credit card

Essential Requirements you Must Know to Avail a Credit Card

Credit cards are fast becoming one of the most preferred modes of cashless transactions in India, with the number of transactions increasing by almost 9.4% year-on-year. Reports show that there are more than 36.24 million credit cards in India today, with total dealings reaching Rs. 129.8 million in January 2018.

Such popularity is thanks to the convenience, flexibility, and ease of application for a credit card. An applicant only has to meet some essential requirements to apply for a new card successfully. Financial institutions even offer minimum documentation and various other time-saving features to help you avail this financial tool with minimum hassle. Let’s take a look at some of the essential requirements you must know to successfully apply for a credit card.

  1. Age and nationality – Most financial institutions require an applicant to be between 25 to 65 years of age to apply for a credit card. Also, they must be a residing Indian citizen at the time of application.
  • Credit score – You must have a credit score of 750 or above to apply for this financial tool. Your credit score is a numerical representation of your financial history. A score of 750 or higher indicates that you are responsible with your finances and have a history of on-time repayments. Financial institutions are also likely to offer you various other benefits when you apply for a credit card with a good CIBIL score. These include –
  • Welcome rewards – You can get up to 20,000 reward points as a welcome gift when you sign up for a new card. These reward points are redeemable against various offers, discounts, gift coupons, vouchers, etc.
  • Attractive reward points – You can also earn reward points when you make purchases using your credit card. You can get up to 2 reward points for every Rs. 100 spent on regular purchases and up to 20 rewards points on every Rs. 100 spent on dining or international spends.
  • Milestone bonuses – Cards like Bajaj Finserv RBL Bank SuperCard offer certain milestone bonuses like up to 20,000 reward points when you spend Rs. 3,00,000 and further 20,000 points when you spend Rs. 5,00,000 in a year. It can help you accumulate a significant amount of reward points to redeem later.

Bajaj Finserv also provides pre-approved offers on their credit cards as well as on personal loans, home loans, business loans, and a range of other financial products. Such offers simplify the process of availing finance and help you save time. You only have to share some essential details online to check your pre-approved offer.

  • Complimentary services – You can also avail various services like complimentary airport lounge access, movie tickets, etc. if you apply for a credit card with a good credit score.
  • Occupation and income – Your occupation and income are one of the vital credit card requirements that a financial institution looks for. You can work as both salaried and self-employed individuals to apply for a new card. However, the lender will not issue the card if your monthly income does not meet a pre-determined threshold.

Lenders may also factor in your job stability and your employer while evaluating your application. An individual with a history of changing jobs frequently is less likely to get an approval for a feature-rich card like the Bajaj Finserv RBL Bank SuperCard.

A salaried individual will have to submit their salary account statement and proof of employment as a part of the application procedure. Self-employed individuals will have to show their proof of income like bank account statement, tax returns, etc. when they apply.

  • Documentation – Proper documentation is also one of the essential credit card requirements you have to follow. Most financial institutions only ask for minimum documents when you apply for credit cards. These include –
  • Proof of identity – Documents like Aadhaar Card, PAN Card, Voter ID, Passport, Driving Licence, etc. is required as the identity proof of the applicant.
  • Proof of address – You must submit the above-mentioned documents as well as electricity bill, post-paid cell phone bills, telephone bills, etc. as your address proof.
  • Photograph – Make sure you carry your recent passport size photographs.

These are some of the essential requirements you must know before availing credit cards. Always remember to do proper research before you settle for a lender and any particular card. Ideally, you should choose a product that meets all your essential requirements and come with an affordable interest rate other than transparent processing fees and charges.

The available options, ease of application, and borrower-friendly terms and conditions make credit cards one of the most feature-rich and preferred modes of everyday financing. You can enjoy several attractive benefits without straining your personal finances with this financial tool.

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