Credit cards today have become more than just an alternative for a loan. At first, these cards were used by business owners who needed quick money to invest.
Credit cards like the Bajaj Finserv RBL Bank SuperCard gradually became more democratized, as salaried individuals started using them.
At present, credit cards have become more flexible functionally, as governments plan to roll out credit cards for students.
Mostly for its universalized use, you must know how to apply for a credit card. Even if you do not need one now, staying updated on the uses and eligibility criteria for credit cards is important.
The best credit cards lay down rules and regulations that make sure that debts do not become non-performing assets.
This is one strategy adopted by lenders to show their integrity to their customers. You must prepare for quite some time to get your hands on a credit card that is worth something.
While shopping or lifestyle credit cards mostly require zero documentation, for more universal cards, you need to fulfil certain criteria.
While learning about how to apply for a credit card, you must also learn about the criteria you must meet. When you understand the eligibility and application procedure, you will know which card to choose, and how to use it optimally.
How to Be Smart With Credit Card Application
Before you learn about how to apply for a credit card, you must understand that credit cards are serious business.
Banks and lending entities tend to verify financial details, and only then do they consider you as a prospective credit cardholder. These are the basic eligibility criteria:
· You must be at least 21 years old (any lower and you may need proof of parental consent)
· You must be a resident of India
· You must be able to produce a valid address proof
· You must have a regular source of income
These documents should suffice while applying for a basic credit card with a minimum credit limit.
However, to unlock the full potential of a credit card, you will need to disclose your full financial status to the lending institution.
For this, the lender will require additional documents like the PAN Card, which can be used to track your liabilities and assets. So, if you want to have a fair chance of obtaining a credit card, you must reduce your liabilities and increase your asset value. Doing this enhances your credibility, and getting your credit card application approved becomes easier.
How to Apply For a Credit Card?
Applying for a credit card is simple. First, you must do the required research and decide what card suits you best.
Thereafter, you can log on to the website of the issuer and apply with a few clicks. You will be prompted to enter some basic details about yourself. Make sure you enter a phone number that is in use.
After that, you need to validate yourself with the OTP that is sent to your number. That is all about the initial process.
A representative will call you soon to discuss terms and conditions, and how to take the application process forward.
How to Maintain the Credit Card Comfortably
The most important point concerning the maintenance of your card arises even before you apply.
You should choose a card that reflects your current financial status. Furthermore, the perks provided by the card should also be relevant to your shopping or spending pattern.
For instance, if you like to dine at plush restaurants and travel, make sure you choose a card that is a combination of travel and entertainment credit cards.
If you drive a lot, choose a fuel credit card that offers great discounts on fuel. If you find that the savings you would make on purchases through the credit card are significantly greater than its annual fee, apply as soon as possible.
If you invest in a high-end credit card, make sure you can pay the monthly instalments comfortably. Do not look at the minimum balance that you need to pay every month.
It will only lead you to make a habit of keeping outstanding amounts, thus attracting extra charges and interests. So, while you apply for the best credit cards, make sure you are not spending above your means.
If you follow this golden rule, you will never regret applying for a credit card. Furthermore, you should also refrain from making unnecessary expenses, which the lender might see in a negative light. This understanding of finances will empower you to make responsible investments.
If you are looking for a card with maximum value, consider applying for the Bajaj Finserv RBL Bank SuperCard. You can shop from a variety of stores and enjoy flat discounts on every purchase.
If you are planning to buy an expensive gadget, this credit card offers you a no-cost EMI and zero down payment facility.
You must make informed choices while choosing the best credit card. It is important to understand the credit limit that is best for you.
Make sure you are comfortable with the monthly instalments that you need to pay with the applied interest rates. Make sure your financial status is apt for the kind of card you want, and apply online.