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Features & Benefits of Credit Cards
The credit card segment continues to grow universally as innovative contenders enter the space with fresh and advanced features. Get a look at the basic features.
Credit limit refers to the maximum amount you can use through your credit card at a given point of time. You are liable to be charged a fee on exceeding the given credit limit. Credit Limits may change from month to month based on purchase and payment habits.
The balance on your credit card represents the total amount you owe. This includes purchases, finance charges, and fees. You may check your balance online, or by calling customer service.
APR refers to the term Annual Percentage Rate, an interest rate applicable to the balance you carry forward past the grace period
Grace Period refers to the period of time you are allowed to repay your balance in full before being charged a fee. Typically, balance transfers and cash advances do not have grace periods.
The most common fees include annual fees, finance charges, late fees, and over-the-limit fees. You may avoid certain fees based on how you use your card; for example by making credit card repayments on time.
Credit Card Eligibility
Credit card eligibility refers to the criteria that an individual must meet in order to qualify for a credit card issued by a financial institution. These criteria can vary between different credit card issuers, but they generally include factors such as:
Most credit card issuers require applicants to be a certain age, typically 18 or older. Some may have a higher age requirement.
Credit card issuers often have a minimum income requirement to ensure that applicants have the means to repay the credit card debt.
A good credit score is important for credit card eligibility. A higher credit score indicates a history of responsible credit behavior and makes you more likely to be approved for a credit card with favorable terms.
Depending on the issuer, you might need to provide proof of your current address or residency.
It’s important to note that meeting these eligibility criteria does not guarantee approval for a credit card. The final decision rests with the credit card issuer based on their assessment of your application and creditworthiness. Additionally, different credit cards may have different eligibility criteria and features, so it’s a good idea to carefully review the terms and conditions of the credit card you’re interested in before applying.
Documents Required to
Apply for a Credit Card
The documents needed to apply for a credit card can differ based on the issuing institution. However, the following are generally the frequently requested documents you would likely need to provide during the credit card application process:
- Identity Proof :
Need documents like your Aadhaar Card, PAN card, Driver’s License, Passport, or Voter’s ID to verify your identity.
- Address Proof:
You’ll need to submit documents such as an Electricity bill, Telephone bill, Aadhaar Card, or other valid proof of your residential address.
- Annual ITR (Self-Employed):
For those who are self-employed or have alternative income sources, providing your annual Income Tax Returns (ITR) might be necessary to demonstrate your financial status.
- Latest Salary Slips:
If you are a salaried individual, submitting your recent salary slips can help demonstrate your income and repayment capacity.