Most of the banking services are targeted at providing quality services to the consumers who need some advantages while handling their financial needs or situations. Credit card is also a popular financial service which has brought tremendous amount of power in the hands of credit card holders. These cards actually allow the users to make purchases even if they do not have ready cash with them. The bank that issues the credit card makes the payment and the repayment is required to be made by the holder afterwards.
Though credit cards are highly useful, they are not issued to each and every bank account holder. The banks pay a lot of attention while issuing credit card to applicants. Most of the banks issue a credit card after making a good amount of verifications of various types. If you wish to get a credit card for yourself, you must remember the following tips:
1. Get a credit card from a nationalized bank
It is quite true that credit cards from nationalized banks are very much good. Though a few private banks in India offer good facilities and advantages, you must get a credit card from a nationalized bank only.
2. Enhance your income or salary before applying
Most of the credit cards issuing banks look at the income of the applicant. Most of the banks are quite strict on it. As per the standing norms, the banks prefer salary of Indian rupees 20,000 per month as the cut-off level for eligibility for issuing a credit card. However, the limit for business owners is slightly different. You must try to improve your income every month which can be good enough for your claim for a credit card.
3. Get a credit card using your salary account
Salary account can be an added advantage for you if you are willing to get a credit card. These banks pay a lot of weightage on salary accounts and that is why you can approach your bank where you have your salary account. A recommendation from your employer can be a strong support. Processing a request for credit card with any bank can be a little difficult for you, in case your monthly income is less than the limit. Your application gets rejected in most of the cases.
4. Maintain all necessary documents
Processing of credit card is not that easy. You would be asked to submit all necessary documents which would include proof of your age, residential address, and any recognized identity card in the shape of Pan card, Voters id card etc. Your application will certainly get rejected in case you do not have any of these documents. It is good for you to keep all the relevant documents ready even before you apply for a credit card. You can use your date of birth certificate, usually issued by the municipality of your area. In case, you do not have this certificate then your admit card for board exams can be an authentic proof of date of birth.
5. Find the best credit cards deals
This can be your first criterion whenever you start applying for a credit card. You must make proper research on the Internet or you can have chat with credit card department of the issuing banks. You need to visit the banks during working hours on any working day. You must collect information from all credit card issuing banks and then ponder over them to find the best credit card that can satisfy your needs.
6. Be patient, don’t fall for credit card traps
Credit cards are extremely critical to use and they can be too expensive in case you fail to meet their rules and regulations. You must not hurry while getting a credit card. You must have opinions of your family members, colleagues, and well wishers before you get one. You should take advice of a well-known tax consultant to get the best information on various technical features of credit cards. Your haste can be suicidal in some cases.