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Ramalingam Kalirajan |7462 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 07, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Asked by Anonymous - Apr 12, 2024Hindi

I am 72, how can i get credit card.

Ans: It's great to see your interest in obtaining a credit card at 72. While credit card eligibility criteria may vary depending on the issuer and location, here are some general steps you can take to apply for a credit card:
1. Check Eligibility Criteria: Review the eligibility requirements of various credit card issuers to see if you meet the criteria. Age restrictions may vary, but many issuers offer credit cards to individuals aged 60 and above.
2. Income Verification: Credit card issuers typically require applicants to have a stable source of income to demonstrate their ability to repay credit card bills. If you're retired, you can provide proof of retirement benefits, pension income, or other sources of income to support your application.
3. Credit History: Your credit history plays a significant role in the credit card approval process. If you have a good credit history with a history of timely bill payments and responsible credit usage, it increases your chances of approval. If you don't have an extensive credit history, consider applying for a secured credit card or a card with a lower credit limit.
4. Choose the Right Card: Consider your spending habits and lifestyle when choosing a credit card. Look for cards that offer rewards, cashback, or other benefits that align with your preferences. Additionally, opt for cards with features like low annual fees and interest rates.
5. Apply Online or In Person: Once you've identified a suitable credit card, you can apply online through the issuer's website or visit a branch in person to submit your application. Provide accurate information and documentation required by the issuer to expedite the approval process.
6. Wait for Approval: After submitting your application, the credit card issuer will review your application, credit history, and financial information to determine your eligibility. The approval process may take a few days to a few weeks, depending on the issuer's policies.
7. Receive and Activate Your Card: If your application is approved, you'll receive your credit card by mail. Activate your card as per the instructions provided by the issuer before you can start using it for purchases.
8. Manage Your Credit Responsibly: Once you have a credit card, use it responsibly by making timely payments, keeping your credit utilization low, and avoiding unnecessary debt. Monitor your spending and pay your bills in full each month to maintain a positive credit history.
Remember, having a credit card can offer convenience and flexibility, but it's essential to use it wisely to avoid debt and financial stress. If you have any concerns or questions, don't hesitate to reach out to the credit card issuer for assistance. Best of luck with your credit card application!

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.