The advent of plastic money like a credit card has helped salaried individuals a great deal. They can swipe it when required and pay the outstanding in the 45-50+ days.
What’s more, the availability of purchasing products on EMI has also helped people greatly! Yes, they can pay only a fixed amount of money per month and never hurt their monthly expenses.
Are you a salaried individual who would like to join the group of credit card holders shortly, and don’t know what steps to take to apply for a credit card? Then, this write-up is created for you to help you out.
- Figure out your needs
It is the most basic step and often the most overlooked one. Before you apply for credit cards, you should be aware of for what you will use it. Know if you will use the credit card for shopping, dining, fuel, travel, or only emergency use. This way, you would be able to calculate how much you will spend on your card and what card will suit you. Example – a frequent traveller should go for a travel-centric credit card that gives maximum rewards.
- Do a quick analysis of your options
Once you are aware of your needs, check out the available options to suit all. Some of the key factors that you should consider while zeroing in on a card are:
- Joining/yearly charges – Go for cards with zero joining and yearly charges
- Rewards – Check for freebies, discounts, air miles and cashback.
- Complimentary features – It includes travel insurance, accidental insurance, and lounge access at all major airports
- Acceptance – Look for Visa and MasterCard sign on your credit card and most merchants accept it.
- Pull out your Credit Score
The Credit Score is the mirror of your creditworthiness which may help you get an approval for the credit card, loans and more. If you have maintained your CIBIL Score well by making timely payments of existing dues, you will get a card easily. If you have failed to pay off your current debts such as loans, and other credit cards’ outstanding balances, you won’t. A Credit Score ranges between 300 and 900, and anyone with a CIBIL Score of 750+ is an ideal candidate to get a credit card. What’s more, if you have a decent Credit Score, then you may get a higher credit limit along with other benefits.
- Arrange the required documents
Once you know that you have a healthy CIBIL Score, the next thing is arranging your documents. It will help to complete the credit card application process. Lenders and banks may want you to furnish some vital documents such as:
- KYC documents (Aadhaar Card, PAN Card, Voter ID Card, and more)
- Income proofs (Salary slips, bank statements, Income Tax Returns (ITRs) etc.
- Credit Score reading 750+ or more
Taking care of all the discussed steps will help you apply for credit card easily and get a hassle-free approval. If you are still unsure about how to apply for a credit card, you can also take the help of a financial expert.
Are you all set to apply for credit cards? You can go for the RBL Bank credit card as it comes with the power of 4 cards rolled into one.
Bajaj Finserv is here to let you pocket some amazing pre-approved offers on personal loans, credit cards, home loans and more.
You can check out your pre-approved offers today by sharing some of your few basic inputs such as name, age and mobile number.