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A credit card is a financial instrument that has a pre-loaded balance that the cardholder can use to make transactions and pay for them later. The card issuer will let you pay off the balance fully, interest-free, for up to 50 days from the date of payment. To avoid any fines, the cardholder can pay the minimum amount due (which can be anywhere between 5% to 10% on the total amount owed). The balance, however, will be carried forward to the next month, and interest set by the credit card company will be levied.
The documents needed to apply for a credit card can differ based on the issuing institution. However, the following are generally the frequently requested documents you would likely need to provide during the credit card application process:
The credit card segment continues to grow universally as innovative contenders enter the space with fresh and advanced features. Get a look at the basic features.
Credit card eligibility refers to the criteria that an individual must meet in order to qualify for a credit card issued by a financial institution. These criteria can vary between different credit card issuers, but they generally include factors such as:
It's important to note that meeting these eligibility criteria does not guarantee approval for a credit card. The final decision rests with the credit card issuer based on their assessment of your application and creditworthiness. Additionally, different credit cards may have different eligibility criteria and features, so it's a good idea to carefully review the terms and conditions of the credit card you're interested in before applying.
