Applying for a Credit Card? Here are the Eligibility Requirements

A credit card is an essential financial instrument that enables you to meet your monthly expenses smoothly along with improving your credit score and credit history. However, there are specific eligibility criteria you must meet to apply for credit cards. Many financial institutions require simple paperwork when you apply for a card. 

Some of the documents that are usually required to be submitted for a credit card include:

1.      Address proof
l  Passport
l  Driving license
l  Voter card
l  Ration card

You’ll need any one of these documents as your address proof.

2.      Identity proof

l  PAN card number
l  Pension book
l  High school certificate
l  Driving license

Provide any one of the documents.

3.      Income proof

l  Bank statements
l  Income tax returns
l  Payslips

Provide your credit card company with any of the above-mentioned income documents.

4.      Along with these, you also need a passport-sized photograph.

In addition to the documents, you need to fulfil other credit card eligibility requirements like:

1.      Age – You have to be in between the specified age bar of that particular lending institution you are applying for. In most cases, it is not less than 18. However, some institutions prefer their applicants’ age to be from 21 – 60 years of age.

2.      Income – You need to show the lending company that you’re a salaried or a self-employed professional with a regular flow of income.

3.      Credit score – A healthy credit score implies that you’re capable of paying your debts. Hence, it is good to maintain a credit score of 750 or above before sending your credit card’s application. Some lenders also issue credits cards to first time users with no previous credit records, but the credit limit for such cards is very low.

4.      Previous debts – If you have unpaid debts in any lending institution, you must clear them before applying for a credit card.

Thus, applying for credit cards is the easiest way to avail advances from financial institutions as you don’t have to go through a heap of paperwork. A credit card comes with numerous features and benefits that help you spend money wisely.

Benefits of using credit cards:

When you use credit cards to purchase a product or service, you enjoy various perks. It includes collecting reward points that you can redeem to get gift vouchers and coupons. You can also enjoy offers and discounts on movie tickets or flight tickets. Lending companies also offer cashbacks on purchases made with credit cards. However, you can enjoy additional advantages if you apply for a card like the Bajaj Finserv RBL Bank SuperCard.

Some of the advantages include:

l  Emergency loans available on your card’s unutilised credit limit.
l  Option to buy products on easy EMIs that come with minimal processing fees.
l  Withdraw cash from ATM. You get an interest-free window of up to 50 days to pay back the amount.
l  ‘Zero-fraud liability cover’ and ‘in-hand security’ protect your card from cyber-crimes while making online transactions.
l  Earn milestone reward points.

Thus, you can enjoy all the benefits with hassle-free application and approval.

You can also avail pre-approved offers on credit cards, home loans, personal loans, education loans, EMI financing and other financial products. These offers simplify the entire process of availing loans. Save your time by entering some basic details and checking out your pre-approved offers.

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