From time to time, personal finance experts have explained the potential dangers of using a credit card. Yes, if overused, credit cards have the potential to push the cardholder into a debt trap. However, if used wisely, credit cards offer a wide range of benefits and will help you save while you spend. Though getting a credit card is very easy these days, there are certain eligibility criteria you must meet to get one. The eligibility criteria for a credit card differs from one bank to another.
Depending on the type of credit card you want to apply for, you will be required to furnish certain documents to prove that you will be able to handle the cost of owning that card. If you are planning to apply for a credit card and want to know if you are eligible, read on.
The eligibility criteria to apply for a credit card varies greatly not only across lenders but also for every card offered by a particular lender. As each card is exclusively designed to suit certain spending habits of the cardholders, the eligibility criteria differ.
Some of the basic eligibility requirements to be met are as follows:
The documents required to apply for a credit card depends on the lender’s norms. However, the basic documents you will be asked to submit when you apply for a card are as follows:
Though credit card providers have strict eligibility requirements and the lender has the sole right to either accept or reject your credit card application, there are many things you can do to improve your eligibility.
Some of the steps you can take to make sure your credit card application is accepted are as follows:
Given that every credit card can differ in its eligibility requirements, it is important to check if you are eligible to apply for that particular card before submitting your application form. Most of the credit card providers in India mention the eligibility criteria clearly on their official website. They also allow cardholders to apply for a credit card online. Once you submit your online application form, the lender will get in touch with you via phone or email.
Alternatively, you can compare various credit cards available in the market and apply for one on BankBazaar. You can filter your credit card search results by entering key details about you, and BankBazaar will show your credit cards that you are eligible to apply. This makes the task of finding the right card easy for you.
You can also get in touch with the bank you hold a saving account with and check if you are eligible to apply for a credit card. However, it is not mandatory to hold a bank account with a particular bank to apply for a card. You can apply for a credit card with any bank even if you do not hold a bank account with them.