Credit Card Payment Offers 240 views
After becoming an important part of the financial routine, there is no denying on the fact that credit cards have become the most preferred choice of people these days. Moreover, for many people having a credit card is undoubtedly one of the most convenient and smartest ways to carry cash which allows them to pay for any expense later.
However, once you have selected your favorite credit card, the next important thing that comes into play is the application process. Yes, the application process is useful for you to know, especially if you are applying for your new credit card.
Step 1: Applying for Credit Card
If you want to apply for credit card, there are various ways with the help of which one can easily apply. You can visit the bank in person, apply online, apply through promotional stalls and last but not the least you can do it through field sales officers.
Well, no matter what mode of credit card application you select, you need to fill an application form and submit your form with some documents like-
- ID Proof
- Address Proof
- PAN Card
- Income Proof
Step 2: Verification
After you submit your application form along with the required documents, the next step the bank follows is to do the verification of your submitted documents. Earlier, a field agent used to visit your doorstep so as to verify your documents, but nowadays the banks have made this process easier for you by providing the service of customer care who will speak to you about your credentials and verify them on call.
Step 3: Check Your Credit History
It is again an important step for bank as well as applicant. When your credit card application reaches in a bank, the concerned bank will first check your employment history then verify your income details to process your request further. Moreover, most importantly the banks check your CIBIL score first.
Actually the limit of your card depends on how good credit history you have along with your current income. Thus, it is absolutely important to maintain a good repayment record on any previous loans that you have taken on an existing card of yours.
Step 4: Application Evaluation
Well, this step is defined as the master check of all the previous steps. In application evaluation, one dedicated executive re-checks each and every nitty-gritty detail of the application, and proceeds with the process of second internal verification.
Step 5: Issuing Credit Card and Accompanying Agreement
Once all these verification steps have completed, your credit card gets generated and issued to you. Now, that your credit card is ready to use, the bank will mail you some important documents like credit card FAQ’s, latest offers running along with the accompanying agreement.
So, now you are ready to use your brand new credit card!