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How to Get a Credit Card in 3 Easy Steps? Research Team | Posted On Wednesday, January 16,2019, 06:40 PM

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How to Get a Credit Card in 3 Easy Steps?



What is a Credit Card?

Credit Card is a financial instrument issued by banks which can be used by borrowers to purchase goods both online and offline. The money spent on Credit Cards is a form of debt. This is borrow now, pay later.

Who can apply for a Credit Card?

All individuals who meet the eligibility criteria set by the lender can avail Credit Cards. The lenders would closely analyze the documents furnished by you at the time of application. Any discrepancy found, would lead to rejection of application.

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See Also: How To Improve Credit Score?

How To Get A Credit Card In 3 Easy Steps?

Credit Card Eligibility

Generally, unsecured Credit Cards are issued to those applicants who have good Credit Score. Applicants with low Credit Score (less than 700) will be issued Credit Cards, subject to providing security in the form a fixed deposit. This is secured credit card.

Credit Card is not for those who are struggling with their finances. Availing a Credit Card can only fuel the fire if you are under a financial crisis. Credit Card requires wise use. Credit Card is for those who are financially well off. Credit Card can be considered as a way a displaying one’s luxury.

Below mentioned are the general requirements to apply for a Credit Card:

  • Applicant must be an Indian Citizen
  • Applicant must be 18 years old and above
  • Applicant must possess PAN Card
  • Applicant must have good Credit History (for unsecured cards)
  • Applicant must provide a document each for Identity and Address Proof.

3 Easy Steps To Apply For A Credit Card

1) Documents Required For Credit Card:

Generally, the lenders will ask you to produce a document each for Identity Proof and Address Proof. Along with these, you may also be asked to produce Income Tax Returns statement of the last three years. PAN card is mandatory to avail a Credit Card.

Below mentioned are the documents accepted as Identity Proof:

  • Aadhaar Card
  • Voter ID
  • PAN Card
  • Valid Passport
  • Valid Driving License

Below mentioned are the documents accepted as Address Proof:

  • Telephone Bill
  • Gas Connection Bill
  • Electricity Bill
  • Water Supply Bill
  • Ration Card
  • Bank Passbook
  • Valid Passport

2) Choose Your Credit Card

There are a wide range of lenders to choose from. There are different types of Credit Cards available in the market today. You need to pick the most suitable card. Different cards offer different sets of benefits. Following are the factors that you must consider while choosing a Credit Card:

  • Shopping habits: Most Credit Cards today offer discounts, cashbacks and reward points when transacted on a specific brand, merchant and goods. Choose that Credit Card that offers maximum benefits based on your shopping habits.
  • Fees: Credit Cards charge annual and maintenance charges. You must choose that Credit Card that has a reasonable annual and maintenance charge. You need to keep benefits in mind while choosing a Credit Card on the basis of fees charged.
  • Credit Limit: This is defined as the maximum amount that can be spent over a billing cycle. Based on your profile, different lenders offer Credit Cards with different Credit Limit. You need to choose that lender who offers Credit Limit of your requirement.
  • Grace Period: Grace Period is defined as the period up to which the lender doesn’t charge interests on the outstanding balances. Post Grace Period, the borrower has to pay interest on how much ever he/she has spent on Credit Card over the billing cycle + grace period. Different lenders have different Grace Periods.
  • Credit Score: Applicants with good Credit Score (700+) are offered unsecured credit cards. Applicants with a Credit Score of less than 700 are likely to receive secured Credit Cards. Secured Credit Cards require security in the form of a Fixed Deposit.
  • Benefits: Different lenders offer different benefits like cashbacks, reward points and discounts for spending on selected brands, merchants and goods. Few lenders offer benefits like joining bonus, airport lounge access and so on. Choose that Credit Card which offers maximum benefits based on spending habits.

3) Apply For Your Card

After selecting the right Credit Card based on your requirements, the next step is to apply for it. You can apply for a Credit Card both offline and online. For offline application, you must visit the nearest branch of the lender. You need to fill and submit the offline application form by attaching the requisite documents. Post submission, the lender verifies the details furnished by you, and if the details are found legitimate, then the lender would dispatch your Credit Card to your address through a courier.

For online application, you need to log on to the official website of the lender. Fill the online application. You will be asked to upload the required documents either in PDF or any other suitable format. Post submission, the lender verifies the details furnished, and if the details are found legitimate, then the lender would dispatch Credit Card to your address through a courier.

See Also: Check Credit Score Online

4) Activate Your Card

After receiving your Credit Card, you need to activate it to start using it. Follow the steps mentioned on the letter presented with the Credit Card. Different lenders have different activation steps. Generally, you will have to activate it online with a code mentioned in the letter. You would receive One Time Password (OTP), on the registered mobile number, you need to enter it to validate and activate the Credit Card.

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