For the past few years, credit cards have evolved extensively to change the way individuals spent on various purchases. It has also become one of the most used financial instruments that help to cope up with everyday funding needs.
Card issuers have also introduced different types of credit cards to satisfy the spending habits of diverse users. As per the present trends, some most common cards are travel cards, shopping cards, fuel cards, business cards, etc. So, to avail the maximum benefits of a card, borrowers should primarily analyze their spending habits and regular expenses to know how to get a credit card.
Here are three simple steps to avail the payment card easily –
1. Choose the right credit card
While choosing a credit card, borrowers should compare all the available options based on the following factors –
- Credit limit
A higher credit limit not only provides financial flexibility by increasing liquidity but also helps to keep the credit utilization ratio low. The credit limit implies the maximum usable amount available with a card. However, users should always try to keep their expenses below 30% of that limit for a positive impact on their credit history.
- Reward programs
The reward programs are one of the most attractive and useful features of these cards. Individuals can earn reward points, bonuses, vouchers, coupons, cash backs, and more with each transaction made through these cards.
Such incentives can be used in the next transactions, like booking tickets, dining, retail shopping, etc. This way, borrowers can end up saving substantially by the end of every month.
- APR or annual percentage rate
APR is one of the significant aspects that should be taken into consideration while selecting a card. Usually, the credit card comes with significantly high-interest rates that are levied on the amount that borrowers owe to the card issuers in the case of default in bill payment. Even though individuals do not have to pay any interest if they pay the full monthly bill within the due dates, they should always look for lower APR.
- Other charges and fees
Borrowers should also pay attention to the various additional charges applicable to the card. These can include annual fees, processing charges, late payment fees, statement charges, etc., which can accumulate a significant payable amount as well. Thus, individuals should look for card issuers who levy other fees at nominal rates.
By comparing all these factors, individuals can choose the right credit card for them.
2. Check all eligibility criteria and documents
After selecting the preferred credit card, individuals should check the eligibility criteria required by the concerned lender to apply for a credit card in 3 steps. These parameters can vary across different lenders. However, some essential standards are age, citizenship, income, employment status, residential area, and CIBIL score.
Furthermore, applicants need to furnish a few essential documents to verify their credentials as well. They include identity, address, and age proof along with financial documents required towards eligibility verification.
3. Apply for the card
Lastly, individuals can visit the official website of their chosen financial institutions to apply for the credit card.
- Filling in the online application form with the correct details.
- Next, provide all the necessary documents for verification.
- After the verification, you receive their credit cards via post.
So, by understanding the above steps, candidates can complete the process of how to get a credit card that is appropriate for them. Furthermore, to shorten the entire process, individuals should look for lenders that require minimal documentation. Cards like the Bajaj Finserv RBL Bank SuperCard come with minimum eligibility and document requirements for hassle-free application.
Moreover, this financier has also come up with pre-approved offers for a time-efficient approval process. These offers are available on numerous financial products like business loans, personal loans, etc. Also, applicants can take a look at their pre-approved offer by submitting their name and mobile number.
To sum it up, a credit card is a beneficial financial tool that comes with repayment responsibility. Also, with an easy process of how to get a credit card, availing it is more convenient than ever.