Credit Card

It has made things easier as it reduces the burden of cash and cash payments. Credit Card helps make payments anywhere around the world. However, the cash is not the same after the invention of plastic money such as

  • Credit card, and
  • Debit card

Types of Credit Card

There are different types of credit cards which are offered by the different banks and financial institution such as

  • Standard credit cards
  • Balance transfer credit cards
  • Reward credit cards
  • Student credit cards
  • Charge cards
  • Secured credit cards
  • Subprime credit cards
  • Business credit cards
  • Lifestyle credit cards
  • Entertainment credit cards
  • Travel credit cards

However, the features and benefits of all the credit cards differ from each other. These cards are generally issued by the providers based on the income of the cardholder. Furthermore, the cardholder has to choose the card depending on their requirement as the different card contains different rewards. The customer can apply for credit cards in different ways.

However, the customer just has to meet the requirements of eligibility criteria set by the credit card provider. Two ways to apply for the credit cards are

  • Credit card online, and
  • Offline credit card.

Apply for Credit Card Online

The online process to apply for the credit card has made things easier. However, online applications are higher. As it is less time consuming and convenient. It is the easiest way to get a credit card as it avoids lots of unnecessary. To apply for the credit card online follow the steps given below

    • Visit the official website of the bank or financial institution
    • Choose the option of credit card
    • Check out the list of available credit cards
    • Click the card which you wish to procure
  • Check out your eligibility criteria
  • Furthermore, apply for the credit card of your choice
  • Provide the required information
  • Click on “Instant apply” for credit card
  • However, it is important to fill-up the form with all true and correct information
  • After getting done with all the formalities click on “Submit”.

Apply for credit card offline

The applicant can apply for the credit card offline also. However, it is lengthy as well as the time-consuming process. Furthermore, it is helpful for those who are not familiar with the online process.

  • The initial step is to visit the financial institution or a branch of the bank from which you want to avail of the credit card.
  • Fill in the necessary form and provide the relevant documents for verification.
  • Check the required eligibility criteria.
  • Opt the card according to your requirements and eligibility criteria.
  • Submit your application form. Furthermore, your bank will inform you regarding the status of your credit card.

Credit card application checklist

  • Residential proof
  • Income proof
  • Passport
  • Information about existing liabilities and debt
  • Passport size photograph
  • Bank account statement

Documents required for credit cards

Proof of Identity

Applicants need to submit any of the following documents

  • Aadhaar card
  • Voter ID card
  • PAN card
  • Ration card
  • Driving License
  • Passport

Proof of Income

  • Salary certificate
  • Employment letter
  • Certified financials
  • Current Income Tax Statement
  • Proof of business continuity, etc.

Proof of Address

  • Electricity Bill
  • Passport
  • Ration card
  • Telephone bill
  • Aadhaar card, etc.

Credit card grace period

  • Usually, the cardholder gets the grace period on the credit cards. It is the extra time provided to the cardholder to pay their outstanding bill without any interest.
  • It is also known as the interest-free credit period.
  • However, the time period varies from bank to bank.
  • The different grace period is provided on different cards.
  • Usually, banks and financial institutions provide a grace period of 20 days to their customers. Which starts from the day they receive their credit card bills. However, the minimum grace period is 20 days and the maximum grace period is 50 days.

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