How to Apply for Credit Card
We have talked about how to pick credit cards and how can you improve credit scores. Now pondering how to get this plastic instrument in your wallet? Don’t worry, Fintra is here! In this blog post, Fintra will reveal the basic procedures involved in applying for the credit card you’ve chosen.
Credits card serves convenience alternative to cash while making transactions online and offline. With them, you can purchase accessories, groceries, travel & movie tickets, and some cards offer privileges of airport lounge access, 24x7 concierge assistance, etc. The funds spent on the card helps to rake in cashback, discounts, rewards, fuel surcharge waivers, and various other perks.
The other benefits of using credit cards include comfort, luxury, best-in-class services, freedom of shopping for anything anywhere, and much more. One another advantage is that you can sometimes continue to do purchases even if you don’t have adequate funds in your bank account, however, this is only possible if you are paying the credit card bills fully by the due date. The credit card transactions will come at zero extra cost.
If you desire to thoroughly make the most of your credit card, you’ll first need to have the right card that suits your spending patterns, lifestyle, and needs. After you’ve done that, the final step is to apply for it and at Fintra, we’ll assist you to gain knowledge about the best credit cards available from India’s top banks and how to apply for them.
Topics include:
- How To Apply For a Credit Card?
- Credit Card Fees & Charges
- Eligibility & Documents Required
- Top Banks Offering Credit Cards in India
- How to Apply for Credit Cards at Fintra?
How To Apply For a Credit Card?
After studying all the credit cards and glancing at their benefits, the time arrives to apply for the desired credit card. Fortunately, in today’s world due to increased demands for credit cards, banks have designed the application process quite simpler for the customers. Now there are two ways to apply for credit cards- online and offline.
Credit Card Fees & Charges
The two vital charges you will be required to pay for the credit cards are the joining fees and annual fees. Please also note that some cards have NIL joining fees, too. Along with these two charges, as a future cardholder, you must also know the other charges that include:
- Duplicate Statement Fee - This is a charge applied when the customer requests to receive a duplicate statement in physical form.
- Late Payment Charge - A penalty to be paid over and above the interest charges applicable. The cardholder has to pay this fee if it does not make timely payments.
- Cash Withdrawal Charges - If the cardholder uses their credit card to do cash withdrawals, the cash withdrawal charges will apply.
- GST - The Goods and Services Tax (GST) is charged on expenses made using the credit card. It depends on the value of the transaction, which is inclusive of interest, fees, and other charges.
- ECS or Cheque Return Charge - This is a charge to be paid by the cardholder if an ECS failure occurs or a cheque gets bounced.
- Foreign Currency Transactions - This is a fee, a defined percentage of the transaction value for the transactions done on foreign land.
- Over-limit Fee - This fee is charged from the cardholder if its fees, purchases, or finance charges exceed their credit limit.
Eligibility & Documents Required
Banks that offer credit cards have their own set of eligibility criteria for availing a credit card. However, some of the basics include as follows:
- The applicant has to be 18 years or above of age at the time of application. He/she shouldn’t be more than 65 years old by the time of applying.
- Whether salaried or self-employed, the applicant should have a regular source of income to pay its bills- the minimum income bracket varies from one card to another.
- The applicant’s credit score should be good- Preferably 700 - 750 and above for hassle-free approval.
With regards to the required documentation, they vary from bank to bank, however, the common key documents required at the time of applying for a credit card are as follows:
- Passport size photographs - at least 2 are required
- ID Proof - Anyone from Passport, PAN Card, Ration Card, Aadhaar Card, Voter's ID Card, Driving License, employee identity card
- Address Proof - Anyone from Passport, Rent Agreement, Telephone/ Electricity/ Water/ Credit Card Bills, Ration card, Aadhaar Card, Bank statement, Voter ID card, Driving License, or Property tax
- Applicants should also submit Form 16 and Income Tax Returns Statement
- Income proof for Salaried Individual: Salary slips for the latest 3 months along with salary account bank statement for six months
- Income proof for Self-employed businessmen/professionals: Latest IT Returns and other certified financial documents with business continuity proof
Top Banks Offering Credit Cards in India
How to Apply for Credit Cards at Fintra
At Fintra you can browse through various categories of credit cards, compare the credit cards that suit your spending requirements, and when satisfied you’ve to just click on the apply button! Now haven’t we made the whole process easy! If you require more assistance feel free to contact our team.
