Showing posts with label best credit cards. Show all posts
Showing posts with label best credit cards. Show all posts

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

Saturday, April 6, 2013

Simple Credit Card Tips for Everyone

Credit card services are a multibillion dollar industry in the United States, attracting a variety of consumers who are looking for some extra spending money, emergency lines of cash, and even those in debt looking to consolidate their payments through one single credit line with a low interest rate. There are many pros and cons in signing up for a credit card, and many of these will affect you differently depending on your financial circumstances. 

Obtaining a line of credit often depends on your credit score. According to, “760 and up is considered to be excellent and requires a long credit history with on-time payments and the right types of credit combined with low amounts of overall dept. 700-759 is considered very good, while 600-699 is considered good. 620-659 would be considered “not good,” 580-619 is “poor”, and 579 and below is “very poor.” The lowest credit scores on the scale go to people with major negative financial events like bankruptcy on their records.” Consider these few tips if you have no or low credit, bad credit, or are just starting out:

No Credit – If you have no credit score, you will be seen by many companies and banks who offer financing (for a car or home, for example) as non-satisfactory. The cards are already stacked against you—by having no substantial lines of credit since financial services have no idea about how trustworthy you if they were to loan you a specific sum of money. This is where singing up for a simple credit card with a low interest rate can come in handy. By singing up for a basic $5,000 line of credit and making double-payments on time over a long period of months, a consumer’s credit score will rise. But it is important to be careful here: do not sign up for an amount of credit you cannot pay back in the long term. If you are trying to enhance your credit score this way but lose your job in six months, you can easily fall behind on payments and ultimately hinder your credit score. As such, it is important to consider what you can afford and ensure you have enough in savings to pay off the card quickly in the event of such an emergency.

Bad Credit – Consumers with bad credit can have a harder time obtaining a credit card, and if they do, will often have a high interest rate attached to their monthly payment. If consumers have enough money saved up to incur a high interest rate, they can start to rebuild their credit score by simply following the tips mentioned in the previous section. If this is not an option, however, there are other methods that those with bad credit can use. Consider the following:

  • Get a secured credit card. Some credit card companies offer a secured line of the credit that requires a deposit, so that it will be easier for the consumer to obtain approval for a credit card. Deposits are usually given back to consumers who complete all payments on time and their credit card balance returns to $0 upon closing. 
  • Don’t sign up or go with “junk mail” credit card offers, since these are the leading ways to ruin a credit score for a long time. The fine print is often skipped on these, and massively high charges, fees, interest rates, and other hidden costs are associated with these cards. Make them all your personal-finance kryptonite. 
  • Explain your situation to a customer service representative. Sometimes credit card companies will allow you to call and explain why you incurred bad credit. Companies are more likely to allow a line of credit to someone who got laid off or incurred a large medical bill before someone who signed up for several cards and spent themselves into oblivion. In terms of the credit score, these two consumers look similar although their behavior is dramatically different. Trying to explain your financial circumstances might help you secure a line of credit from a company, but you have to take the time to call their customer service line and explain your debacle. 

Good Credit – People with good credit might be wondering why they should even consider a credit card. There are a variety of reasons.

English: First 4 digits of a credit card
(Photo credit: Wikipedia)
First, keeping good credit steady and current is more advantageous than someone who has a high credit score, but has not had any credit activity for the last five years. Second, a high credit score will be attractive for services who want your business. As such, high credit score holders will be able to shop around for high lines of credit with amazingly low interest rates and other benefits and gifts offered by credit companies. Finally, having a high score will help you obtain high-cost items easier. Obtaining a home or automobile will be easier, and you will often be rewarded with low interest rates and monthly payments for items in which you finance.

Angie Picardo is a staff writer for NerdWallet. Her mission is to help consumers stay financially savvy, and save some money with a World Market promo code.

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