A credit card provides you with a line of credit, which you may use to make balance transfers, purchases of various types, and cash advances, among other things. You will be required to repay the amount borrowed by the bank by the due date indicated by the bank. When you use a credit card, you must remember to make the bare minimum payment on time every month by the due date specified on the card.
What is the procedure for applying for a credit card?
Credit card applications may be submitted both online and in person. The credit card application procedure has been digitized due to the COVID-19 pandemic, making it easier and quicker to complete.
The Procedure for Applying for a Credit Card over the Internet
You may compare credit cards and apply by following these four simple steps:
- Step 1: Research and compare credit card options.
- Step 2: Choose one of the best credit cards big Indian financial institutions give.
- Step 3: Verify your eligibility by providing a few pieces of personal information.
- Step 4: After completing your application form online, you will get quick acceptance.
Alternatively, you may apply for a card online on the bank’s website by following the procedures outlined below:
- Step 1: Go to the bank’s official website.
- Step 2: Look into the credit cards that the bank has to offer.
- Step 3: If a comparison tool is available, use it to compare the features and advantages of the two options.
- Step 4: Choose the credit card that is most appropriate for you and click on the ‘Apply’ button.
- Step 5: Complete the form by entering all relevant information and uploading the applicable documents.
- Step 6: Submit your application.
Documents Required for a Credit Card
Credit card related paperwork is very important in applying for and receiving a credit card.
However, even if you obtain online approval for a credit card, you will only receive final approval on your credit card application once you have submitted all of the appropriate documentation to the bank for further verification.
It is thus essential to understand the eligibility requirements and supporting documentation before applying for the best credit card. For the most part, the list of papers necessary for a credit card application is the same across banks and credit card issuers. It varies, though, depending on your field of work.
Documents Required for Salaried Individuals Who Want to Apply for a Credit Card
- Identification documents like Aadhaar cards, PAN cards, driving licenses, voter identification cards, and passports are acceptable.
- Proof of residence includes an electric bill/telephone bill, a passport, a ration card, a driving license, and a voter identification card.
- Income documentation includes the most recent payslip, Form 16, and Income-tax (IT) return. Age documentation includes the birth certificate, passport, and voter identification card.
- Other required documents include a photocopy of your PAN card and Form 60.
To apply for a credit card as a resident self-employed businessman or professional, you must provide the following documents:
- Identifying Documents: Aadhaar card, PAN card; Driving License; Voter Identification; and Passport Address Establishing Documents: Electricity bill/telephone bill; Ration card; Passport; Driving License; and Voter Identification.
- Revenue Proof: Tax returns with the calculation of income, certified financial records and proof of business continuation, PAN card, and other similar documentation
- Proof of age includes a birth certificate, a passport, and a voter identification card.
Credit cards are a vital financial instrument that allows users to make purchases and have the luxury of paying back the amount later. Best credit card comes with a bank-approved credit limit, and the holder must pay back the amount due on the due date, which is mutually determined by the bank and the holder.