A Credit Card is issued by a credit card provider, and they allow the holder to purchase goods or services on credit. You can also use credit cards for balance transfers and taking out cash (also known as cash advance or cash withdrawal) from an ATM.





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Credit Card

Credit cards are payment card, issued by banks and financial institutions to enable the cardholder to make immediate payment on credit or draw cash in advance instead of cheque or cash. The due amount needs to be paid in the form of monthly instalments (EMIs) or as a lump sum within the due date with certain interest or fee respectively.

Characteristics and details of a credit card:

  • It offers short-term, and up to zero-interest loan for purchases made
  • It helps in building the cardholder's credit history and thus CIBIL score
  • It offers various features, such as reward points, miles, gift coupons, vouchers, cash back and extra discount on purchase
  • Majority of Credit cards offer a certain credit limit which vary user to user
  • Using a Credit Card involves paying certain charges that include joining fee, annual fee, late payment charge, duplicate statement fee, cash withdrawal, service tax, ECS or cheque return charge, foreign currency transactions and over limit fee.

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Eligibility Criteria

The eligibility for a credit card differs from provider to provider. However, the basic criteria are as follows:

  • You should be at least 18 years old, while in certain cases reaching up to 21 years
  • Whether salaried or self-employed, you must have a regular source of income to pay back your credit card bills (minimum income bracket differs from one card to another).
  • You should have a savings account in your name
  • You must have a good credit history

Documents Required

KYC documents

  • Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
  • Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/ electricity/ water/ credit card bill or Property tax.
  • Age Proof - Voter ID card, Secondary School Certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy.

Income proof
Salaried Individual

  • Latest 3 months salary slips
  • Salary account bank statement for six months

Self-employed businessmen/professionals

  • Latest IT Returns with computation of income, or certified financial documents
  • Business continuity proof