• Finance

    What is the Eligibility for Credit Cards & How Do You Convert a Credit Card Bill into EMI?

    william Posted on

    Credit cards are a better way to pay for any products, and utility bills too. Making life simple as far as payments are concerned, the credit card remains a savvy payment mode. However, when you apply for one, issuers require you to fulfil credit card eligibility, so you can get one fast. You should be aware of these criteria.

    What are Eligibility Criteria to Apply for a Credit Card?

    You can get details about eligibility and credit cards available at Finserv MARKETS, offering you a comprehensive guide. Nonetheless, here are the eligibility criteria to be aware of:

    • Income – Different card issuers have different income criteria for a variety of credit cards, but you should have a stable income source.
    • Age – You must be a minimum of 18 years of age.
    • Credit Score – A credit score shows creditworthiness and the minimum score required is 750.
    • Employment – You should be salaried/self-employed to get credit card benefits by getting approval of the card of your choice.
    • Nationality – You must be an Indian national.

    What are the Documents Required to Apply for a Credit Card?

    Your credit card eligibility is validated by documents like the following:

    • Proof of Age, Identity and Address – You may submit PAN and Aadhaar Cards for this, but you can also submit a driving license, voter ID or passport.
    • Proof of Income – You must show documents indicating income source.

    Who Should Use a Credit Card Based Eligibility & Product Offerings?

    If you are an existing customer of a bank, you will be offered a credit card automatically. Therefore, you won’t have to show eligibility. However, new customers must display eligibility/documents as they have no prior relationship with card issuers. Once you have a new credit card, you can avail several credit cards benefits, and various product offerings like cash back and reward points. Besides this rosy aspect, you must view the payment of credit card bills seriously, paying on time to avoid debt and additional penalties. Nonetheless, you can convert high credit card bill amounts into EMIs for affordability.

    How you can Convert a Credit Card Bill Payment into an EMI Payment

    One of the primary reasons people opt for credit cards is to buy flagship items on EMI. This facility lets you convert big-ticket item bills into flexible EMI payments which you can afford over a period (over 3, 6, 12 months, etc.). With a credit card EMI calculator, you can easily find out how much interest you may have to pay on an EMI when you spend a certain amount of money on a product. You may be charged certain fees and charges when you convert your purchases to EMIs. These include:

    • Interest – Interest is charged on EMIs. This varies depending on your relationship with card issuers/type of card.
    • Processing Fees – Based on card type, up to 3% of the total purchase amount is charged as a one-time processing fee.
    • GST – A tax of 18% will be charged on all amounts spent.
    • Foreclosure – Charges for prepayment may be up to 3%.

    At Finserv MARKETS, you can avail the best credit cards, comparing ones that match your needs. By meeting eligibility, you can get one fast and spend with the convenient EMI facility.

    Sources:

    1. Convert Credit Card Bill to EMIs – Finserv MARKETS (bajajfinservmarkets.in)
    2. Credit Card Eligibility: Check Eligibility for Credit Cards Online – Finserv MARKETS (bajajfinservmarkets.in)
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