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Here is How to Apply for a Credit Card Online

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Here is How to Apply for a Credit Card Online

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How to apply for a credit card?

You can get a credit card in three ways.

1. If you have a good credit score or CIBIL score, some banks offer you credit cards on their own. You must have received SMS, notifications from your bank app, or even those calls from executives informing you that you’re eligible for one.

All you have to do is follow those instructions after being prompted, and most likely, the card will be delivered to you.

2. By physically visiting the bank branch and filling out the forms - The card will either be issued on the spot or it may take a couple of days to be delivered, depending on the type of card you’re applying for. 

3. By applying for one online via the website or the mobile app. All you have to do is log in to the website or open the app and follow these steps.

a. Select your choice of credit card based on the options. There are various types of cards offering various features.

b. Fill out the application after you select the card. You will need to submit certain documents like Aadhaar Card or PAN card as identity proof and documents to prove your source of income like salary slips (for employed) or ITR (for self-employed). However, this may not always be the case in case you’re purchasing a card from the same bank you have an account with.

c. Once the bank team verifies and approves all the details you submitted, the card will be sent to your registered address. You will need to activate the card by setting a pin that has to be confidential.

Benefits of having a credit card

Having a credit card in your wallet gives you access to a lot of discounts and features which you might not get with your debit card or internet banking, or UPI features. Let’s cover a few of them below.

1. Rewards & discounts - The rewards, cashbacks, and points accumulated for using a credit card can be later used to purchase other items at massive discounts. Many cards also give complimentary access to VIP lounges at airports, discounts on select restaurants, and not to forget the benefits provided when shopping online. 

2. Builds a good credit score - Having a good credit score is crucial. Credit scores serve as a benchmark for financial institutions to offer loans to customers. And using your credit card judiciously plays a major role in determining your credit score. Pay your credit card bills on time, and using it thoughtfully will fetch you points for a good credit score.

3. Converting to EMI - Did you know that it’s possible to convert the amount you owe into EMIs? Well, if you have an exorbitant bill that you can’t clear in a single payment on the due date, you can easily convert that amount into EMIs.

Suppose you buy the latest iPhone with your credit card for ₹90,000, and you get it converted into 6 EMIs of ₹15,000 each. Now, after each cycle, you will only have to pay ₹15,000 (plus interest) till you clear the entire amount. But note that your card will be blocked till you clear the whole amount.

How to use your credit card?

Owning a credit card and using a credit card are two different aspects. When used prudently, credit cards can help cover a lot of expenses and maintain good credit health (credit score). Consider the points below to understand more in detail

1. Know the best credit cards to apply for - with an array of credit cards available, it’s always sensible to choose a card with features you are likely to utilize the most. Choosing a card that has a lot but you may not use will only be at a loss for you.

2. Know the annual fees - If you know the card you want, then you must know if there are any fees attached to it. Do you require a premium card? If so, you need to be clear on why, as these cards attract high annual fees. Normally, you need to spend a minimum amount using that card if you want to avoid paying any annual fees.

3. Keep an eye on your billing cycle - Always know when your due date to pay the credit card is. Set a reminder on your phone or get apps that will remind you. If you miss paying the bill even by a single day, you will have to pay a late payment fee along with interest charges. And if the payment date is ignored continuously, your bank will send a notice which will affect your credit score.

4. Limit your dependency - If your balance is being carried forward again and again and you’re unable to pay the entire amount, it is a sign that you’re dependent on your credit card. Try and limit your usage to around 40% of the credit limit. A heavy credit card bill attracts heavy interest, and if you miss your due date, the amount only gets heavier. Needless to say, this will also impact your credit score.

Summing up

The days of credit cards being a luxury are behind us. Knowing which is the best credit card to apply for based on your needs is the first step in purchasing a credit card. A good credit card, used in the right way, will aid in boosting your lifestyle. And remember, do not share your credit card details with anyone.

Frequently Asked Questions

1. How do you know if you’re eligible for a credit card?

Each bank has its own criteria to be eligible but below are a few common checkpoints

  1. The minimum age should be 18 years
  2. You must have a minimum yearly income (depends from bank to bank)
  3. You must have a PAN and Aadhaar card
  4. You must have salary slips (for employed) or income tax returns (for self-employed)

2. Can you get a credit card with no money?

Credit cards are generally not issued to those who cannot show any source of income or do not have sufficient funds in their account. However, it is still possible to get credit cards by pledging collateral like mutual funds or fixed deposits.

3. How can I apply for a credit card?

It's important to first do your research and find a credit card suited to your needs. Post this, you can check your credit score and start the process of being pre-approved. You can then fill out the credit card application, and wait on the card providers decision.

4. How to track the status of credit card application?

Tracking your application is fairly simple. All you have to do is to the website/app of your credit card provider. Under a tab about your applications, you must find a section that helps you track your application. Choose this and viola!

Want to know more? Check these out!

1. Key tips to increase your credit card limit

2. Basic steps on how to get a credit card

3. Loan on credit cards - Features, Eligibility, and more

4. Credit card limit - Explained by experts

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