By August 2019, the total credit cards in circulation in the country were a whopping 51.7 million. The numbers signify that more individuals now consider credit cards to be a potent way of meeting their financial requirements effectively.
Additionally, the fact that most financial institutions have become lenient when it comes to approving credit cards to applicants act in favour of this financial instrument.
Regardless, to ensure cardholders can maximise its utility, they should look into a few things before applying for it. For instance, having a fair idea of how to check one’s credit card application status would help applicants to become more informed about its approval process.
Things to check before applying for a credit card
Once you have set your mind on a particular credit card, make it a point to learn about these things to streamline the application process effectively –
To minimise the chance of getting the application rejected significantly, individuals should check the eligibility criteria set against their choice of a credit card. Generally, to avail a leading credit card, individuals are required to fulfil some basic requirements including these –
- Should be a resident Indian citizen.
- Applicants should be between the age of 25 years and 65 years.
- Should have a fair credit history with no default.
- Must have a regular source of monthly income that matches the pre-decided minimum income limit.
Notably, credit card eligibility criteria may vary among financial institutions. Hence, individuals should check them out beforehand to eliminate the risk of rejection and to further streamline the process.
- Features and associated benefits
Individuals should also make it a point to go through the list of features and benefits extended by the said credit card. Additionally, they should find out the associated terms to use their credit card wisely.
For instance, leading credit cards tend to extend features and benefits to card users like secured transactions, simple verification process, and EMI conversion facility. They further offer attractive reward points and offers, cash withdrawal facility from ATM, and the opportunity to avail emergency loan against the available credit limit.
Regardless, individuals should also find out the different ways to redeem their reward points and accelerate them to make their future transactions affordable.
Subsequently, individuals should check the set of documents deemed necessary to avail a credit card and to back up their application for it.
For example, individuals who want to apply for a Bajaj Finserv RBL Bank SuperCard are required to submit these documents –
- Voter ID.
- Driving license.
- Aadhaar card.
- Birth certificate.
- Form 16.
- Salary slips.
- Form 60 or PAN card.
- Latest bank statements.
- Utility bills, including electricity bills and water bills.
- Application process
Subsequently, they should find out the steps to apply for a credit card to complete the process successfully. Applicants can apply for a credit card both online and offline. While the online process can be achieved simply by visiting the online portal of a leading NBFC, the offline process may require them to visit the nearest branch to complete it.
Irrespective of which mode of application they opt for, applicants should find out how to check a credit card application status. This will help them to track their card’s approval process better and would further allow them to take the necessary steps in case of an error.
Besides picking up the tips to check credit card application status, individuals should also find out the credit card customer care number to avail further assistance.
- Associated charges
The charges that accompany a credit card are also one of the essential things that individuals should find out before applying. For example, they should find out the joining fee, annual fee, and late payment charges among other fees to gain valuable insight into what to expect in terms of marinating it.
In case, one thinks the associated charges would make their transactions expensive, they may look for credit cards which levy reasonable charges. For example, credit cards extended by NBFCs like Bajaj Finserv not only levy reasonable charges but also extend attractive pre-approved offers to its users on several financial products including credit cards, home loans, personal loans, business loans, etc. Check your pre-approved offer by submitting some simple details like name and contact information to maximise your card’s utility.
In a nutshell, applicants should check a credit card’s eligibility criteria, documentation and application process to be better equipped for it. Likewise, they should find out the associated charges and steps to check credit card application status to use their credit card smartly.
Pointers to check before applying for a credit card
By August 2019, the total number of credit cards in India touched 51.7 million signifying that more individuals are now opting for credit cards to meet their financial requirements.
Prospective users should check the eligibility criteria of a credit card to increase the chances of having their application approved. Typically, resident individuals between the age of 25 years and 65 years and a minimum credit score of 750 are considered eligible. Further, individuals with a fair credit history and a regular source of income that matches the pre-decided income limit would be more likely to get their application approved. Such individuals can easily apply for a feature-rich credit card such as the Bajaj Finserv RBL Bank SuperCard.
Next, individuals should check out the features and benefits that accompany their choice of a credit card. Most leading financers extend benefits of secured transactions, EMI conversions, and emergency loan facility against remaining balance among others.
Likewise, they should find out the set of required documents to proceed with their application process. Typically, NBFCs demand materials that serve as a proof of identity, income, address and credit history of the applicant.
Similarly, they should check out both the online and offline application process to apply for a specific credit card to opt for the most convenient option.
Lastly, they should check out the charges associated with their choice of a credit card to ensure they are opting for a card that is affordable to use and maintain it.