How To Apply For A Credit Card (In 2023!)

Today, with digital and mobile banking, applying for a credit card is a fairly straightforward process.

Here’s a step-by-step guide:

1. Check Eligibility:
   • First, you need to be eligible for one. Typically, a credit card holder should be at least 18 years old and have a stable source of income. If you are still a student – and if your parents have a credit card, try to get a supplementary card or add-on card before you get one of your own.
2. Choose the Right Card:
   • If you’re getting your first credit card, it’s worth doing a bit of research to select the right card for your needs. If you don’t have a stable source of income, a free credit card that you can use to build your credit score or during times of emergencies might be the best option. If you’ve been earning for a while, you can opt for a premium credit card which can give you cashbacks, airmiles or other rewards. So you can select a credit card that suits your needs. There are different types, like travel, cashback, or reward cards.
3. Gather Documents:
   • If you don’t have an on-going relationship with the bank or a salary account, you may need certain documents to apply, including:
     • Identity proof (Aadhar card, passport, or driver’s license)
     • Address proof (utility bill or rental agreement)
     • Income proof (salary slips, bank statements, or Income Tax Returns)
4. Apply Online/Offline:
   • Most banks in India offer online application forms on their websites and sometimes, even on the netbanking app. You can either fill out those forms and wait for a call back or visit the nearest branch with her documents. Visiting the branch might help you clear any questions you may have about the cards as well.
5. Wait for Approval:
   • After submitting the application, you’ll have to wait for the bank’s approval. It may take a few days to a couple of weeks. During this time the banks will perform a credit check to assess your credit history. An existing, high score makes things easy. If you’ve never borrowed before, or don’t have a credit score, don’t worry. You’ll still be eligible for starter cards/free cards.
6. Credit Limit:
   • Once approved, the bank will assign a credit limit. It’s the maximum amount you can spend on the card. The more you use the card, the bigger the credit limits that you’ll be eligible for.
7. Finally, It’s All Yours!
   • The bank will send the credit card to your address with instructions to activate it. Make sure you use your card responsibly and pay bills on time and in full. It’s the most effective way to build your credit score and financial habits that your future self will thank you for!