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Apply For Credit Card India

By: EconomyWatch Content Date: 15 February 2010

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The credit card application process varies from bank to bank and even from card to card. Some credit cards, such as the Platinum Card, are only offered to privileged customers, and cannot be obtained through a regular application. Some credit cards are, however, offered for free at the time of opening a savings or current account with a bank. Therefore, an individual must first confirm the terms and conditions of a bank and a particular card before they apply for a credit card in India.

Things to Consider Before You Apply for Credit Card India

An important consideration to bear in mind while applying for a credit card is your income level, as this directly impacts your eligibility for different credit cards. You will also be able to you will be able to compare and shortlist credit cards based on your income level. Other considerations to bear in mind before filling in a credit card application are:

Card approval time: This varies from bank to bank. While some offer instant approval, others may take a few weeks to process the application. Remember, the better the credit history you have, the faster will be the bank’s response time.

Multiple card applications: Some credit card issuers enable the simultaneous application for multiple cards, while others strictly permit only a single application. However, remember that it is completely up to the card issuer’s discretion to approve an application for additional or multiple cards.

Checking account requirement: Some credit card issuers require cardholders to compulsorily have a checking account to ensure convenience of credit card repayments. Therefore, if you have an existing checking account and do not want to open another, consider approaching another issuer.

Documents Required to Apply for Credit Card India

An individual must ensure that s/he has all the relevant documents in place, before applying for a credit card to ensure speedier credit card application processing. Important evidentiary documents required to be furnished during credit card India application include:

Salary slips for the past few months, in case of salaried employees
Latest income tax returns statement, in case of self-employed individuals
PAN card or Form 60

Finally, an individual must provide copies of proof of address and identity during a credit card application, including ration card and drivers license.

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