Using credit card perks and timely repayment have grown more straightforward and easier as a result of the internet and technological advancements. The introduction of credit cards altered how we see debt. Credit cards are a popular kind of credit used by millions of Indians. Credit card eligibility is the absolute minimum, aside from that. Everyone with a steady salary can use a credit card to manage their finances when they are in need of money.
An authorized credit card issuer, Federal Bank, and Fi.Money is working together to offer a co-branded credit card. The 5% Card is now available.
Check out Fi.Money if you’re looking for a credit card that fits your needs! Federal Bank, a licensed credit card issuer, and Fi.Money is collaborating to offer a co-branded credit card. The 5% Card is provided by Fi.Money. A credit card that offers benefits for each purchase! Also, your prizes will alter as your spending habits do each month. When you spend on any of the top 21 brands in India, you can earn accelerated rewards of up to 5X.
You must verify that you satisfy the conditions set forth by the credit card provider in order to obtain a credit card. So, different issuing banks have separate credit card qualifying requirements. Additionally, your credit card application will be flatly denied if you don’t meet the criteria. It’s possible that your credit score will suffer as well, which is ultimately bad for you.
- You must fulfill the following conditions in order to be approved for a credit card:
- A salaried worker for an organization or a professional who works independently are both required.
- A credit score of at least 750 must have been maintained.
- The age range for you should be between 18 and 65.
- One needs to demonstrate that you make at least Rs. 400,000 per year in salary. (The minimum wage requirement varies depending on your credit card issuer).
The prerequisites for applying for a credit card are as follows. Yet, a few things can affect whether or not credit cards are issued:
Debt already owed
Using a credit card essentially results in the acquisition of debt. For the bank to give you a tool for more debt when you already have a lot of debt needs to be clarified. Your prospects of obtaining a credit card may be improved if your existing debt is within the allowable limit.
Following consumers’ spending trends is simpler, thanks to the development of digital payments and instruments. With the pattern of spending and payment of debts, specialized credit agencies determine the degree of financial discipline. These companies assign each consumer a credit score based on their previous financial behavior. Banks use credit scores to decide whether or not to provide credit cards. Obtaining a credit card is made simpler with good credit and vice versa. Banks deem a score of 750 to 900 sufficient for a credit card.
Despite the fact that you can apply for a credit card online, certain banks will take your residence into account. Only those who live in a specific city or region are eligible for some credit cards.
A bank would not trust a candidate without a reliable source of income. An applicant’s likelihood of receiving a credit card is significantly influenced by their job situation. Being employed for more than a year substantially raises your chances because it shows that you have steady employment and can pay your credit card bills on time.
Documentation needed for a credit card:
The types of persons who qualify for credit cards determine the documentation needed. It is also quite essential to keep in mind that you must send a copy of your documents, not the originals. During the verification process, your credit card company may request original documents.
- Identity documents include a driver’s license, passport, voter ID card, PAN card, and Aadhaar card (Any one of the mentioned documents)
- Utility bills, ration cards, passports, driver’s licenses, and voter ID cards may be used as evidence of address (Any one of the mentioned documents)
- Income documentation includes pay stubs and Form 16s (Any one of the mentioned documents)
- Age verification documents include a birth certificate, passport, and birth certificate (Any one of the mentioned documents)
You must ensure you have a consistent income and the necessary repayment capability to obtain the best credit card in India. You should also check with your bank to learn about its eligibility requirements and make sure you meet them before applying for a credit card because not all banks have the exact requirements for documents and eligibility.
With the Fi.Money credit card, one receives plenty of benefits. Fi. Money’s credit card also includes all your extras, such as Lounge Access, a Minimal Forex Fee, Quick Credit Card Issuing, Customized Reminders, Spend Insights, and more. Oh, and the welcome package includes premium brand-specific certificates worth 5,000!