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Different Types of Credit Cards in India
As of today, credit cards are critical tools that empower a person to acquire goods, and avail of services with the comfort of making payments for those purchases on another date. Banks and NBFCs issue credit cards with credit limits, and the holder has to repay the amount used inside the allotted credit limits in accordance with the agreed due dates. The financial institution decides terms and conditions of the credit extended in agreement with the cardholder.
From travel to shopping, to expenses for day-to-day life, and various other needs, credit cards are meant to buy now and pay back later. There are many types of credit cards; some are secured credit cards, some deal with rewards, some are speciality cards that deal with important day-to-day needs such as fuel. Even cash back credit cards, and co-branded cards are a segment offered by financial institutions. With the use of these cards, you can increase your credit score too. Below you will find a list of types of available credit cards.
Credit Card Eligibility
Megamind Loans offers a selection of credit cards in association with Partner Banks and NBFCs to suit individual profiles based on requirements. Each partner financial institution issues credit cards based on eligibility criteria that differ. Here are the generic few of those prescribed criteria, which you need to fulfil before issuing your choice of credit card.
Generic eligibility criteria to avail a Credit card
- Citizen of India
- Good history of savings
- Professional Stability
- Above 21 years
- Existing and Active Savings Account
- Strong Credit or Credit Score
Credit services via credit cards offered Banks and NBFCs are of various types. Some of them are mentioned below.
Documents Required for Credit Card
4.Credit Card Bill
Identity and Signature Proof
Employee Identity Card in case of Government Employees
Secondary School Leaving Certificate
Pension Payment Order
Receipt of LIC Policy
2 years Form 16
Advance Income Tax Paid Challans
3 years Assessment Orders
Registration of Business
Your credit score, also known as the CIBIL score, plays a pivotal role in shaping your financial journey. From loan approvals to …