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Procedure: How to Apply for Credit Card
February 06 , 2013

  1. Credit cards work like debit cards which you can get swiped at the counter instead of paying cash except that you can also buy for credit from your credit card company. The second part is the spoilsport for many users who are either ignorant of charges or are compulsive spenders.
  2. Read the fine print on regular fees, finance charges, cash advance fees and credit limit. If you really understood what the charges are like for using revolving credit you'd think 50 times before using credit for buying. Don't blame them for the high charges- credit card is a form of unsecured debt. For more on credit cards read our article 'Things You Want to Know about Credit Cards'.

  1. Out there you will find plenty of attractive cards but choose the one that is right for your needs and whose charges would not handicap your finances. Go for a card that offers best benefits for the activities you are more likely to do using the card, for example- shopping or paying utility bills.
  2. Pay attention to basics such as acceptability of card, free credit period and customer service. You can refer to the module on credit cards in additional resources below to read more on how to select the card.
  1. Most banks let you apply online. If this is not possible, you can buy it over the counter at a branch. Some banks require that you hold a Fixed Deposit with them with a specified minimum amount.
  2. Fill in the form along with details of PAN card, income details, identity proof and address proof. You will get the card in 3-4 days time once relevant documents are submitted. Annual fee, if any is deducted in the first billing period.

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