What Are The Documents Required For Credit Card Application?
Considering the many benefits credit cards have to offer, they are becoming necessary, especially in the modern world. On top of paying for things in a much easier way, you can take out cash advances in an emergency when your checking account comes up short. Whether you’re making debt payments, buying groceries, stocking up your medicine cabinet, booking airline tickets, or just grabbing lunch between errands, a credit card can always come in handy.
If you’re smart about managing your credit card properly, that little piece of plastic could help you achieve financial success. The first thing you should do is to talk to your personal banker or financial advisor to determine whether getting a credit card would be the best option for you at this time. They will be able to help you find the right type of card for your specific needs today and well into the future.
Documents Required for Credit Card
It is important to note that photocopies and scans of the documents below are acceptable for submission and verification. However, if any of those particular institutions request the original records, it may be necessary to provide them as well.
Reason | Document Name |
Verification of your application | Credit card application forms must be duly filled out and submitted to the credit card provider. |
Identity Proof | Identity verification must include at least one government-issued photo identification such as a PAN card, Aadhaar card, passport, or voter ID card. You can also submit documents such as your driving license or ration card. |
Residence Proof | Documentation verifying addresses such as Aadhaar card, passport, or electricity bills need to be submitted. |
Income Proof | Monthly salary statements, banking transaction statements, and income tax returns should be submitted for income verification. |
Age Proof | Verification of age such as passport, voter ID card, or birth certificate, should be submitted. |
Age Proof for Students | Verification of age such as the 10th standard school certificate, voter ID card, Aadhaar card, birth certificate should be submitted. |
Other Documents | Form 60 |
Enrollment Proof for college student | This is required for students who want to apply for a credit card: College ID, admission slip, certificate of the pursuing college or university. |
Income Proof for NRIs (Non-Resident Indians) | All applicants must submit their proof of income to be eligible for grants. Some of the documents that are required for this include government-issued photo IDs, lease agreements for housing, utility bills (less than 3 months old), and more. |
Issuers of credit cards ask for many documents, depending on which card you want and your financial history. You can research them if you want to get more details on what they usually require.
Credit Card Documents Checklist
To successfully submit your documents for the credit card application process, it is suggested that you do the following:
- Double-check all of your documents before uploading them.
- Consider buying the card of your current bank – you'll be required to provide less documentation with this way because the bank already has information on file about you.
- In addition to the credit card, you will also be eligible to apply for a loan on your credit card. However, you will need an excellent credit score and an equally impeccable credit repayment history.
- Having an excellent credit score, a stable job, while also possessing a clean criminal record, will positively affect your chances of being approved for credit cards.
- You should be familiar with the kind of documents required to apply for the status you desire, whether it is salaried or self-employed.
Credit Card Application Process
To obtain a credit card, you can opt to either visit the bank in person or search online for the right source. We have explained the process of applying for a credit card both digitally and in-person by listing various ways.
1. Credit Card Application Process for Online
To apply for a credit card online, one must visit the bank’s official website. Before any application is finalised, it is crucial to go through all of the available options offered by different credit card companies and take the time to compare the rates and fees associated with them. When you are done with comparing some options, click on ‘Apply’ and follow a specific set of instructions, which then leads into a series of steps that require your name, address, and other personal details.
Once you have duly submitted all the required documents, you can expect an email notification that will inform you about the status of your application within seven business days. If your application is rejected, you will receive a notification by mail, detailing the reason for the rejection. Read this letter carefully and consider the reason mentioned, to apply in the future more feasibly.
2. Credit Card Application Process for Offline
In the offline world, there are many options for receiving a credit card. To apply for a credit card at a local bank branch, you will have to decide which type of credit card is perfect for your requirements, and you can then fill out an application for it. Keeping your financial responsibilities in mind, make sure that you amass a strong financial history beforehand, so that your chances of getting a credit card increase. Carry all necessary documents with you when visiting the local bank branch to apply for a credit card. In addition, be sure to review your form carefully before officially submitting it digitally or on paper.
Once you have submitted all your documents, you should receive an email status update from the bank. These notifications are automatically sent out to let you know whether your credit card has been approved or not. If it has been approved, you will get your card within a few days at your residence. However, in case it is rejected, the bank will write specific reasons for this decision once the required amount of time has passed.
It is important that if your application for a credit card is being rejected more than once, you should wait at least six months before applying again as multiple rejections can have a negative impact on your credit score.
Conclusion
The ever-increasing popularity of credit cards has spawned a wide array of cards, with a range of different benefits and features. However, when applying for a particular credit card, it is vital to make sure you have the required documents to be eligible for approval. Every bank will have its requirements and these can change from card to card.
| We hope our article turned out to be useful for you. For more such informative content, you can visit these linked articles as well: | ||
| Corporate Credit Card | Ways to Safe from Credit Card Frauds | Mistakes You Avoid While Using Credit Card |
| What Is Credit Card Cash Withdrawal? | Credit Card Loans vs Personal Loans | Credit Card Errors & Ways to Fix Them |
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FAQs
Q. How do I know if I am eligible for a credit card?
Ans. You can apply for a credit card so long as you meet the criteria, which include financial stability and good credit history. You may also want to review your credit score before applying because it will affect your chances of approval. You can also visit the bank's updated website to determine the specific criteria needed for approval relating to your specific circumstance, to rule out any ambiguities and follow up with qualifying information accordingly.
Q. Is it necessary to submit an income tax return to apply for a credit card?
Ans. To get a business loan, you must prove that you have the financial security to pay the loan back in full without being financially strangled. If you have no income tax return, it is better if you submit your salary slips or bank statements for the last three months.
Q. What if I submit the incorrect documents for the credit card application?
Ans. If you provide incorrect information during the credit card application procedure, your credit card application will be declined.