Nowadays, credit cards have become an essential part of our financial routine. For a large number of people, credit cards are a more convenient to carry in comparison to cash and also allow them to pay for an expense at a later date.
While using a credit card is easy, the whole application and subsequent issuing process behind is a fairly comprehensive process. This application process is useful to know, especially while applying for a new credit card.
You can apply for a Credit Card by visiting a bank in person, applying online or applying at promotional stalls or through field sales officers. In either case, you are needed to fill an application form and submit essential documents like ID and address proof, PAN card and furnish income proofs for both salaried and self-employed individuals.
This is a necessary step for the bank or any other financial institution to establish the legitimacy of the applicant's credentials. The submitted documents are processed and then scheduled for verification. Traditionally, you could have expected a field agent to turn up at your doorstep but these days, the process has been made more efficient and you will usually get a call from a customer care call centre who will speak with you and your references (as mentioned in the application form) to verify your credentials.
This is an important step from both the bank and the applicant's perspective. When you apply for a credit card, the concerned bank will check your employment history and verify the income details that you have furnished. Most crucially, banks will check your CIBIL score.
Your card limit is determined on the basis of this step as well as your current income. So it is important that have a good repayment record on any loans or other credit cards that you have taken and minimum liability on any existing cards.
This step can be defined as the master check of all the preceding steps. Dedicated personnel re-check all the nitty-gritty details of the application and carry out a second internal verification to ensure everything is in order.
Once all these steps have been fulfilled, your credit card is generated and issued and is then mailed to you with documents like credit card FAQ, bank offers and the accompanying agreement.
For more such insights, visit www.itsallaboutmoney.com
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