered to your residence.

Things to Consider While Applying for Credit Cards

As there are many options available in the market, it is natural to get confused while choosing the best credit card. Below are certain things you should consider while applying for a credit card.

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Rate of Interest

This is the most important factor when applying for a credit card. An interest rate is levied when you miss payments or pay less than what’s due. Credit card interest rates are higher than most loans. Not only this, but your credit history also affects the interest rate. Your issuer may charge high-interest rates if you default or borrow frequently. Clear your debts before applying for new loans to avoid such situations.

Additional Costs

Credit cards come with a variety of fees and additional charges like annual, late penalties, cash advances, over-the-limit, and other fees. All credit card companies have different costs. Before choosing a credit card, be aware of these fees. You can also compare these additional charges with those of other credit cards and choose the one that charges the least and suits you best.

Check Your Credit Limit

This is also crucial before applying for a credit card. Check your credit limit before you apply because low card limits make transactions difficult.

Other Benefits

Compare credit cards for rewards, offers, and benefits. Most cards reward timely payment. You can get cashback, air miles, and other rewards. Choose a credit card with benefits that fit your lifestyle and spending habits.

Conclusion

There are different credit cards, and picking one can be difficult. Therefore, you must know your spending habits and why you use them. Compare cards before choosing the best fit for you. Consider the reward programs and a card that will align with your spending habits.

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