As of December 2018, the Reserve Bank of India has already issued 44.2 million credit cards across India, which is an 8.7 million addition of active credit accounts from its previous year. This indicates the rising demand for credit cards in Indian financial system. However, how to get a credit card is still a question that many individuals are still trying to figure out.
To answer this, candidates can apply for a credit card via online or offline mode. The online mode has gained more recognition in recent times because of easy accessibility and convenience.
Subsequently, individuals can acquire better experience in the process of knowing how to get a credit card with the following tips in mind.
Make sure you fulfil the eligibility criteria
In order to avail credit card online, candidates first should ensure that they meet the eligibility criteria as prescribed by different financial institutions. Below mentioned are the eligibility conditions that usually every financial company looks for –
Candidate’s age must lie between 25 to 65 years.
Credit card applicant must have a decent credit score and should not have their name appear on the defaulter list.
Applicant must have monthly income equal to or more than the minimum requirement of salary/ income.
Improve your credit score
Credit score is a three-digit number assigned to every individual that at some point or the other has availed any loans or advances. A credit score of 750 and above is considered decent and financial institutions readily approve finances to them. A decent credit score will help you acquire credit cards online. Furthermore, you can use a credit card to improve your credit score by paying bills on time and by making legit utilisation of it.
Besides, individuals can get to know how to increase credit card limit by acquiring an improved credit score.
Choose the best card that caters to your purchasing habits
With multiple kinds of card available in the financial market, individuals are spoilt for option and may confusingly take wrong financial decisions. Choosing a card that will support your spending habits will benefit you financially. Therefore, before you opt for a card online, acquire information offered by various credit card lenders on a particular card and if it is going to benefit you or not. Once chosen the suitable card, individuals can apply for a credit card online in 3 quick steps.
Check for ease of procedure
While opting for a credit card online, candidates must first check the ease of procedure as some lending institutions may have a long procedure for credit card application and may take a prolonged time for its approval. Candidates must first research and know about the ease of procedure financial institutions offer. Bajaj Finserv RBL Bank SuperCard is one such card that can be applied for and availed with ease.
Keep already availed credits to a minimum
Financial institutions may find it difficult to approve finances or credit cards to individuals who already have multiple other lines of credits and a substantial amount of finances availed. To ensure you learn how to get a credit card online, keep these advances to a minimum. This will improve your repayment capability in front of financial companies, and they will readily approve your credit card application.
Moreover, these tips will also help individuals understand how to increase credit card limit in addition to opting for a credit card online. Candidates must first meet the eligibility criteria and keep these tips in mind to acquire a credit card online that is beneficial for them.