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Demonetization has changed the way we do the financial transactions. At this juncture, the role of credit/debit cards cannot be ruled. Use of plastic money has increased considerably due to the use of the credit cards in India. A card used in order to borrow money from your bank to do purchases ranging from pin to plane is known as the Credit Cards.

Essential Documents Used To Apply for Credit Cards In India:

Some of the vital documents used in order to apply for the credit cards are given below as follows:

Documents Vital For Employees:

ID Proof:
  • Pan Cards, Driving license (Back and Front)
  • Xerox of Employee ID
  • Birth Certificate (Back and Front)
  • Voter ID (Front and Back)
Address Proof:

Address proof documents vital for applying for the credit cards in India are as follows:

  • Passport Xerox
  • Aadhar Card ID Proof
  • Mobile Bills Xerox
  • Telephone Bills Xerox
  • Bank Statement Xerox
  • Flat Maintenance Bill Xerox
  • Rental Agreement Xerox
  • Passport Size Photos
  • Ration Card Xerox
  • Driving License Xerox
  • Electricity Bills Xerox
Documents Vital For Self Employed Person:
  • One year in your line of business
  • Copy of 6 month salary slip
  • Passport Size Photographs
  • Copy of Voter ID
  • Copy Of Passport
  • Trade license Xerox with Photograph
  • Water and Electricity Bills for 3 months
  • Birth Certificate

Advantages of Credit Cards:

Some of the advantages of the credit cards in India are as follows:

Enhance Credit History/Score: A good credit card play a major role in enhancing credit history and boosting your nagging score in India.

Increases Purchases:  Play a pivotal role in improving your purchase of essential commodities, and non essential commodities in India.

Money Savings: Play a good role in saving lot of money and online transaction boosts up to a huge extent in India.

Peace Of Mind:  A fine credit card plays a vital role in offering you complete peace of mind, regarding usage of cash in India. Ideal for people in marketing and travel related field.

Track Expense:  Good credit card play a good role in monitoring your expenses in India. Some credit cards give you annual statements, to know your area of Income and Expenditure.

Flexible Credit:  Many credit cards do offer the flexible credit facility in India. It is ideal for you, where in you can benefit from short term credit if your balance is cleared by due date.

Disadvantages Of Using Credit Cards:

Some of the disadvantages of using the credit cards in India are given below as follows:

Overuse of Credit Cards: When one over uses the credit card in India for various purposes, without clearing the dues, the company blocks your credit card. Furthermore, you will have to clear dues within due date to get rid of late payment and increase interest charges.

Meagre Credit Ratings: When you have bad credit ratings, your usage of credit card is questioned. It affects your CIBIL (Credit Information Bureau (India) Limited) score and you may lose right to own credit card in India.

Huge Debts: When you use credit card, on a regular basis, without paying back, leads to huge debt. It affects your credit ratings, as you cannot pay amount within a given time.

Huge Interest Charges: Using the credit card on a regular basis, leads to increase in interest charges.

Late Payments Charges:  Most of the credit card companies charges a huge amount when one do not clear payment by due date. Furthermore, you get charged, when you cross credit limits. You will also be charged when a direct debit/cheque gets returned without going through.

So, I would suggest the people to do a balancing act while using credit card. Understand your financial responsibility and use credit card in a rational manner to lead a happy, tension free life.

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