Types of Credit Cards and Eligibility Criteria

The plastic money or credit card is a small card made out of plastic which are issued by the credit card company. It is one of the most essential add-on to the purse. The credit card is one type of loan which is taken for the short period of time. The aim of the credit card is to help the user for digital payment and let them be cashless. The credit card can be used for both online and offline mode of payments. The most important thing to consider is that you buy now and pay later. It is the mode of payment in which the user can make use of the card anywhere and everywhere and can pay the credit card company later.

There are different types of credit cards that can be used for different purposes. The credit cards are one of the useful tools but it charges the high rate of interest on the late repayment. Thus, the due date for the bill payment is needed to be remembered so that the interest rates should not be leveraged on you. It is also the very secured way of payments. The card is secured through the pin number which is known only to the authorized users. Thus, at the time of theft and robbery, you can block the card and be safe.

 

credit card

Types of credit cards

There are different types of credit cards that are available for the user according to the purpose of uses. The credit card is one of the modes of the payment which can earn you the cash back, reward points and discounts which can be utilized by the user for the maximum benefits. Given below is the list of the credit card that is available in the market for the different purpose:

  • Standard credit card
  • Lifestyle credit card
  • Travel credit card
  • Student credit card
  • Reward credit card
  • Balance transfer credit card
  • Business credit card
  • & much more.

The eligibility required for the credit cards are-

To get the credit card the eligibility criteria required are mentioned as follows:

  • The applicant should be 18 years old and the maximum age should be 60 years. And the Add-on card holder should be minimum of 15 years old.
  • The applicant should be a salaried individual or self- employed.
  • The applicant should have good credit score.
  • The minimum income of the applicant in the case you are the salaried individual is 1.5 lakh, and if you are self- employed your minimum income should be 2 lakh.

Documents required

The valid and legal documents are required by the credit card company at the time of application. The documents asked by them is mentioned below:

  1. ID Proof- PAN Card/ Driving Licence/Aadhar Card/ Passport.
  2. Age Proof- PAN Card/ Aadhar Card/ Passport
  3. Residence Proof- Utility bills/ allotment letters.
  4. Bank Statement- Last 3 months bank statement/ last 6 months bank passbook.
  5. Income Proof- Latest salary slip/ ITR/ Form-16.

Credit card bill payment

The credit card is a type of loan which needs to be paid on time to avoid any type of interest that are chargeable on the amount. For that, it is necessary to know the various mode through which you can pay your credit card bills. There are various options including the offline and online mode of payments. The credit card bill payment can be made offline by physically going to the branch and settle the bill. The online mode of payment is one of the most popular ways to settle the bill as it is more easy and convenient way. The different types of online bill payment is

  1. Online banking- You can easily access your account through your ID and password and pay the bill of the credit card.
  2. Mobile Apps- In modern days everyone has mobile with them which act as a magical wand and you can make payment from the apps anytime and from anywhere.
  3. Debit card- It is the card which is like taking your account everywhere. So when you enter the details of your debit card through the payment gateway then the money is directly deducted from the account and the payment is done.
  4. Other portals- There are many portals which are the third party and authenticated for the bill payment. You can login and pay through these portals as well.

The credit card is one of the ways through which the payment is done by the authorized user. Credit card does not exist. This bank is relatively new and does not have the much services and products to provide to its customer. The bank is improving and growing meanwhile. It can take some time to start providing the credit card for the users.

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