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Frequently asked questions: getting a credit card

Frequently asked questions on credit cards

Apnaloan.com Research Bureau

10 Aug 2007

Who issues credit cards?

Usually, only banks are permitted to issue credit cards. However, with special permission, even large travel houses or other companies may be permitted to issue credit cards, subject to various approvals in their country of operation.

For what time period is a credit card issued?

Between one to three years.

How can I get a credit card?

  • Identify the card you want to use.
  • Fill up the application form correctly with all the requisite information along with a photograph.
  • Provide supporting documents like proof of income, copy of bank statement for the last six months and send it to your credit card issuing company either through their authorised agent or directly by courier to the designated address.
  • The company would process your credit card application based on the information and the supporting documents sent by you. If your documents are clear and to the satisfaction of the company, it would issue a credit card after assigning you a credit limit.
  • Normally, it takes about 3 to 4 weeks from the date of application for you to receive your credit card. The credit card is always sent through a reliable courier and is delivered only to the applicant. It cannot be received by anybody else. You are also required to send a receipt of acknowledgment separately by post or by courier. As soon as you receive the credit card, you can start using it.

How long does it take to issue a credit card?

Normally, it takes 3 to 4 weeks from the date of application to get your new credit card. However, some credit card companies give you a service guarantee to issue a card within 14 days. If you are applying for an add-on card, it takes about 3 to 4 weeks.

For what reasons could my credit card application be turned down?

Your credit card application could be turned down if:
  • You have defaulted on any of your loans or payments to credit card companies in the past.
  • You have not met the income criteria specified by the card issuing bank/company.
  • You had not made yourself available to the credit investigating agency representing the card issuing bank /company.
  • You have not met some other specific criteria of the institution.

Why should I sign on the back of my card?

While it is not mandatory to sign on the back of your card, it is a safeguard to prevent against any misuse if your card is lost or stolen. The signature allows the merchant establishment to carry out an on-the-spot authentication process.