March 13, 2025 · 14 mins read
Santosh Kumar
With the increase in the demand for credit cards, all banks and financial institutions are offering credit cards with unique features and benefits. However, when you are applying for a credit card, you are required to submit a set of documents for verification purposes. The documents, as well as the eligibility requirements to apply for a credit card, would vary from bank to bank and from card to card. Here, we have listed down some common documents that are required to be submitted.
Credit cards typically charge a higher annual percentage rate (APR) vs. other forms of consumer loans. Interest charges on any unpaid balances charged to the card are usually imposed approximately one month after a purchase is made (except in cases where there is a 0% APR introductory offer in place for an initial period of time after account opening). We should know that there is no grace period allowed if we didn’t pay the last month. By the law, credit card issuers must give a grace period of at least 21 days to be accurate.
That’s why paying off balances before the grace period expires is a good practice when possible. It is also important to understand whether your issuer accrues interest daily or monthly, as the former translates into higher interest charges for as long as the balance is not paid. This is especially important to know if you want to transfer your credit card balance to a card with a lower interest rate. Mistakenly switching from a monthly accrual card to a daily one may nullify savings from a lower rate.
1: Documents Required to Apply for a Credit Card
2: Documents for Resident Salaried Individuals
3: Documents for Resident Self-employed Businessmen / Professionals
4: Documents Required for NRIs
5: Documents Required for Students
6: Documents Required to Apply For Travel Credit Cards Or Forex Cards
It is to be noted that the photocopy of the below-mentioned documents is required to be submitted. However, the bank may ask for original documents for verification. Any 1 out of each category of documents is required to be submitted.
As mentioned above, PAN Card is a must for any loan or credit card application. Apart from that, proof of identity, address and income will be required. Following documents may be accepted by the banks and NBFCs.
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Proof of Identity: PAN Card, Aadhaar Card, Passport, Voter's ID Card, Driving License, Ration Card, Arms License, Freedom Fighter's ID Card, or any other photo ID proof duly signed by a Gazetted Officer and legally accepted in the country
Proof of Address: Passport, Aadhaar, Voter's ID Card, Ration Card, Driving License, Lease/Rent Agreement, Property Documents, Utility Bills (not more than 3 months old), and any other address proof legally accepted in the country.
Proof of Income: Please provide a Salary Slip (last 3 months), Bank Statement (last 6 months), Form-16, ITR, etc.
The list above is only indicative. The bank or NBFC may ask for different documents from different customers.
Proof of Identity: PAN Card, Aadhaar Card, Passport, Voter's ID Card, Driving License, Ration Card, Arms License, Freedom Fighter's ID Card, or any other photo ID proof duly signed by a Gazetted Officer and legally accepted in the country
Proof of Address: Passport, Aadhaar, Voter's ID Card, Ration Card, Driving License, Lease/Rent Agreement, Property Documents, Utility Bills (not more than 3 months old), and any other address proof legally accepted in the country.
Proof of Income: Salary Slip (last 3 months), Bank Statement (last 6 months), Form-16, ITR, Certified financial documents, Proof of business continuity
The list above is only indicative. The bank or NBFC may ask for different documents from different customers.
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Proof of Identity: Passport, Driving License
Proof of Address (For Mailing Address In India): Passport, Voter’s ID Card, Driving License, Lease/Rent Agreement, Utility Bills (not more than 3 months old), Original bank account statement, Title deeds of property
Proof of Income (For Mailing Address Overseas): Passport, Driving License, Lease/Rent Agreement, Utility Bills (not more than 3 months old), Overseas bank statement, Government-issued ID card, credit card statements, Company appointment letter, Company ID Card
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Proof of Identity: PAN Card, Aadhaar Card, Passport, Voter’s ID Card, Driving License
Proof of Address: Passport, Voter’s ID Card, Ration Card, Driving License, Utility Bills (not more than 3 months old)
Proof of Age: 10th standard school certificate, Birth certificate, Passport, Voter ID card
Proof of Enrollment: College ID Card, Admission Slip, Study certificate from the respective college or university
For Salaried / Self-employed Travellers: PAN Card, Passport, Visa, Travel Ticket, Form A2
For Student Travellers: Passport, Form A2, Appointment letter or admission letter or University ID Card, Passport size photograph
These are some of the common documents required by the majority of credit card issuing companies. However, the bank may ask for additional documents as per the card variant chosen and applicable terms and conditions.
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Most major credit cards - Visa, Mastercard, Discover, and American Express - are issued by banks, credit unions, or other financial institutions. Many credit cards attract customers by offering incentives such as airline miles, hotel room rentals, gift certificates to major retailers, and cash back on purchases. These types of credit cards are generally referred to as rewards credit cards. To generate customer loyalty, many national retailers issue branded versions of credit cards, with the store’s name emblazoned on the face of the cards. Although it’s typically easier for consumers to qualify for a store credit card than for a major credit card, store cards may be used only to make purchases from the issuing retailers, which may offer cardholders perks such as special discounts, promotional notices, or special sales. Some large retailers also offer co-branded major Visa or Mastercard credit cards that can be used anywhere, not just in retail stores.
Secured credit cards are a type of credit card where the cardholder makes a deposit in order to get and use the card. Such cards offer limited lines of credit equal in value to the security deposits, which are often refunded after cardholders demonstrate repeated and responsible card usage over time. People with limited or poor credit histories might choose secured cards because they're easier to get than unsecured ones.
A prepaid debit card is similar to a secured credit card because the available funds match the money you deposit in a linked bank account. By contrast, unsecured credit cards do not require security deposits or collateral. These cards offer higher lines of credit and lower interest rates than secured cards.
