March 13, 2025 · 14 mins read
Santosh Kumar
Credit cards have become a necessity for every individual today to live a comfortable life. However, with increasing options, making the right choice is quite difficult.
Moreover, you would have to go through an elaborate application procedure after choosing the right credit card that suits your lifestyle. You would also need to upload certain documents to verify your authenticity to card issuers.
Here is a list of all the documents that you must keep ready while applying for credit cards online:
1: Proof of Identity
2: PAN card
3: Aadhaar card
4: Ration card
5: Passport
6: Voter ID card
7: Driving Licence
8: Proof of Income
9: Current Income Tax Return (ITR)
10: Salary slips for the last 3 months
11: Bank statements for the last 3 months
12: Form 16 (for salaried individuals)
13: Proof of Address
14: Aadhaar card
15: Rental agreement
16: Passport
17: Ration card
18: Recent utility bill
19: Property documents
20: Lease agreement
21: Driving Licence
1: The criteria for applying for a credit card may vary with each credit card issuer, but some of the basic criteria which is generally checked are as follows:
2: Minimum credit score of 750 and no records of defaults or missing dues
3: You must possess a regular source of income
4: You must fall in the 18-65 years age group
5: They can be salaried individuals or self-employed
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The online application process for credit cards depends on the lenders and might vary between them. However, here are some basic steps you can follow to apply for credit cards online:
Step 1: Visit the financial institution’s online portal or download their app
Step 2: Navigate to the “credit card” section. Select and click on the “Apply” option.
Step 3: You will receive a credit card application form. Start typing in the necessary details here as required.
Step 4: After submitting the application form, the portal or app will ask for scanned copies of specific documents. Upload them and press submit.
Step 5: Following this, the credit card company will verify the authenticity of your documents and will notify you via mail within a few days. This mail will also notify you about your credit card application status.
Step 6: If your application is approved, the company will generate and send your virtual credit card. The mail will state instructions on how to access them. You will find your virtual card by logging in to the lender's app. In case they reject your application, your lenders will let you know via mail, stating the reason for the same.
Here are certain things you must note while applying for credit cards online:
This is the foremost thing one must consider while applying for a credit card. A bank or any lending institution offers credit cards to earn from interest rates. Please note that interest rates on credit cards are higher than most loans and are levied if you miss making timely payments or pay a lesser amount than what is due.
Furthermore, the interest rate also depends on the borrower or card applicant’s credit history. If they hold a record of defaults or frequently borrow loans, lenders might charge them high interest rates. To avoid such instances, consider clearing your outstanding debts before applying for new loans.
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Your credit card will also charge an array of fees and additional charges. These include annual fees, late penalty charges, cash advance fees, over the limit charge, etc. All credit card companies charge the same, but the amounts will vary from one lender to another.
Be aware of these charges before selecting a credit card. If your credit card company offers high additional charges, it can harm your finances, as maintaining them would be an extra expense. Furthermore, you can compare these additional charges with other credit cards as well and opt for the one that charges less and is most suitable for you.
This is also an important point one must consider before applying for a credit card. The credit limit is the total amount of money you can borrow from a bank. Using up the entire credit limit is harmful as in the end you would be left with a huge outstanding amount. Repaying them would be tough as the credit limit depends on your income. Therefore, experts recommend that a cardholder should use only up to 30% of their entire credit limit.
Before applying for a credit card, one must check the credit limit. If their limit is low, it would be tough to balance low card limits with their transaction.
Cardholders can opt for a secured or unsecured credit card based on their finances. Each type has separate eligibility criteria. Therefore, borrowers must be aware of their financial goals before applying for one.
Secured credit cards are offered against collateral. Therefore, these come with relatively lower-interest rates than unsecured credit cards. Unsecured cards usually have a higher rate of interest than secured ones as borrowers do not have to pledge collateral with this.
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While comparing and researching credit cards, you can check for other offers, reward points and benefits. Most cards offer rewards for proper repayment of dues. These rewards can be redeemed by borrowers as cashbacks, air miles and multiple other benefits. You can select a credit card with such benefits that suit your lifestyle and spending habits.
Credit cards usually come in metal or plastic card format, which can be swiped at POS to make payments to merchants.
Credit cards come with a specific credit limit that defines the amount the card owner can use for his/her expenditures.
The credit card transactions also have a payback date that is generated during the monthly billing cycle. This period usually varies between 30 to 50 days after the purchase.
The credit card limit is determined by the bank and is issued as per the credit history and credit score of the cardholder.
Credit cards also have a grace period during which you are required to settle the borrowed amount from your credit card limit with the bank. In addition to this grace period, you are granted an additional 15-20 days between the statement reception date and the deadline for payment. All in all, you get about 45 to 50 days to make the credit card payments.
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There are several reasons for you to apply for Credit Card.
1: It offers a key benefit of Buy Now and Pay Later up to certain period of time (up to 50 days) that help many individuals in maintaining strong financial position with a good saving account balance that will help them in case of any emergencies where they need extra cash.
2: Credit card EMI feature helps in purchase of expensive product or services like TV, Smartphone, Trip to Dubai that you can pay back in monthly EMIs instalments without the need to save large amount of money to buy later.
3: You can use credit card can make purchases in both domestic and international transaction. This gives its user a good advantage against debit card, where many websites and international transaction don’t accept debit card.
