Some common misconceptions about the application process of credit card and the actual facts about them are:
Myth -1: It is difficult to avail a credit card
Many think availing a credit card require visiting the issuer, lengthy application formality. But, in fact, you can find and apply for credit card online and if you fulfil eligibility then the online application gets processed and the card is issued.
Myth – 2: Card is only given to rich
Some people think a credit card is a privilege of rich. But banks have come with a variety of credit cards that suit individuals of low and middle income as well.
Myth – 3: It is difficult to meet eligibility parameters
To get a credit card one needs to meet certain eligibility parameters. These parameters are not stringent. In reality, you can get a card if you are 21 years with a gainful occupation and regular income source. Each card has different parameters.
Myth – 4: Card application process require numerous documents
It is true that documents are required but the documentation process is not lengthy. All it requires are your income proof, identity proof, age proof, and your photograph.
Myth – 5: Huge fee to be paid when applying for credit card
Most cards require joining fee which varies from card to card. But this fee popularly ranges between Rs.249 to Rs.599.
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