Apply for a credit card in 3 simple steps

Introduction
 

Credit card companies and banks now offer online credit cards for which customers can sign up without even visiting a bank branch. While the procedure to sign up is very convenient, the bank checks certain criteria before accepting an individual’s credit card application – for instance, their salary, credit score, and relationship age.

If you wish to sign up for a credit card, you must download the bank’s mobile banking app to sign up for its credit card. IDFC FIRST Bank’s mobile banking app not only helps you sign up for its credit cards, but also helps you manage them 24/7 and automate your credit card bills using the Autopay feature. You can sign up for a credit card by following three simple steps – selecting your card, checking your eligibility, and submitting the required documents. Read on to know how you can go through these steps to choose the best credit card for yourself that can also help you save a significant sum in the long term.  

Step-by-step guide to apply for credit card online
 

You must follow three simple steps to apply for a credit card online – selecting the right credit card, checking your eligibility for the card, and submitting your application. However, there are various points to be followed within each of these steps that can help you benefit from the best rewards and cashback offers using your credit card. Here is the step-by-step guide to applying for a credit card online –

1.  Select the right credit card: Signing up for a credit card is an extremely convenient process today, thanks to mobile banking apps and internet banking services. As an IDFC FIRST Bank customer, you can sign up for a credit card directly through the IDFC FIRST Bank mobile banking app. However, there are a few points that you must check in order to select the right card –

• Create a shortlist of credit cards that interest you and enlist their features: Creating a shortlist can help you choose the card with the best features specific to your needs. For instance, if you are looking for an EMI card, the IDFC FIRST Bank FIRST SWYP Credit card can be your go-to solution as it offers a fixed monthly conversion fee and zero interest charges on eligible EMI purchases. Additionally, you enjoy a range of shopping and travel benefits along with exclusive reward programs on every purchase.  
  
  
• Analyse the rewards: You must check the relevance of credit card rewards and analyse them well before selecting your card. Most credit card benefits are time-sensitive. You must check if you can benefit often from a particular benefit before signing up for a card.
  
  
• Check the interest rate charged by the credit card: Prefer banks that charge a competitive credit card interest rate.
  
  
• Calculate your future EMIs: You can use an online credit card EMI calculator like the one on IDFC FIRST Bank’s site to calculate your credit card EMIs before signing up for a card.
  
  
• Check the bank’s mobile banking services: Signing up for a bank that offers high-quality customer services is extremely important as it helps customers immediately resolve any card-related issue. The IDFC FIRST Bank mobile banking app helps customers access customer services 24/7.

2. Check if you are eligible for the credit card: Once you have reduced your shortlist to one credit card, you must check if you are eligible to apply for that card. You can visit the bank’s website for this or directly contact their customer service team. Here are some general criteria that must be met for a person to qualify for a credit card (please note that this criteria are subject to change depending on the card-issuing bank) –

•  You must be at least 18 years old (the limit is 21 years old for some banks).
• Your annual salary should be at least ₹3 lakh (can vary depending on the card and bank).
• You should have a good credit score (preferably above 750).
• You must be working at your present job for at least a year.

3.  Submit your application: Finally, you must submit your application (online or by visiting a bank). IDFC FIRST Bank customers can apply directly through the IDFC FIRST Bank mobile banking app.

Eligibility to apply for a credit card
 

Credit card eligibility criteria can be sub-divided into two main categories – personal eligibility criteria and income-related eligibility criteria. Here are the criteria that customers must satisfy to be eligible for a credit card in India –

Personal eligibility criteria

• Age: As a general rule, the credit card applicant must be between 18 and 60 years of age to be eligible for a credit card. Please note that different banks set different age ranges. So, it is advisable to contact the bank in order to know if you are eligible.
  
  
• Residential status: Most banks offer credit cards to Indian residents and NRIs (non-resident Indians). NRIs, however, might need to follow additional documentation procedures while signing up for a card.
  
  
• Banking relationship: If you have a good, pre-existing relationship with a bank, you might be able to get a credit card more easily. This factor can compensate for a low credit score or income.  
  
  
• Other loans and liabilities: If you already have an existing loan, getting a credit card could impact your ability to get other loans. Lenders generally assess customers’ debt-to-income ratio while going through their credit card application.

Income-related eligibility criteria
 

• Proof of regular income: Banks offer credit cards to customers whose income sources are steady. Salaried individuals generally find it easier to get credit cards since they can provide proof of a regular income. Self-employed individuals and entrepreneurs, too, can be eligible if they provide a proof of regular income.
  
  
• Credit score: If you have a high credit score, you can also end up receiving a higher credit card amount based on your relationship with the bank.

Documents required to apply for credit card
 

Here are the various documents that you will require while applying for a credit card –

1. Proof of identity:

The following documents can be submitted as proofs of identity while signing up for a credit card –

• PAN card
• Aadhaar card
• Voter ID
• Passport
• Driving license

2.  Address proof:

Here are the documents that you can submit as address proof (you can upload any one document among these) while signing up for a credit card –

• Aadhaar card
• Passport
• Utility bills (not older than 3 months)
• Ration card
• Registered rent agreement

3.       Proof of income

For salaried individuals –

• Latest salary slips (typically for the last 3 months)
• Bank statements (reflecting salary credits for the last 3 months)
• Employment letter or salary certificate (if required)

For self-employed individuals –

• Latest income tax returns along with computation of income
• Profit and loss account and balance sheet for the last 2 years, certified by a CA
• Bank statements for the last 6 months (personal and business)

4.       Additional documents

• Credit report, if available
• Recent passport-sized photographs

5.       Documents for special cases

• University ID or any other proof of enrolment (for students)
• Proof of residence (if staying in a hostel or rented accommodation)

Things to consider before applying for credit card
 

Here are some points that you must consider before applying for a credit card –

• Check the rewards on offer and the category of the credit card: Before you select a credit card, you must also check its category. For instance, getting a travel credit card might not be advantageous for an individual who does not travel very often. You must also check the rewards on offer and whether those rewards are relevant to your spending patterns before choosing your credit card. Additionally, if you prefer the finer things in life, metal credit cards can be an ideal option, offering premium benefits but they may have higher annual charges.   
  
  
• Choose a credit card that offers competitive interest rates: Since a credit card’s interest rates directly impact the ability of a cardholder to repay their dues, you must choose a credit card that offers competitive interest rates. You can compare the interest rates offered by various banks by visiting their websites before signing up for a card.
  
  
• The mobile banking services offered by the bank should be efficient: IDFC FIRST Bank offers highly reliable mobile banking services that help customers directly access their credit cards 24/7. You should choose a bank that offers all-time access to your credit card.
  
  
• You can use an online credit card EMI calculator to calculate your future EMIs: IDFC FIRST Bank’s credit card EMI calculator helps customers calculate their future credit card EMIs accurately to help them plan their EMI payments in advance.

Conclusion
 

Applying for a credit card is a straightforward process when broken into simple steps—choosing the right card, ensuring eligibility, and submitting the necessary documents. By carefully evaluating features, rewards, and interest rates using tools like an EMI calculator, you can select a card that aligns with your financial needs. With a completely online application process and hassle-free approvals, IDFC FIRST Bank credit cards are easier to acquire and offer benefits that adds value to your life.