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How to apply for an American Express Credit and Charge Card?


From everyday groceries to buying apparel and gadgets to enjoying your dream vacation, Credit or Charge Cards have become a handy tool to give wings to your wallet. Perhaps you carry a Card already, and you are looking for another one to meet your current needs. You may also be someone looking for your first Card. If you are wondering about how to apply for a Credit Card, here is all the information you’ll need to apply for an American Express Credit or Charge Card.

Why should I apply for a Credit Card?

 

When used responsibly, a Credit Card can open several doors in personal finance for you. Here are a few reasons why you must apply now for a Credit Card or Charge Card.
 

  • You gain incredible flexibility in your spending. You can buy now and pay later, manage your outgoings more carefully and access emergency money at any time.

  • If you are a millennial or first time Credit Card user, you have the opportunity to build your Credit history, a record of all your accounts including loans and your payment pattern. Having a Credit history is significant when you apply for a loan because it gives the lender insight into your financial health.

  • You can improve your Credit score. Using a Credit Card regularly and repaying the balance every month on time will help you build a better Credit rating. This, in turn, makes it easier for you to secure a home loan or larger personal loans. Using a Credit Card can help secure a home loan with a low-interest rate.

  • Owning a Credit Card is also a great way to enjoy lifestyle perks. Many Cards award you points for the money you spend using the Card. You can use these Membership Rewards points for a range of benefits and offers such as hotel stays, air miles, complimentary airport lounge access, gifts, etc. 

  • Credit Cards and Charge Cards are safer to use as compared to cash. Amex Cards come with a Fraud Protection guarantee that absolves you of the liability for any fraudulent purchases. Cardmember should inform us within 3 days.

  • You can use your Amex Credit and Charge Cards even when abroad. Credit Cards are generally accepted worldwide whereas debit Cards do not enjoy that kind of universal acceptance. There will be forex charges for transactions taken in foreign currency.

 

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 When to Apply for a Credit Card

 

 Applying for a subsequent Credit Card makes sense if you have been responsible with your existing Credit Card and any other loans that you might have. Getting another Card will also help you bring down your Credit utilization ratio. It is the percentage of your available credit that you are using (your Credit Card debt divided by your Credit limit). The Credit utilization ratio is one of the factors used to compute your Credit score. For millennials and first-time Card applicants, it’s a good idea to use their Credit Card account to start building their Credit history and in turn, achieve a good Credit score. Having a Credit history will help you establish that you are a responsible borrower and can be trusted with Credit.  

 


When You Should Not Apply for a Credit Card

 Applying for a Credit Card may not be a good idea for people in poor financial health. If you reach the Credit limit of your Cards often and can’t pay your bills on time, then it’s better not to consider another Credit Card till you set things right. Also, if your Credit score is already low because of bad payment history, another enquiry about your Credit score by the prospective Credit Card provider might affect it adversely. It might even deter the Credit Card provider from approving your Card.Applying for multiple Credit Cards in a short span of time can make you look desperate for Credit and can raise a red flag about you. It is better to wait for a few months before you apply for another Credit Card. 

 


Which is the best Credit Card for me?

 

The best Card for you will largely be based on how you intend to use a Credit Card.
A good place to start is with an understanding of your spending habits each month and how you will repay the balance.

 

 

 

 

Both Credit Cards and Charge Cards will help you build a Credit rating. Before you apply for a Card, look at the interest rates, rewards and bonuses to see what suits you the most.

Applying for a Card

 

Before you apply for a Card, you need to check the basic eligibility criteria first. The key requirements for American Express Credit and Charge Cards (and most Credit Cards in India) are:

 

  • Legal age
    You must be aged 18 or above to be able to apply for a Credit Card in India.

  • Indian residency status
    You must qualify as an Indian resident and have a permanent residential address.

  • Indian Credit file
    You must have an Indian Credit file or Credit history associated with you. You will have a Credit file if you have owned a Credit Card or Charge Card from any other provider. Though some banks don’t need you to have a Credit history for applying for a Credit Card with them.

  • No history of bad debt
    You should have a good Credit score. You shouldn’t have any history of bad Credit. For e.g., any earlier loans or an outstanding amount on Credit Cards which you failed to repay on time.

  • Indian or multinational bank's savings or current account in India             
    You must have an Indian savings or current account in an Indian or multinational bank.

  • Not filed for bankruptcy in the past 7 years
    You must not have filed for   bankruptcy in the past 7 years   

 

How does my Credit score affect my application?

 

Your Credit score is a three-digit number provided by agencies such as CIBIL. The higher the score, the more trustworthy the person is considered. It is influenced by your Credit history which has all the details of your accounts, including Cards and loans. It also contains minute details such as your payment pattern.

Credit Card providers want to know your creditworthiness before approving your Credit Card application. For this, they investigate your Credit score. Credit score serves as a risk indicator to the Credit Card providers, letting them know how likely you are to repay your Credit Card bills on time. Your Credit score determines the interest rates you will be offered on applying for a Credit Card. If you have a good Credit history, you will be able to receive better interest rates and a higher Credit limit. You can find your Credit score by visiting the CIBIL website.

 

 

 

How do I apply for a Credit Card or a Charge Card online

 

You can apply for an American Express Credit Card or Charge Card online. The application takes around ten minutes to complete. Here are the steps you can follow:
 

  1. Start by visiting Amex’s Credit Card section here.

  2. Study and compare the various Cards being offered by Amex and select the one that best suits your requirements.

  3. Click on the ‘Apply Now’ button of the selected Card.

  4. It opens another window with the application form. You will be asked to  provide your personal details such as name, date of birth, income, PAN no, and address details. You can save and continue to the next page.

  5. This page will ask you for further financial details and additional information, such as your bank details. You can fill in the information and save and review it before submitting the application.

  6. Upon submission, you will receive confirmation that Amex has received your application. 

  7. You will need to send to Amex the necessary documents to prove your legal status and identity. 
     

Your American Express Credit Card application status will be conveyed to you within 15 working days from the date of receipt of the application, provided your application is complete in all respects, and is submitted along with all the documents as per bank’s requirements. If the necessary documentation is not received or in case of any other exceptional scenario, American Express will notify the applicant on the decision within 90 days from the receipt of the application, beyond which an application will not be processed.  To help the process, please double check your entries and make sure that you have all the necessary documents ready.

 

 

 


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Credit and Charge Cards Explained

 

Has talk of interest, annual fees, rates and percentages left you feeling confused?

Our simple Credit and Charge Card guides are a great place to start.

 

What is Card Interest

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What is Credit Limit

 

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Earn Air Miles

 

What is a Charge Card

 

What Card fees am I expected to pay

 

How to choose a type of Card

 

 

 

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