Apply for Credit Card in 2021? – know Credit Card Guidelines

Do you want to apply for Credit Card in 2021? – Know the Credit Card guidelines, best rewards credit card, apply process, civil score, FAQs & More.

TimeTips Provide the best guides about Credit Card and Credit card eligibility requirements to get a credit card in India, with lots of facts about credit card application online with proper guidelines, You can download the guidelines in PDF also. so let’s start,

Credit Card Guidelines in India 2021

Credit Cards are often an immense boon when your hit a rough patch financially. it’ll not only offer you the much-needed breather but also provide you with the means to urge back on your own two feet without counting on anybody else.

No doubt, once you own your first Credit Card, it is often exciting, tempting, and intimidating. you’ll reap many benefits, with each expenditure you create. Moreover, it opens the window to varied other financial offerings.
But be warned, Credit Cards can become the proverbial double-edged sword. Not only will it protect you, but it also can harm you, if not utilized wisely.

Credit Card Guidelines in India 2021
Apply for Credit Card
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Credit Card Guidelines in India 2021

To ensure that you simply make the foremost of your first Credit Card, here are some rules you want to remember before you begin the method to have one:

  • Consider and compare the fees, interest rates, and benefits
  • A Credit Card may be a big responsibility
  • Stick with one Credit Card
  • Choose a coffee credit limit
  • Pay off your entire Credit card balance before the top of your billing cycle
  • Use your Credit Card wisely and regularly

1. Consider and compare the fees, interest rates, and benefits

All Credit Cards accompany different fees, interest rates, and a number of other benefits. the perfect Credit Card you’d want to settle on should have rock bottom fees, the lowest interest rates, and benefits that match your financial needs. While there might not be one Credit card option that will provide you with the simplest of all of those three features, you’ll consider and compare the available options which will match your usage and wishes.

2. A Credit Card may be a big responsibility

Credit Cards work very simply. The issuing company will lend you money on each expense you create on your card. After a particular duration or maybe an expenditure limit, you’ll be responsible to pay off the borrowed funds within a given time frame. If you fail to try to do so, you’ll attract high-interest rates on the payment delay.

3. Stick with one Credit Card

When you apply for a Credit Card, there are chances that you simply will receive many offers for various Credit card types. However, this doesn’t mean that you simply need to check in for every provide you receive. As a first-time owner, it’s best to choose one card. you’ll choose the proper Credit card, which supported several features that match your needs. Remember, the more the number of cards you own, the upper your chances of accelerating your debt.

4. Choose a coffee credit limit

Spending on your Credit Cards is often tempting because it offers you a high expenditure. However, high expenditures equal high repayments, which you’ll not afford. this is often where your credit limit can assist you. counting on your credit limit, you’ll calculate the estimated amount you’ll afford to spend without going over your repayment limit. It also helps you cultivate healthy expenditure habits.

5. Pay off your entire Credit card balance before the top of your billing cycle

You need to pay off your card balance within the given Credit Card cycle, alternatively, you’ll earn late charges. First-time Credit cardholders normally get an interest-free grace period to pay off their balance. Once this grace period is over, the longer you delay paying off your balance, the upper is going to be the late charges. Paying off your balance within the given period won’t only assist you to earn an honest credit report but also assist you in inculcating good payment habits by the end of the day.

6. Use your Credit Card wisely and regularly

You may have bought a Credit Card for emergency purposes. However, if you don’t use your Credit Card continuously for a particular period of your time, it incurs additional charges. To avoid this, use your Credit card for little purchases every few months. to make sure that your pay off the balance before any interest is due.

7. Know the cardboard usage and safety:

You can use your Credit card at any store be it offline or online. In certain emergencies, you’ll also use it to withdraw cash from ATMs. However, this may attract certain transaction fees.

Moreover, to make sure that your usage and card details are well protected, most of the cards accompany security measures. The CHIP + PIN features are the quality security feature for all credit cards. The embedded chip encrypts all of your data on your card, which prevents your Credit card data from either being duplicated or tampered with. The PIN, which is understood only to the user, helps in authenticating any transaction made on the cardboard.

Together, regardless of where or once you are using your Credit card, your data and transactions are all kept safe.

How to Apply for Credit Card Online in 2021

A Credit Card is not any longer a luxury. It’s a must-have accessory in your wallet. A Credit card brings a world of convenience, interest-free periods, discounts, cashback, and Rewards Points. Whether you’re a student or an educator, self-employed or salaried, we show you ways to urge a credit card in three easy steps.

