credit card
Application Process
- Step 1: Submit your documents for identity, address, and income verification.
- Step 2: Application review by the issuing bank or financial institution.
- Step 3: Receive approval status and, if approved, get your credit card delivered to your address.
Documents Required:
- Identity Proof: Aadhaar Card, PAN Card, Passport, or Voter ID.
- Address Proof: Utility bills (electricity, telephone), Aadhaar Card, or lease agreements.
- Latest Salary Slips: For salaried individuals, to confirm income.
- Annual ITR: For self-employed individuals, to demonstrate income.
- Additional Proofs: Age Proof, Employment Certificate, GST Registration, Business Proof, Income Tax Returns, etc.
Credit Card
A credit card is a financial tool that lets you make purchases now and pay later. The balance on your card can be repaid interest-free for up to 50 days. If you don't pay the full amount, a minimum payment (5% to 10%) is required, and the remaining balance will carry over with interest.
Types of Credit Cards:
- Shopping Credit Cards: Perfect for shoppers, offering rewards such as cashback or points, redeemable for products or travel.
- Lifestyle Credit Cards: Tailored to enhance your lifestyle, offering rewards for every swipe and discounts on retail purchases.
- Fuel Credit Cards: Designed for frequent fuel buyers, these cards offer savings on fuel purchases and lifestyle benefits.
- Rewards Credit Cards: Earn rewards like cashback, points, or travel miles on every purchase.
- Travel Credit Cards: Great for travelers, offering exclusive deals and perks on flights, bookings, and rewards for travel-related spending.
Features & Benefits of Credit Cards
- Credit Limit: The maximum amount you can spend on your credit card at any given time. Exceeding this limit may incur fees.
- Balance: The total amount you owe on your credit card, including purchases, fees, and finance charges.
- APR: The Annual Percentage Rate is the interest charged on your balance if not paid off during the grace period.
- Grace Period: A time window, typically up to 50 days, to repay your balance without incurring interest.
- Credit Card Fees: Includes annual, finance, late, and over-the-limit fees. These can be avoided with timely payments.
Credit Card Eligibility:
- Age: Usually 18 years or older.
- Income: A minimum income level to ensure the ability to repay.
- Credit Score: A good credit score enhances your chances of approval and better terms.
- Residential Status: Proof of your current address may be required.
