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.
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.
Want to know more on Credit Cards? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
See Also: How To Improve Credit Score?
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:
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:
Below mentioned are the documents accepted as Address Proof:
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:
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
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.
You May Watch Also:
Have a complaint against any company? IndianMoney.com's complaint portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and lodge your complaint. If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com.
Be Wise, Get Rich.
This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.