Thursday, February 7, 2019

How to Apply for a Credit Card: Need to Follow These 5 Quick Steps

Credit cards are fast becoming one of the most preferred types of plastic currency in India. Between January 2017 and January 2018, almost 7.39 million new credit cards were issued, pushing the number of total cards in circulation to 36.24 million. This sharp rise is thanks to the host of benefits cards available today, along with an easy to meet credit card eligibility criteria.

Many financial institutions also accept online application for credit cards, which helps save time and hassle of extensive paperwork. You only have to follow some quick steps to apply for a credit card.

5 quick steps to easily apply for a credit card

Know your eligibility –

A borrower has to meet some specific credit card eligibility criteria for application. Various factors like age, income, credit score, etc. play a crucial role in determining whether a lender will sanction a card or not. Although it varies between the financial institutions, following are some of the standard requirements.

  • Age – Your age must be between 25 to 65 years.
  • Credit history – You should have a good credit history to apply for a credit card. A defaulter will be treated as a risky borrower, and the lender might not grant the application.
  • Credit score – Most financial institutions require a minimum credit score of 750 to issue a credit card.

These are some of the general credit card eligibility criteria that you have to meet. Other than this, you must be an Indian residence and a salaried or self-employed professional.

Search for a suitable lender

The next step to apply for a credit card online should be a thorough search to find a lender that suits your requirements. You should pick a financial institution which offers the maximum set of varying benefits and features. You should also look at various loyalty programs before zeroing-in on one credit card provider.

After you define your requirements, check the details of a credit card plan. Remember to check the following –

  • Joining and annual fees.
  • Welcome bonus and reward programs.
  • Complimentary features.
  • Acceptance with various merchants and point-of-sale outlets.

You should also consider the different types of credit cards that a financial organisation has to offer. For example, Bajaj Finserv RBL Bank SuperCard has 6 variants that you can choose from- Platinum Choice SuperCard, Platinum Choice First Year Free SuperCard, Platinum Plus SuperCard, Platinum Plus First Year Free SuperCard, World Prime SuperCard and World Plus SuperCard. These different variants come with somewhat different benefits to better suit your unique requirements.

SuperCard brings the features of 4 different cards in one. It is a credit card, cash card, EMI card, and a loan card, packed in a single package. You can enjoy several industry-first features with this card.

Bajaj Finserv also has pre-approved offers for credit cards, personal loans, home loans, business loans, and a range of financial products and services. These offers help you save time by simplifying the process of financing. You only have to provide some necessary details online to check your pre-approved offer.

Collect the necessary documents

After you select a lender, contact them for further information on what you will need to apply for a credit card. You can also check their website to know how to apply for a credit card online. Every financial institution will also have a list of documents they require to approve an application. Here are some of the most common and essential documents.

  • Identity proof like passport, driving licence, Voter ID, PAN card, Aadhaar card, etc.
  • Address proof. This can include some of the above-mentioned documents and various utility bills including electricity bills, telephone bills, etc.
  • Recent passport-sized photograph.

You will have to submit all the required documents at the time of applying for a credit card. A missing paper can void your application.

Online application process

After you meet all credit card eligibility criteria, find a suitable lender who provides with an online application process. Visit their website and fill the application details with the necessary information.

You will have to submit the documents mentioned above. You will get a notification from the lender for updates or follow-ups.

Knowing the status of your application

After your application is accepted, you will find a response on your application and credit card status. These are categorized accordingly –

  • Under process – It means that the financial institution is still handling the application.
  • Dispatched – After a lender issues a card and sends it to you via post, it will show as dispatched.
  • On hold – Any discrepancy in the application process will cause the application to show an on-hold status.

Thanks to the easy to meet credit card eligibility, quick application process, and attractive features and benefits, credit cards are now the preferred mode of cashless transactions in the country. Applying for a credit card is easier. Go ahead with a pending application today.

Author Bio:
Gaurav khanna is an experienced financial advisor, digital marketer and writer who is well known for his ability to predict market trends. You can find Gaurav on Linked

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