What is the Eligibility to Apply for a Credit Card?

Credit cards provide cardholders with a level of financial freedom they might not otherwise have access to. This is owed to the fact that by virtue of possessing the card, you are extended a line of credit to use as you desire. This is based on the understanding that you will repay the same with interest along with certain fees associated with using the cards that are allocated towards its maintenance.

Credit cards have proved to be enormously useful as they allow for efficient, cashless transactions. Cardholders are given ample sums that can be spent as per personal discretion.

Furthermore, by virtue of being a credit card cardholder, you gain access to a number of discounts and offers not necessarily available to the general public.

Applying for a Credit Card

Applying for a credit card has never been easier and can be done so online or in-person at a branch of the card provider.

• In order to apply for a credit card online, you must visit the card provider’s website and fill out appropriate details pertaining to yourself.
• Select a credit card that suits your needs best after comparing the features of the credit cards on offer.
• A credit card should be selected keeping in mind your spending habits.
• Submit your application and await a response. 
• To apply for a credit card offline, visit the card provider or bank’s physical branch and speak with a credit card representative.

• After listing what you plan to use your credit card for and listing your requirements, the representative will help you select a card that works best for you.
• Submit the appropriate documents along with your application and await a response.

Credit Card Eligibility

There are a number of factors that affect your eligibility to apply for a credit card. Credit Card eligibility is as follows.

• Address – You must be a resident of India.
• Age – Your age must fall between 21 and 70 years.
• Credit score – Your credit score should exceed the 750 mark.
• Income – You must be a salaried or self-employed individual who receives a regular source of income.
• Payments – You must not have a record of defaulting payments. 
• Existing debt – If you don’t have any existing debt, it can positively impact your credit card application.

Credit Card – Documents Required

You are required to submit a number of documents to a credit card provider when applying for a credit card. Credit Card documents required are as follows:

• KYC
• Form 60 
• Passport size photograph
• Proof of identity – This could be in the form of a PAN card, Aadhar card, voter ID, driving license, or passport.
• Proof of address – You can submit a passport, driving license, Aadhar card, or voter ID.
• Proof of income – This could be in the form of a payment slip or Form 16.

Conclusion

The past decade has witnessed the popularity of credit cards so in the country with several individuals seeking to avail of the same. Their popularity stems in large part from the fact that they extend cardholders with a line of credit that can be used as per their discretion. In order to learn more about how to apply for a credit card, visit Finserv MARKETS today!

References

https://www.bajajfinserv.in/credit-card-eligibility-and-documents

https://www.fincash.com/l/pf/credit-card-eligibility