4: Credit cards offer various cashback, rewards, discounts, and more that you can avail while spending your credit limit. Common examples of these offer you see on amazon, Flipkart, and AJIO that specific products have cashback offers that can be availed by the use of mention credit card.
5: Credit card helps in build a good credit score that will be beneficial to you in future when applying for new credit card or loans with better interest rates and higher credit limit. Remember to pay your dues on time to avoid any effect on credit score.
6: Credit card helps in keep track of your spending that you can check to see where you are spending more money and then you can manage you finance better and avoid any unnecessary purchase in future.
7: Credit cards are equipped with many securities feature like fraud protection to help its user to avoid any theft or fraudulent activity.
8: The finest credit cards frequently include cashbacks, travel points, or other kinds of rewards. This enables you to get a return on your investment.
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Here are a few factors that will ease your work if you are going to apply for a credit card:
Knowing your credit score is essential before the bank credit card applying process. Your chances of being approved for premium cards with richer benefits and cheaper interest rates increase if your credit score is higher.
Research and compare credit card offers from various financial institutions to find the one that meets your specific needs. Consider interest rates, rewards programs, annual fees, introductory offers, and additional perks.
Some cards have a minimum income requirement or a credit score range prerequisite to eligibility. Applying for cards for which you are ineligible can lead to multiple hard inquiries on your credit report, which may negatively impact your credit score.
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The proportion of available credit that you are using is referred to as credit utilisation. A high credit utilisation percentage might harm your credit score. To demonstrate good credit management to potential lenders, maintain your credit utilisation below 30%.
Here are certain points that must avoid while applying for a credit card:
Applying for many credit cards in a short period of time might raise red flags with lenders and harm your credit score. Every credit card application results in a hard inquiry on your credit report, which might reduce your score by a few points.
While credit cards offer financial flexibility, it's crucial to spend responsibly and within your means. Avoid accumulating debt by maintaining a budget and only charging what you can comfortably repay.
Exhausting your credit limit might have a negative influence on your credit score and debt-to-credit ratio. To maintain a good credit utilisation ratio, it is best to use only a fraction of your available credit, ideally less than 30%.
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Your first credit card should ideally be one you wish to keep open indefinitely since it will help you increase the length of your credit history with each month that goes by. The first credit card has to be one without an annual fee so you won't have to pay to keep it open each year.
For people with little credit history, secured credit cards are very common. You must pay a refundable security deposit to obtain this kind of card. The credit card company may be more lenient with whom it authorises since it receives a deposit in advance.
Rewards are the cherry on top, after all, it's not a terrible perk to earn points from your first credit card offers and avail discounts while using it.
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A credit card is a physical card connected to a credit account. You can make transactions with the card using that credit account.
A credit card for which the cardholder is not required to put up a security deposit is typically an unsecured credit card.
A credit that needs a security deposit made when the account is opened is referred to as a secured card.
The act of withdrawing cash via a credit card against your credit limit is known as a cash advance. It is not advisable to take out cash advances because they often have higher APRs and instantly begin to accrue interest.
Transferring a balance from one credit card to another, typically because one card has a better APR, is known as a balance transfer. This function is not available on all credit cards.
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A credit limit is the maximum balance that a credit card is permitted to carry. Different cash advance limitations apply to several credit cards.
The available credit on your card is the amount you can spend before your credit limit is reached.
It is a credit line that is available for borrowing at any time while the account is open, up to the credit limit.
The yearly cost of borrowing money is expressed as an APR or annual percentage rate.
The minimum payment is the least amount you must pay by the due date on your credit card. The card issuer may impose a late fee if you don't pay at least this amount.
A credit card statement balance is the amount you owe on your last billing cycle to your card provider.
Your creditworthiness, or the likelihood that you'll return the money you borrow, is shown by your credit score.
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Getting a credit card is a great way to make your life easy. A credit card provides you with financial freedom when you use it smartly. Apply for one today! And before you apply, make sure you have one document in each of the categories mentioned in the article above. The documents listed above are the standard documents that any financial institution would ask before issuing a credit card. These documents may vary from bank to bank. However, apart from these standard documents, there are chances that the bank may ask for additional documents as per the card variant selected, your previous credit history and terms and conditions.
Over-the-limit charges are a type of penalty fee that one must pay for transactions overshooting the credit limit. You can disable transactions with a credit card after exceeding the credit limit from your card application or portal. This will decline any transaction request after exceeding the card limit while saving you from over-the-limit charges.
Additional charges that one needs to pay while maintaining a credit card are as follows:
1: Annual Fees
2: Foreign transaction fees
3: Late fees
4: Over-the-limit charges
5: Balance transfer fee
6: Cash advance charge
Add-on credit cards are additional credit cards that one can issue on a primary credit card. You can opt for add-on credit cards on your existing ones for your children, parents or spouse. They have features similar to the primary credit card.
No, it is not possible to get a credit card in India without an address proof. You need to upload your Aadhaar Card, PAN, or utility bills of at least the previous 3 months as your address proof to receive a credit card.
1: When applying for a credit card, consider:
2: Your credit score - a good score increases approval chances.
3: Interest rates and fees - look for low rates and minimal fees.
4: Rewards and benefits - choose a card with perks matching your spending habits. Terms and conditions - read and understand all terms before applying to avoid surprises.
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