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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