A credit card means you buy now and pay later. Your bank (issuer of the credit card), pays the amount for the product or a service right away and has to be repaid within a period of time.
This card is very useful if you have to purchase a product immediately and have no ready cash.
You need to submit a copy of your PAN card.
You need an identity proof and an address proof such as a passport, Drivers license or a voter's card as part of your KYC (Know Your Customer), needs.
If you are salaried you show copies of your last 3 months salary slips and bank statements.
You need a Copy of form 16 as well as your last 3 years Income Tax Returns.
If you are self employed you require to show Income tax returns, Your profit and loss account and your business card. You might also have to own a vehicle and your business must have credibility.
Credit cards can be used in India or abroad. They are easy to carry and can be easily blocked if lost. Your money remains safe.
You get frequent flier rewards and fuel point rewards if you use your credit cards to book flights or pay for petrol or diesel at fuel pumps.
You can shop online or pay utility bills such as water and electricity bills using a credit card.
Higher you spend with the credit card, more are the reward points you get. You get discounts when you shop using the credit card.
You need to be at least 18 years of age. You will not be able to avail a credit card if you are over 65 years of age.
You require to have a minimum salary of INR 3 Lakhs.
You need to have a minimum Cibil score of 700 for the final sanctioning of your loan.
You must not be in debt or be paying EMI's on too many loans.
If you are a student, you can avail a credit card against your fixed deposit. A certain minimum fixed deposit would be specified.
If you have a savings bank account or a fixed deposit with a bank, you can easily avail a credit card.
If you are working in a non listed or not too popular a Company, then you might face a problem while availing a credit card.
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