In India, the use of Credit Cards is rapidly increasing. With the convenience of online shopping and cashless transactions, these cards have made it easier to manage expenses and track spending. In addition to these benefits, Credit Cards also offer various perks, such as cashback, reward points, and travel benefits.
This article will give you an overview of Credit Card benefits, online application procedures, and eligibility criteria. Furthermore, it will also discuss how to increase your chances of availing a Credit Card.
Benefits of Having a Credit Card
Credit Cards are a popular financial tool as they provide numerous benefits. Here are some of them:
Many Credit Cards offer cashbacks or reward points for every purchase made using the card. These rewards can be redeemed for various benefits such as discounts, free merchandise, or travel vouchers.
- Welcome Gift
After issuing the card, many banks give fresh Credit Card applicants ‘Welcome Gifts’ through loyalty points, coupons, discounts, etc.
- Cashback Perks
Several Credit Cards provide their users with cashback perks. On certain purchases, you can get cashback. The amount gets deposited instantly into your account and can be used for shopping, travelling and other reasons.
- Travel Perks
Credit Card travel perks include air miles, complimentary access to airport lounges, travel insurance, flight offers, accommodation offers, etc.
Learn how to apply for a Credit Card online to avail all these benefits.
How to Get a Credit Card Online?
Both offline and online applications are accepted for Credit Cards. For a convenient, quick and hassle-free application procedure, you can apply for a Credit Card online.
To register for a card on the bank’s website, follow these steps:
- Go to the bank’s website.
- Look at the Credit Cards the bank offers.
- If a comparison tool is available, compare the features and advantages of each card.
- Choose the appropriate card and press the “Apply” button.
- Fill in your personal and contact details.
- Send your form.
- After the verification, a bank representative will contact you and guide you through the process.
The Credit Card application process varies from one bank to another. To learn more about how to apply for a Credit Card online, visit the bank’s website.
What Are The Eligibility Criteria For Getting a Credit Card?
The eligibility criteria for a Credit Card can vary depending on its issuer. However, some general requirements include:
- Age: The applicant must be at least 18, although some banks may require the applicant to be 21 or older.
- Income: The applicant must have a steady income source, such as a job or business. Generally, banks require a net annual income of Rs 2.5 lakh for Credit Cards.
- Credit Score: A good credit score is necessary to be eligible for a Credit Card. Banks consider candidates with 750 to 900 credit scores for Credit Card approval.
- Citizenship: The applicant must be an Indian citizen or of the country where the Credit Card is being applied for.
- Documents: The applicant must submit certain documents such as identity proof, address proof, and income proof to verify their eligibility.
It is important to note that meeting the eligibility criteria does not guarantee approval of your Credit Card application.
Increase Your Chances of Availing A Credit Card
By following the below-mentioned tips, you can increase your chances of availing of a Credit Card and enjoy the benefits that come with it.
- Pay Off Existing Debts: If you have existing debts, paying them off before applying for a Credit Card is advisable. Having a high debt-to-income ratio can reduce your chances of getting approved.
- Choose the Right Credit Card: Research different Credit Card options and choose one that suits your needs and eligibility criteria. There are some Credit Cards which are available for people with a generic score. However, the credit limit on these cards is less.
- Maintain a Steady Income: Credit card issuers look for applicants who have a steady source of income. Ensure you have a stable job or business that generates a regular income.
- Provide Accurate Information: Ensure you provide accurate information on the Credit Card application form. Any discrepancies or incorrect information can result in the application being rejected.
- Consider a Co-signer: Consider getting a co-signer for your Credit Card application if your credit score is low or you don’t have any credit history. You may have a better chance of being accepted if you have a co-signer with a good credit score.
Credit Cards offer numerous benefits that make them a popular financial instrument. Applying for a Credit Card online is a simple and quick process. However, using Credit Cards responsibly and paying the bills on time is important to avoid interest charges and accumulating debt. If used wisely, Credit Cards can be a valuable asset for managing your finances and achieving your financial goals.