Apply for Credit Card in 2021? - know Credit Card Guidelines
Credit Card apply Process

Step 1: Choose your Credit Card

  • Each bank offers dozens of Credit Card options. the cardboard you select will depend upon your expected usage and requirements, and therefore the benefits you want– for instance, some Credit Cards are great for travellers, some are designed for entertainment, others could also be great for business.
  • To know which card is true for you, visit the HDFC Bank Credit card section.
  • Once you’ve got selected the proper card for yourself, ask the bank about your eligibility for the cardboard and therefore the documents you want to submit together with your Credit card application.

Step 2: Apply for your card

  • Get all of your documents ready – a bank will usually invite identity, address, and income proofs. If you’re an existing customer which will not be necessary.
  • Apply online or at an ATM or visit your nearest branch with the specified documents.
  • Most cards accompany an annual fee that’s typically waived off once you achieve a particular limit of spends during a year. The annual fee is going to be included in your monthly statement.

Step 3: Activate your card

  • After your Credit Card application is approved, it’s dispatched to your communication address. you’ll get to sign for it at the time of delivery and show some identity proof.
  • A PIN (personal identity number) is typically couriered to you separately, whereas the Green PIN is shipped on your registered mobile number. you’ll need the PIN to authenticate any transaction you are doing on your Credit card.
  • Once you get your Credit Card and therefore the PIN in your hands, head to the closest ATM of your bank to vary the PIN.

Congratulations! You now have a replacement Credit Card , and you’re ready for your first purchase. Happy shopping!

Read Also:

How to work Credit cards?

A Credit card may be a wonderful convenience that allows you to buy your purchases online or offline without cash. But how does a Credit card work?

Let’s begin by examining credit cards carefully. A Credit card comes with the following:

  • variety that uniquely identifies it
  • An expiry date
  • The name of the holder
  • the brand of Visa or Mastercard – the 2 companies that provide the infrastructure and systems that process mastercard transactions.
    On the rear of the mastercard is:
  • A magnetic strip or chip
  • The CVV number. this is often needed for online transactions.

How to work Credit cards? Let’s take a glance at what happens once you use your Credit Card at a mercantile establishment

Step 1: Here’s the primary step of how Credit Cards work. you’ve got completed your purchases at your favorite store and use your credit card at the checkout. The storekeeper will swipe your card or insert it into a POS or point of sale machine. In most cases, the shop will ask you to enter a PIN (personal identification number) to authenticate the transaction.

Step 2: The machine reads the strip or chip (which contains information to spot the card) and sends the knowledge alongside the PIN to your issuing bank (for example, HDFC Bank if you’ve got an HDFC Bank Credit Card). If everything looks alright (credit limit, identity, validity, etc.), the bank approves the acquisition.

Step 3: If the transaction is approved, the machine prints a pair of charge slips or receipts – the retailer retains one and provides you the opposite copy. In rare cases, where a PIN isn’t required, the retailer will request you to sign a replica of the charge slip.

You are billed for the transaction within the next statement, and therefore the retailer receives the cash after a couple of days. the entire process works seamlessly on systems and technology provided by Visa or MasterCard.

This should answer the question of How to work Credit cards payments? Now let’s check out how Credit cards are often used over the web.

How do Credit Cards work online?

When you are paying for purchases online, the e-commerce store will ask you for the subsequent details:

  • Choose whether it’s Visa or Mastercard
  • 16-digit card number,
  • Expiry date,
  • CVV
  • Name as printed on the cardboard
  • Billing address (sometimes)

Once you hit play, the knowledge is shipped to your bank via a payment gateway. The bank sends an OTP or one-time password to your registered email ID or mobile number to authenticate the transaction. If the OTP is correct, then your transaction is complete.

So we now know the answers to 2 questions: how do Credit Cards work, and the way mastercard payments work. Now let’s check out a number of the terminologies that will assist you to understand the way to do credit cards work.
Interest: this is often an important aspect of how Credit Cards work. By employing a Credit Card, you’re taking money on credit from the issuer.

Credit Cards Online working Process

It’s a touch sort of a loan, on which you’ll need to pay interest. However, this is often applicable as long as you don’t pay the whole bill that you simply get. If you allow some amount pending, you’ll be charged interest thereon. Another thing you would like to know about the way to do Credit Cards work is that the interest charged is monthly, and not on an annual one. for instance, the interest charged might be 3 percent a month, or around 36 percent a year.

