A credit card enables you to borrow money to pay for goods and services with the promise of repaying the card issuer later, generally with interest. Credit cards are useful financial tools that make spending easy and advantageous. With the aid of connected services, you may manage your short-term financial commitments and satisfy urgent cash demands. Interest-free periods, for example, make repayment easier. However, it is important to always keep in mind that you should have a high credit score before applying for a credit card in order to avoid rejection on your credit card application. Moreover, there are several ways to apply for a credit card. You can apply online, in person at a bank, or over the phone.
Eligibility for a Credit Card
In order for your credit card application to get approval, you must meet certain eligibility requirements. Each bank or card may have its own set of requirements. If you do not meet the bank’s requirements, your application may be declined. Your credit score may suffer as a result. Generally the basic eligibility criteria remains the same throughout the various major banks in the country. The basic eligibility criteria is as follows:
- The candidate must be 18 years old or older.
- A salary of INR 1 lac to INR 3 lac as minimum salary
- Employed or self-employed applicants are preferred.
- Must have a CIBIL score of 750 or above.
Process to Apply for a Credit Card
Step 1: Find your CIBIL Score
When you check your CIBIL score before applying for a credit card online, you’ll be fully aware about the kind of interest rates and advantages you could be qualified for from your offers. Your credit score will range from 300 to 850, with anything above 670 deemed “good” and anything above 800 as “outstanding.”
Step 2: Research and Compare options
Keep an eye on yearly interest costs while doing your research before applying for a credit card online. Look for recurring benefits as well as any sign-up bonuses, particularly for new cards.
Step 3: Apply over the Internet
After you’ve done your research and settled on a credit card, go to the bank’s website to apply for one. Look for a “Apply Now” button on the bank’s website, which will take you to an application right away. You should provide a combination of personal and financial information, including your name, address, and Social Security number, as well as your annual salary, monthly expenses, and the amount in your current bank account (s).
Step 4: Application Submission
After you’ve completed your application and applied for a credit card online, it’s time to sit back and wait for a response. Some issuers are more receptive than others, but you should hear back within 10 to 14 days.
Step 5: Receive your credit card
You shall receive your credit card in 10 to 14 business days if your application is given approval; however, in certain situations, delivery might take longer due to unusual circumstances. After that, you’ll need to activate your card before you can start making transactions with it.
For a variety of reasons, a credit card provider may reject your application. If you have a low CIBIL score as a result of a history of late payments, or if you have no credit since you’re just starting out with it. On the other hand, if you have a high CIBIL score you can apply for one of the best credit cards in India and get approval. If you’ve been denied a credit card, you can seek a review directly from the credit card provider. You’d have to prove that you’re a good credit card candidate by demonstrating your ability to manage credit responsibly and make on-time monthly payments.
If you are unable to acquire a credit card after seeking a reconsideration, you have other choices. You can ask someone to add you as a co-borrower on a credit card or add you as an authorised user on one of their cards. Both can assist you in establishing credit and increasing your spending power. You agree to share responsibility for any debt accumulated on the card when you apply for a shared credit card.
Read Also: 4 Most Effective Competitive Analysis Techniques in Digital Marketing
