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Congratulations! Why did you ask? Well, because you have made the right decision of applying for a credit card, which unlocks exclusive cashback, rewards, luxuries, and an interest-free credit period, given you use it judiciously.
Now that you have made the decision, we have compiled a simple process that will unlock access to your shiny new credit card. Read on to find out what you need, how to apply, and all the other steps involved in a successful credit card application. Here You can also check credit card vs debit card & what are some credit card charges.
3 Things To Know Before Applying for a New Credit card
1. Eligibility Criteria
One of the biggest prerequisites to applying for a new credit card is finding out if you are eligible or not. There are several kinds of eligibility criteria. You should be of a certain age, usually, 18-60, be in a certain income bracket, usually above Rs 20,000 monthly income, and even be residing in a certain eligible city or town. Most banks will also want a valid credit score, usually above a certain range.
Make sure you verify all these requirements before you apply for a certain card. Eligibility is clearly mentioned on the product page for the credit card and is also available with the credit card issuer or bank.
2. Documents
While each bank will have its own set of documents to be procured, here is a list of general documents that almost every issuer will ask for during the credit card application process.
- Address Proof – Aadhaar Card, Passport, Driving Licence, etc.
- ID Proof – Aadhaar Card, Passport, Driving Licence, Voter ID Card, etc
- PAN Card
- Income Proof – Bank statements, salary slips, Income Tax Return (ITR)
- Form 16
- Color photographs
3. Understanding of the Credit Card
Apart from the eligibility details and the documents required, you need to understand the credit card properly before applying for it. Treat it as an investment. If you put time or money into buying stocks or gold, make sure you also research well before getting yourself a particular credit card. Ask yourself – are you getting a credit card for its rewards, interest-free debt (limited period), non-monetary benefits, or something else? Once you have the answer to that, pick the one that is best for you.
Process
- Go to our exclusive Card Picker (link) and answer a few questions on your spending pattern. We will choose the right cards for you.
- Visit the official page of the credit card we pick for you or choose from the range of credit cards on our platform.
- Click on ‘Apply Now’
- Enter basic personal details in the columns provided
- Enter all other details as required by issuing bank
- Submit your application. And you’re done!
Next Steps
Once you are done compiling all pre-requisites and have gone through the application process, the issuing bank will get in touch with you. It might ask for certain documents or application signatures to verify your identity and confirm your application.
This process can take up to several weeks, but the bank will make sure it is in constant touch with you to share updates. Once assigned, the credit card will reach you through courier in a few days. At the time of delivery, you might have to show an ID proof to confirm accurate delivery.
Voila! You are now the proud owner of a new credit card. Your credit limit is pre-decided, and you can instantly start using your account with the mobile app offered by the bank or the credit card issuer. Make sure you cautiously use your credit card by avoiding falling into a debt trap.