Credit limit:

Every Credit Card has an upper limit beyond which you can’t spend. If you are trying to use the cardboard after you’ve reached the upper limit, the transaction could also be rejected by the Credit Card issuer.

Various factors determine the credit limit – the sort of Credit Card that you simply have, your income and skill to pay, the other debts that you simply may have, your credit score, and your record of prompt payments. If your record is sweet, the Credit Card issuer will offer you the choice of accelerating the Credit Card limit.

Billing cycle:

This is often the fixed period during which you’ll make purchases until you get the bill. If you create purchases at the start of the cycle, you’ll have an extended time of credit – that’s you get longer before you buy the transactions.

Minimum payment:

There’s a minimum amount that you simply need to pay on your Credit card bill. If you don’t do this, you’ll pay a charge for it. you’ll carry over any amount that’s quite the minimum amount, but you’ll need to pay interest thereon.
Balance: Balance is that the sum you’ve spent using your Creditcard, but haven’t paid back yet.

Credit Card and Credit card eligibility requirements to Apply for Credit Card in India

  • Applicant must have a minimum age of 18 years
  • The minimum income salary must be between Rs.1 lakh and Rs.3 lakh.
  • Applicant should either be salaried or self-employed

Factors of Credit card Eligibility Criteria to Apply for Credit Card

  • Age: you want to be a minimum of 18 years old. However, some banks have a minimum requirement of 21 years. the utmost age requirement also differs, and it generally goes up to 60 years.
  • Annual salary: Your annual income determines if you’re eligible for a specific card. The minimum salary required to use for a mastercard in India is around Rs.3 lakh p.a. Although, it’s best to see this criterion together with your bank as this requirement differs counting on the cardboard issuer you select .
  • Nationality or residential status: Citizens, residents, and non-residents can apply. However, there are a couple of cards that are only available for Indian citizens.

It is vital that you simply undergo the eligibility criteria before applying for a card. confirm to check each criterion within the checklist to enhance your chances of getting approved.

Factors Affecting Your Credit Eligibility to Apply for Credit Card

Besides the above-mentioned criteria, certain factors also determine your eligibility:

  • Credit score: Your chances of getting a mastercard increases once you have a stellar credit score. If you’ve got a nasty score, your application will presumably be rejected. an honest credit score is anywhere from 750 to 900.
  • Existing Debt: Your card provider also will consider your credit utilization ratio. If your dues exceed the granted limit, it’s going to affect the approval of your application.
  • Employment: Another factor that affects your eligibility is your employment status. Staying in your current job for quite a year can significantly improve your chances of getting a mastercard .
  • Location: Banks also consider your location once they assess your application. Certain cards are only available to those residing especially cities.

Documents Required for a Credit Card Application

The documents you’ll get to furnish together with your application will differ from bank to bank. However, below may be a list of a number of the essential documents required you’ll get to submit:

  • Completed form
  • Passport-size photographs
  • Proof of identity (copy of PAN, Aadhaar, passport, etc.)
  • Proof of residence (utility bills, driver’s license , PAN, Aadhaar, etc.)
  • Latest salary slips
  • Form 16
  • Bank statements

All Above the Information is about the Credit Card Guidelines to Apply for Credit Card, all information is given to the best of my knowledge and Research, hope you get all of your quarries, if you have any suggestions, you can contact us to click here. Thank you.


What is Upselling?

Upselling may be a sales technique wont to get a customer to spend more by buying an upgraded or premium version of what’s being purchased.

How to Improve Credit Score?

  • Make sure you pay at least the minimum balance due on time.
  • Pay down your credit card balances to keep your overall credit use low.
  • Don’t close old credit card accounts or apply for too many new ones.

What is the minimum salary required to use for a credit card?

The minimum salary for a Creditcard varies from one bank to the opposite. Moreover, the minimum salary required to use a Credit card depends on if the first application may be a salaried individual or self-employed.

What are the first documents required to use for a credit card?

The primary documents required to use are:

  • Aadhaar card
  • Passport
  • Driving License
  • Passport-size photographs
  • Latest bank statements/salary slips

Which bank gives Credit Card faster?

Most banks take up to 10 working days from the date of application to dispatching your card. this point is required to process your application and verify your documents.

What is the minimum credit score needed to apply a credit card?

Minimum 750,

To apply for a Credit Card, there’s no set minimum credit score. to simply accept an application for a card, each bank/credit card company has its own conditions. generally, however, you’ve got a good chance of being accepted for a card if you’ve got a credit score of 750 or above.

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