A credit card DSA (direct selling agent) is a person or entity that distributes credit cards on behalf of a bank or financial institution. They pitch credit cards to potential customers, explain the features and advantages of the credit card and assist with the application process, while ensuring the customer is eligible for the financial product. In return, the bank or financial institution rewards the credit card DSA a commission on every credit card sold.
Why are credit card DSAs hired?
Financial institutions like banks prefer recruiting DSA partners to offload some of their work. Since lending institutions lack manpower or time to attend to clients individually, credit card DSAs bridge the gap. A credit card direct selling agent is a professional financial advisor who assists their clients in many ways. They help credit card applicants with their documents, maintain records for the lender or bank and handle customer queries.
Credit card partners help lending companies increase their reach, and business as a result. In exchange for their services, they get a percentage of the total profit made from selling credit cards. Besides, these agents represent the lending firm they have partnered with, thereby becoming middle persons between firms and customers. It is also economical to hire credit card agent as banks and other lending institutions do not have to offer full-time employee benefits.
India’s largest loan distributor
With 1000+ branches, Andromeda Loans is spread across the length and breadth of the country. When you partner with us, you get access to 140+ lenders whose financial products you can distribute as a DSA agent. While our employee strength is 3000+, the strength of our partners is remarkable at 25,000+.
15,00,000+ happy customers
Our presence pan-India has enabled our partners to feel more supported as they provide impeccable services and sound financial guidance to our customers. With a rich legacy of 30+ years, we have helped 15 lakh customers reach their financial goals successfully.
Maximum amount of loan disbursals
Andromeda Loans aspires to provide top-notch service and product recommendations to our customers. As a result, in one financial year, we helped our customers avail loans worth INR 38,000 Cr. We welcome more DSA partners to associate with us so that we can reach innumerable milestones together.
Tie-ups with 140+ financial institutions
Over the years, we have built a strong network with India’s most reliable banks, NFCS and fintech companies. At present, we have 140+ lenders that help us get the best deals for our customers.
Roles and responsibilities of a credit card DSA
As there is a plethora of credit cards available in the market, they would need someone to guide them in applying for and obtaining a credit card. But, a credit card DSA is also entrusted with other duties and responsibilities, such as:
- Marketing of credit cards through different channels: A credit card direct selling agent should reach out to potential customers to promote and sell credit cards. They can promote the financial product through various channels, including digital marketing, direct marketing, etc. They can also tie up with retail stores and travel agencies to sell credit cards.
- Identity and verification of leads: When the DSA starts receiving leads from different sources, they need to choose the best credit card for the potential clients based on their financial goals and credit scores. As a credit card DSA, you will also need to conduct basic checks of the applicant as well as the credit card to ensure the eligibility criteria are met.
- Assist in the application process: When a potential and eligible customer expresses interest in a card, it is the responsibility of the DSA to explain the features and benefits of the card and assist with their application process. As a credit card agent, you need to ensure the customer is aware of the terms and conditions, which include interest rates, fees, and charges. The DSA will then collect all the required documents from the customer and submit them to the bank or lending firm for processing. The credit card DSA will inform the customer once the application is approved.
- Provide complete and accurate information: Credit card DSAs should follow the guidelines and regulations as outlined by the bank or financial institution they are representing. Do ensure you are giving accurate information to your potential customers and explaining the features and benefits of the card.
Eligibility & Documents criteria for credit card DSA registration
A Credit card DSA can apply to Andromeda Loans provided they meet the following criteria:
- Should be a legal adult: You must be at least 18 years of age to work as a credit card DSA.
- Should be an Indian: If you wish to work at Andromeda Loans in any of their offices, you need to be an Indian citizen.
- Can be salaried or self-employed: Both salaried and non-salaried people can apply for the role of credit card DSA.
- Less professional degrees, more skills: To start earning as a credit card DSA, you do not need any degree in finance, banking or accounting. The on-the-job training modules provided by Andromeda Loan will help you polish your negotiation and communication skills to sell the company’s financial products effectively.
- Other criteria: Though not specified or mandated by any lending distributor, having an excellent CIBIL score shows you can repay your debts on time. Further, you will be able to guide your customers well in terms of their financial needs. Apart from this, it is prudent to be aware of some regional languages so that you can connect with your target audience better.
Documents required for credit card DSA registration
- Identity proof: PAN card, Voter ID, Aadhar card, etc.
- Address proof: Passport, utility bill, driving license, etc.
- Tax documents: Form 16 or Income Tax Return details
- Bank statement: Your most recent 3 months' bank transaction details
- Credit card DSA application form found on the website
Credit Card DSA FAQs
A credit card DSA is a professional financial advisor who sells credit cards to potential customers and earns commission from banks and other financial institutions in return.
The two mandatory requirements for becoming a credit card DSA are as follows:
- You need to be a citizen of India
- You should be over 18 years old
The role of a credit card DSA entails marketing credit cards online or offline, identifying and verifying prospective leads, ensuring the credit card application is smooth for the customer, and conveying complete and accurate information.