Fees are another major part of credit cards. You might see no-annual-fee credit cards advertised, and they're just like they sound. You won't pay a yearly fee to access and use the card. Typically, these cards don't offer a ton of perks and rewards, but they can be a good option for someone who wants a simple credit card. If you don't mind paying an annual fee, you can find a card that earns rewards faster, has better perks, or might have better interest rates.
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Most lenders reject credit card applications if the applicant has bad credit scores. Credit score is one of them most important factors behind the acceptance or rejection of credit cards as well as other loans. Most institutions have a standard credit score rate for considering the creditworthiness of the customer, i.e., whether he/she is reliable in terms of repayment of the credit availed from them.
Usually, a good credit score or CIBIL score would be 750+. The CIBIL score will be negatively affected if:
1: You have loans with multiple lenders
2: You have applied for a credit card with various lenders
3: You have not paid your EMIs on time
4: You have defaulted on repayment of previous loans
5: If you do not have a loan history, this also affects the credit card application since there are no track records to evaluate your creditworthiness.
There are various lenders who are readily available to provide credit cards to eligible customers, that too with higher credit limits. However, it is very important that your repayment capacity is satisfactory and your income backs up your claim. The income eligibility criteria has to be met and the applicant also has to submit income documents such as Form 16, Salary Slips, Income Tax Returns, etc., at the time of application. Your application will be rejected if you do not meet the income requirements specified by the lender.
Occupation is another important factor considered by credit card companies while issuing a credit card. Some credit card applications may be rejected due to the employment of the applicant, even if they fulfil the minimum criteria required. Reputation of the company is a factor considered while evaluating the repayment capacity of an applicant. An unstable work history also would affect the approval of your credit card application negatively.
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Even though this might seem like a minor issue, making mistakes on the application form can end up in a credit card application getting rejected. Many applicants make this error while filling the application form such as - missing crucial information, entering wrong details, etc. This is why it is better to apply online for a credit card since online credit card applications prompt the applicant to fill in any mandatory field that has been omitted.
If an individual has several credit cards in his/her name, then the chances of his/her credit application being declined is high. All lenders consider applicants to be reliable only if they have a good debt-to-income ratio. If the income outflow is high due to having multiple credit cards, then the lender will not be convinced of the creditworthiness of the borrower. Lenders do not prefer borrowers who frequently transfer the balance on their credit cards or change cards frequently.
Almost all lenders make a physical verification of the applicant and his/her address - both residential and official. Hence it is important that when the representatives of the company visit the location to verify their home and office address nothing goes wrong. It is very important that the address you have specified in the credit card application is accurate.
Thus, these reasons can be attributed to the rejection of your credit card applications. Lenders do not necessarily disclose the reason behind rejecting a credit card application. Other than these specific reasons, an applicant should also note the terms and conditions laid down by the credit card issuer before applying for a credit card.
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Credit cards come with benefits but have certain limitations as well. Let us look at the advantages of credit cards:
1: Eliminate the need to carry cash
2: Widely accepted as a mode of payment
3: Provide hassle-free shopping experiences.
4: Allow easy cash withdrawals.
5: Come with a host of discounts, offers, rewards, and cashback.
6: Useful in case of financial emergencies
7: Improve your credit score.
Here are some of the disadvantages of credit cards:
1: You will be assessed interest on whatever debt you have on your credit card.
2: If you're not cautious, you will have to spend a lot of money on interest because the interest rate on a credit card is often greater than the interest rate on a loan.
3: The ease of using credit cards to spend more money than you have is another risk.
4: You will be ending up with a huge debt that you won't be able to pay off if you use your credit card to purchase items that you cannot afford.
5: It's crucial to use your credit card only for purchases you can afford and to make monthly full payments.
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The best credit card for you will match your lifestyle. Lenders now provide credit cards that are specifically designed for different lifestyle demands, from shopping to vacation. Keep in mind that the incentives you might receive depend on the sort of card you choose. A travel credit card, for instance, would be the ideal option if you frequently fly, as you can take advantage of travel benefits like priority boarding, hotel discounts, lounge access, etc.
Credit cards include some hidden costs, such as fees. For example, if you fail to pay your monthly credit card account in full or in part by the due date, you may be charged a fee. Similarly, there are annual and renewal fees for credit cards. Because these data differ from one lender to the next, you should compare them before applying for a credit card.
Always check if the benefits will be paid out in points, cashback, or frequent flier miles. To choose which rewards program is appropriate, compare the suggested incentive structure with your spending patterns and way of life. The ability to redeem your rewards is also crucial, as certain lenders may only permit this at partner websites or physical locations.
Choose a card that permits payments through a variety of channels to make sure your credit debts are paid off quickly.
Examine the additional credit card add-on benefits, such as welcome bonuses and special offers for shops and restaurants.
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Choosing the perfect credit card and applying with the required documents can be challenging, given the number of options. Therefore, you must be aware of your spending habits and reason for availing it. Also, consider comparing different cards on several grounds before opting for one. This will help you choose the right one that fits your budget. This is all you need to know about the information and documents you need to upload to apply for a credit card.
If NRI customers for any reason cannot submit their passport, then they can submit their driving license, appointment letter, and so on.
Birth certificate, Passport, Voter ID card, and class X mark sheet all are accepted. Customer can submit anyone with the bank.
FATF stands for Financial Action Task Force. If the NRI customer is in a FATF country then they can attest their documents from an Overseas banker licensed to operate in that country. This is the added benefit that customers in FATF country get. In Non-FATF affiliated country, all the customer’s documents (even originals) need to be attested by a Foreign Notary or Indian Consulate.
Yes, these documents are there to establish proof of identity, income and residential address. Bank’s will not conduct with business with people who fail to verify their details by submitting the necessary documents.
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