With the Digital India drive initiated by the Government of India (GOI), an increasing number of individuals are opting for credit cards. Considering that credit cards assume several roles such as loan cards, cash cards, and EMI cards, people benefit largely from possessing the same.
However, people often wonder how to apply for a credit card or things to consider before choosing one. To lay their worries to rest, applying for a credit card is an easy process. Additionally, the online mode of application is easily accessible to people, and therefore, the least time-consuming.
How to apply for a credit card online?
The online application process for a credit card involves the following steps –
- Step 1: Visit the official website of the selected credit card issuer.
- Step 2: Choose a credit card among the several options available.
- Step 3: Click on the “Apply Now” or any other relevant option.
- Step 4: Carefully fill up the credit card application form with relevant details. These details include an applicant’s name, contact number, email ID, date of birth, and salary.
After following these simple steps carefully, individuals have the option to view their credit card status online or via the issuer’s official app.
Eligibility criteria and documents required
People who want to apply for a credit card must be aware of the eligibility criteria and document requirements as laid down by issuers.
For premium credit cards in the market such as Bajaj Finserv RBL Bank SuperCard, the eligibility criteria are as follows –
- An applicant must belong to the age group of 25-65 years.
- He/she should not have defaulted in previous payments.
- An applicant’s credit score must be higher than 750.
- He/she should be an existing holder of an EMI card.
The company also provides pre-approved offers on several financial products. As a result, individuals can benefit from a time-saving and hassle-free approval process on financial products such as personal loans, business loans, and more. You can check your pre-approved offer by providing your name and contact number.
Documents required for application include the following –
- Valid KYC documents such as Aadhar Card, PAN Card, and Voter ID Card.
- Proof of address – Electricity bill, ration card, driver’s license.
- Proof of income – Current payslip, Form 16, and IT Returns.
- Additional documents required are PAN card photocopy and Form 60.
Pointers to keep in mind before applying for a credit card
Even though the application process for a credit card is convenient, individuals do have to consider a few things before applying for one. For instance, different individuals have different lifestyles, and they often avail the most suitable credit cards accordingly. On the other hand, one has to be aware of the range of offers that credit card issuers provide.
In this way, credit card applicants can maximise their benefits. Therefore, the important things to know before applying for a credit card are as follows –
- Check the joining and annual fee – Almost all credit cards charge a joining fee when an applicant opts for it.
On the other hand, an annual fee is applicable to keep the card active. Several credit card companies waive this fee if the expenses in one year are above a particular threshold.
- Compare the interest rates – Individuals should compare the interest rates charged by various credit card providers. These rates are charged only after the billing cycle expires. Therefore, choosing the right credit card helps a user reduce their credit card interest and save money.
- Know about reward points – Credit card issuers attract users with reward points on particular purchases. These reward points can later be redeemed to benefit from discounted purchases. Individuals should pick a credit card that offers high reward points on transactions that they make the most.
Keeping these pointers in mind would certainly help individuals looking to apply for credit card to choose the most suitable product.
Individuals applying for a credit card can ensure instant approval when they adhere to the eligibility criteria. In addition, keeping the required documents handy also speeds up the process of credit card approval. After availing, it is necessary to pay the bill in time to improve the credit score and avoid interest accrual.