Tips and Benefits of Applying for the Best Credit Card Online

Alan May14, 2024

Tips and Benefits of Applying for the Best Credit Card Online(图1)

Currently, there are almost 36.2 million active credit cards in India. A growing number of people are using this plastic money to pay for their daily expenses and occasional purchases. More and more people apply for a credit card every day, resulting in an increase in number and 9.4% growth in transaction year-on-year.

Credit card companies made their application process online to keep pace with this growing number of applicants. Almost every financial institution offers online application for their feature-rich credit cards.

Tips to apply for credit cards online

  • Know your credit score

Remember to check your credit score before you apply for a credit card. A lender inspects your credit score to determine whether to grant your application or not. So, if you don’t have a good score, your application might get rejected.

Your credit score is a three-digit rating between 300 and 900 which represents your financial history. A higher CIBIL score signifies your creditworthiness and how responsible you are with your finances. Lenders will be eager to provide you with an advance or a credit card with a higher limit if you have a good credit score.

  • Do thorough market research

You should always perform thorough market research to find the best options before you apply for a credit card. The financial tool should meet all your monetary requirements and provide additional benefits without imposing a high interest rate and taxing your budget.

There are various types of credit card available that cater to a particular type of user. For example, a heavy shopper can benefit from a card which offers more reward points and discounts on ordinary or online purchases. Again, a frequent traveller can use a credit card that comes with complimentary airport lounge accesses, discounts on airfare and hotel booking, etc.

You can also apply for a credit card that brings all these features together. A renowned NBFC, Bajaj Finserv offers their exclusive Bajaj Finserv RBL Bank SuperCard that provides a host features and brings several industry-first benefits to a cardholder.

  • Check the eligibility requirements

Applicants need to meet the credit card eligibility criteria before applying for a credit card. Let’s take a look at some of the common requirements.

  1. An applicant must have a credit score of 750 or higher.
  2. The minimum age to apply for a credit card is 25 years; maximum is 65.
  3. The applicant must be an Indian citizen and reside where the financial institution operates.

Eligibility criteria vary between financial institutions. You should check the requirements of your chosen lender to avoid chances of rejection.

  • Arrange the required documents

You have to submit some documents to avail a credit card. These documents include –

  1. Proof of identity, which includes Aadhaar card, driving licence, PAN card, Voter ID, passport, etc.
  2. Proof of address, which includes Aadhaar card, Voter ID, electricity and telephone bill, passport, etc.
  3. Recent passport size photograph.

Whether you apply for a credit card online or offline, you need to upload/attach certain documents with your application form such as:

There are certain additional documents that you might need to attach with your application such as copy of IT returns filed for the last 2-3 years. The list of documents may slightly differ across financial institutions.

With credit cards in your wallet, you can address a range of personal and professional needs with utmost ease.

What’s more, you can also optimize your finances by enjoying the interest-free grace period of up to 50 days to repay the purchases made. Also, opting for the EMI facility helps you spread out your spends over a tenor. As a result, you can manage your monthly budget by not paying all amounts of a transaction at once.

However, people face issues when they apply for credit cards. It’s because they are unaware of what kind of credit card will suit their needs and expenses.

Remember to arrange all these documents before you apply for credit card. Any missing paper can cause your application to get rejected.

  • Do not apply for multiple credit cards

Always refrain from applying for too many credit cards at once. Whenever you submit a credit card application, the financial institution conducts a hard inquiry to learn about your creditworthiness. Every such request negatively affects your credit score.

  • Benefits of applying for a credit card online

There are several advantages of applying for a credit card online. It saves you from the hassle of visiting a lender to complete the application process. The lengthy paperwork and documentation are also substituted by online document submission and verification. You can use various online tools and account management apps to know about your credit card application status easily.

There are various financial institutions which accept online credit card application. Lenders like Bajaj Finserv even provide pre-approved offers on credit cards, home loans, business loans, personal loans, and a range of other financial products. These offers help you save time by simplifying the process of getting finances. You only have to share some necessary details online to check your pre-approved offer.

If you want to know how to apply for Bajaj Credit Card, you can visit their website and navigate through the Bajaj Finserv RBL Bank SuperCard page.

Credit cards offer more convenience and safety than any other mode of plastic money available in the Indian financial market. With the advent of the internet and implementation of the latest technology, a borrower can easily apply for credit card  and enjoy its benefits effortlessly.

  • Financial institutions gauge your income and present liabilities

Apart from the credit score, financial institutions also take a close look at your current income and liabilities. This is to evaluate your repayment capability. Note that while your credit score reflects your prudence with past debts, it doesn’t say anything about your ability to serve a new debt.

If you are already serving high EMIs on existing loans, your online credit card approval may take a little more time. Also, the limit on your credit card may be lowered. At the same time, current income is factored in. Generally, the total EMIs on all your loans shouldn’t be more than 25-30% of your monthly income.

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