Applying For A Credit Card In 2023

A credit card can work wonders for a person’s credit rating and be a terrific saving tool. India still needs to have a credit-driven economy, and many people still need to learn about the potential of credit cards, which most people consider a luxury.

Despite the odds, the Indian credit card market has grown at a 20% compound annual growth rate (CAGR) over the past five years, and in July 2022, there were 78 million credit cards in circulation. Here is a tutorial to assist you in applying for a credit card if you want to obtain one in India.

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A Step-by-Step Guide For Obtaining An Online Credit Card
A highly convenient way to contact a bank is by applying for a credit card online. One can visit the bank’s website and select a credit card of their choosing from a part of the site specifically dedicated to the credit cards the financial institution offers.

Procedure:

Click on “apply now” after selecting your chosen credit card.

A second link will display after clicking “apply now,” asking for some information.

The bank will use your information to assess the applicant’s eligibility and call them for the necessary paperwork.

Paperwork:

After making an appointment with a qualified person over the phone, an agent visits the home to collect the documents and get the applicant’s information.

Additionally, some businesses complete the necessary know-your-customer (KYC) information over the phone rather than sending someone to the client’s home.

Issuance:

Within five to seven business days, the applicant’s address will get a credit card and, if applicable, a user manual.

How to Request a Credit Card By Phone or Call:
For individuals who are not current clients, follow these steps:
Additionally, you can purchase a credit card over the phone from the business or bank issuing the card. Here, the client is informed of the credit cards the business offers, and following a decision, a link is provided to the client’s mobile number via an SMS.

This link leads to the company’s official website and was sent to you from an official company number.
The agent will ask the client to complete a form included in the delivered link.

After completing the form, the process is finished, and the card is delivered to the address provided in five to seven business days.
Some businesses send their workers to the consumers’ homes to complete the paperwork manually rather than doing the KYC over the phone.

Procedure for devoted clients:

Existing customers (those with credit cards or savings accounts with the same bank) won’t need to fill out any forms, and no links will be sent to them because the bank already has their information.
While on a call, they can obtain a credit card by utilizing their mobile app by selecting the subscribe button next to the debit card they want to use.

Take Care When Applying for a Credit Card Over the Phone
It is advised to provide the necessary information when firm representatives visit your home or enter the details solely on the URL provided rather than providing personal information over the phone, such as your Aadhar or PAN card numbers.

Verify the link’s URL to see if it matches the one of the original company. Customers have been duped in numerous fraudulent instances when the link’s URL was changed to seem precisely like the one of the actual business. So, instead of choosing a URL that seems exactly like the original, check whether it is the same. Only then submit your information.
Verifying the SMS’s source, which the bank or other financial institution sent, is crucial. The bank’s name from which the SMS was sent is always included. For instance, a message from HDFC Bank will have the sender’s name and not a phone number.

Giving your Aadhar number is not required, and doing so could put you at risk of severe repercussions. Instead, provide your PAN card number. Using your PAN card, you can quickly obtain a credit card.

Qualifications for Credit Card Applications
One must determine whether they are eligible for a credit card before applying. The following criteria are used to determine eligibility:

Your Needs: 
One must evaluate their needs before applying for a credit card and choose the best option. The wrong credit card will only be a liability because many credit cards are accessible for different uses.

Our article “Types Of Credit Cards In India” will teach you more about the many types of credit cards.

Income:
Each credit card has a target income range, and those with incomes below that range may not be eligible for such cards. The reviews of all credit cards, except those that are inexpensive and accessible to everyone, will make the minimum income criteria quite evident.

Verification of regular income: Applicants must present written documentation, such as Form 16, to verify their income.

Credit Score:
The bank checks each applicant’s credit before approving their credit request. If a person has excellent credit, they can quickly obtain the most significant credit cards; however, those with poor credit must go for prepaid or secured cards because they cannot obtain them as readily.

For bankrupts:
If you are bankrupt or have filed for bankruptcy, you cannot apply for a credit card in India. When this person is eventually permitted to open a bank account, they are eligible to apply for a secured or prepaid credit card. These points distinguish the two:

Prepaid credit card:
This type of credit card offers all the advantages of a regular credit card, such as cashback and discounts, but users must contribute money upfront and can only spend up to the amount of money they have loaded; there is no bank-imposed credit limit.

Secured credit cards are offered to applicants who have a fixed deposit with the bank; as a result, in the event of a default, the bank may, at its discretion, take the unpaid amount from the deposit.

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