Blog #RBL Bank Credit cards

A credit card, just like other unsecured loans, possesses certain considerations or conditions that have to be met by the interested customer in order to get a credit card for themselves. These conditions serve as an eligibility criterion for the Credit Card, which is as follows:

• Age limit: The applicant must be at least 18 years old to participate. Some banks, on the other hand, have a minimum age limit of 21 years. The overall age limit varies as well, but it usually ranges from 50 to 60 years old.
• Annual pay: The applicant's annual income decides whether or not he is qualified for a credit card. In India, a minimum annual wage of Rs.3 lakh is necessary to qualify for a credit card. However, it's wise to double-check this criterion with your bank because it varies based on which card issuer you want.
• Nationality or place of residence: Citizens, residents, and non-residents also have the opportunity to apply. There are, however, a few cards available only to Indian residents.

If an applicant fulfils all these, then banks and NBFCs demand a particular document as a method to verify the applicant's claims. The documentation commonly required are as follows: The necessary paperwork applicant's need to submit for your application will vary depending on which bank you're applying to. However, a list of some of the essential documents you'll need to submit:

• The application form filled out fully.
• Photographs the size of a passport
• Identification evidence (copy of PAN, Aadhaar, passport, etc.)
• Proof of address (utility bills, Driving Licence, PAN, Aadhaar, etc.)
• Remuneration slips from the most recent pay period
• Bank statements (Form 16)

If you are self-employed, you must send the following documents:

• Evidence of income
• Accounts statement
• Company evidence

You must submit your student ID card with your application form if you are eligible for a student credit card. After all, this is done, the bank would provide the applicant with the credit card, and sometimes banks also charge overhead expenses from the applicant as processing charges for the credit card. Joining rates and monthly fees are the two essential fees that you would pay on a credit card. Apart from these two fees, cardholders may be aware of a number of other costs. There are some of them:

• Duplicate Statement Fee: A one-time penalty that applies when a client requests a hard copy of their statement.
• Late Payment Charge: This is a tax that must be charged in addition to the applicable interest rates. If the cardholder does not make timely deposits, this fee may be charged.
• Cash Withdrawal Interest: If a cardholder uses their credit card to make cash deposits against their account, they will be paid cash withdrawal interest.
• The Goods and Services Tax (GST): GST is applied on all credit card purchases. GST is calculated based on the total purchase value, which includes interest, fines, and other costs.
• ECS or Cheque Return Charge: This is a set fee that the cardholder must pay in the event of an ECS mistake or a cheque bounce.
• Foreign Currency Transactions: This charge is a set amount of the purchase value on all transactions conducted on foreign soil.
• Over-limit Fee: An over-limit fee is paid to the cardholder if their payments, orders, or finance charges meet their credit limit.

All established banks in India provide their account holders and new customers with credit cards. This is to increase the speed and convenience of the customer to buy products and services from the market. The most demanded credit cards in the market now are RBL Bank credit cards; these give added advantages to the customers on almost all the leading online retail platforms. Amazon, Flipkart and other leading e-commerce portals provide customers with these credit cards special offers such as flat discounts, money back on purchase, etc. 

Also Read:- A Credit Card For Low Income People