With recent data suggesting 10.8 million new credit card users in India between September 2018 and 2019, it is evident that this financial tool is growing in popularity. Currently, India boasts of more than 50 million credit card users, a number which is rising quite fast.
Understandably, numerous earning professionals are applying for their first credit cards which makes it vital to understand how to check eligibility and other requirements.
Checking credit card eligibility criteria and document requirements is quite easy with online portals of financial institutions offering dedicated pages to the same. Though these details have been discussed later, potential applicants must note that these are not enough and it is best to follow these steps mentioned below to check eligibility before going on to apply for a credit card.
- Borrowers should begin by comparing various credit cards on offer and select their perfect fit by comparing different features like credit limits on offer, rewards points, partner stores, etc.
- Once a card has been chosen, potential applicants should access the official webpage of their card issuer.
- Next, it is vital to look for credit card eligibility, which usually has a dedicated heading. Notably, different financial institutions can have this under varying topics like “check eligibility”, “pre-approved offers”, etc.
- Once this above-mentioned option is accessed, an interested individual must provide a few basic details about himself/herself. These include the name and phone number.
- After filling in personal details, an OTP is sent to the provided phone number.
- Once this OTP is verified, credit card eligibility, offered credit limit for the applicant, etc. are displayed on the screen.
In addition to the above, potential users should also note the important things to know before applying for a credit card. This includes eligibility and document requirements which must be met to complete an application. The basic eligibility criteria that must be fulfilled to apply for a credit card are listed below.
- Must be a resident of India.
- The age of an applicant should be between 25 and 65 years.
- The applicant should not be a defaulter and have a minimum CIBIL score of 750.
- Some financial institutions also require applicants to be existing customers.
The documents which must be produced while applying for Bajaj Finserv RBL Bank SuperCard and its likes are as follows.
- Any government-issued identity proof like Aadhaar card, voter ID, driving license, etc.
- Address proof for permanent address along with that of the current address, in case this latter is not the same as that of the former.
- Income proof of an applicant in the form of payslip, IT return, or Form 16.
- PAN card of an applicant or Form 60.
After checking all these above-mentioned credit card eligibility and document requirements, interested individuals can complete their application in a matter of a few minutes.
Also Read: 5 Money-Saving Tips for Your Credit Card
Financial companies like Bajaj Finserv also provides pre-approved offers which make this application process not just prompt, but also convenient. Such pre-approved offers are provided on various financial products like credit cards, personal loans, business loans, etc. You can easily check your pre-approved offer by providing the necessary credentials, including name and contact details.
Along with checking these necessary credit card eligibility and document requirements, borrowers should also note a few tips while applying for credit cards. This includes tips on bill payment, important security measures, and even options for reducing interest payment on purchases. Users should also learn how to make the best of their accumulated reward points, which can be used to reduce their financial burden by a considerable amount.
While checking various bill payment options and choosing a convenient method is vital, users should also know how to use a credit card wisely. This includes planning expenses, repaying on time to minimize credit bills, and allied information on availing various benefits like discounts and rebates from partner stores, which are exclusive on credit cards.