Having a metal credit card helps you get luxurious benefits. High-profile individuals use these credit cards to get premium offers and more cost-saving benefits. Slim, stylish and made to last, these cards also give you higher available credit, extra travel perks and the highest level of customer service. Yet, many people are not able to qualify for these cards.
If you are aiming to qualify for an exclusive metal credit card, here is what you need to know before you apply for credit card.
Key Eligibility Criteria
A bank offering a metal credit card typically sets high standards for eligibility. Here are the common benchmarks applicants must meet:
1. Strong Credit Score
You must have a good credit score if you want to get a metal credit card. Your credit report should show that you pay on time, do not use all your credit and have few debts.
2. Stable Monthly Income
Those applying for this card should show they are consistently earning a high monthly income. Salaried individuals should submit salary documents or bank statements, and anyone who is self-employed should provide audited financials along with their ITR as proof.
3. Existing Relationship with the Bank
Some small financial institutions issue metal credit cards only to customers invited by their bank if they are known to the institution. Having a high balance in your savings or current account or using other advanced banking services will improve your chances of getting a metal credit card.
4. Transaction Behaviour
When you apply for this card, the bank will also review how you spend your money. If your transaction history indicates frequent high-value purchases or international travel expenses, you may be viewed as an ideal candidate for their premium card offering.
5. Age and Residency
To apply, a salaried person must be between 21 and 60 years of age, and a self-employed person must be between 25 and 65 years of age. They must be an Indian citizen and have a valid identity proof.
Application Process
If you meet the above criteria, you can proceed with the application. Here is what the general process looks like:
Step 1: Pre-Qualification or Invitation
Banks can pre-approve you based on what they find in your account reports or credit score. For some, the best approach is to show your interest by getting in touch with customer support.
Step 2: Fill out the Form
Complete the online application form with your personal, financial, and employment details. Then, review to ensure that all the information you provided is correct and submit it.
Step 3: Document Submission
You should send your ID, proof of your address, documents about your earnings and your bank statements. Most digital payment portals let you add your data quickly and confirm it right away.
Step 4: Credit Assessment
The bank will conduct a thorough credit check and assess your risk profile. They may contact you for additional details or clarification during this stage.
Step 5: Approval and Delivery
Once approved, your exclusive metal credit card will be delivered within a few working days. Some banks also offer in-branch collection for added security.
What Makes Metal Credit Cards So Special?
These cards are generally reserved for high-net-worth individuals or those with a strong financial profile. They often come with:
- Complimentary airport lounge access
- Low Forex Markup
- Benefits of golf rounds
- Movie Passes
Additionally, some of the options in this regard, such as are physically more durable than standard plastic cards, adding a sense of sophistication and exclusivity.
Conclusion
Metal credit cards are more than a financial tool. They are a symbol of smart financial planning. Individuals must work hard and build a good financial profile to get the metal credit card and enjoy its premium benefits.
Concentrating on creating a strong financial profile and keeping a positive rapport with your bank may improve your chances of getting approved for this premium credit card.