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18 May 2022, Edition - 2500, Wednesday

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Apply For A Credit Card Online: A Complete Guide

Covai Post Network



Credit cards are the easiest and quickest way to borrow money to purchase goods and services, especially when you are tight on budget. It is issued by banks and non-banking financial companies to enable you to borrow money from a pre-approved credit limit. The credit card limit is decided by your credit card issuer, based on your income, credit score, etc.

If you have been searching for “credit card apply online” on the internet then this blog is for you. Before you buy a credit card, it is worth noting that you will need to convince your issuing bank that you can make on-time repayments. Also, you must prove that you have a healthy credit score to get a higher credit limit. Having a higher credit limit allows you to meet all your short-term requirements.

Although a credit card is the best way to manage your finances, if you do not use it wisely, you will end up in debt traps which will eventually become impossible to pay off your debt from your monthly salary.

Applying for a credit card

There are several ways that you can apply for a credit card. You can opt for “credit card apply online”, or you can directly contact your issuing bank by mail or call. The issuing bank’s representative will help you pick your card and guide you through the application process.

In this blog, we will guide you through the online credit card application procedure. Applying for credit online is hassle-free. Besides that, online credit card research allows you to choose one that comes with the maximum features and benefits.

Follow the underlying steps to understand how to apply for a credit card:

●Check your CIBIL score

Before applying for a credit card online, you will have to check your credit score to determine whether or not you can get a credit card. Your credit score is one of the crucial factors that your credit issuer considers before approving your application. It is a 3-digit number that ranges between 300 and 900, and any score above the range of 650 is considered as good. So, before applying for a credit card, check your credit score on the Bureau of Credit’s website.

If you want to secure better benefits and reward programs on your credit card, you will have to make sure that your credit score is more than 650, besides having a stable income.

●Know your credit card eligibility

After checking your credit score and ensuring that you have a healthy score, you will need to visit your credit card issuer’s website and check other eligibility criteria to apply for a credit card. The eligibility criteria vary across issuing banks and the type of credit card you chose.

Here are the requirements for a credit card that are common across all platforms:

●You must be an Indian citizen
●You must be at least 21 years old at the time of applying for a credit card and 65 years old during maturity.
●You must have a stable monthly income. Your credit card issuer may ask for your salary slips and bank account statement.
●You must be located in the city/location set by the issuing bank.

●Compare credit card offers

Do not sign up for the first credit card that you see on the internet. The features and benefits that come with a credit card depend on the type of credit card. You will have to conduct thorough research on the annual fees and interest charges on different credit cards. Make sure to consider the ongoing rewards and sign-up bonuses.

If you could not make your mind after searching online, you can always ask your friends for recommendations. At times, banks offer referral bonuses for being recommended by their customers. So, after meeting the above-said requirements, it is imperative to compare different offers and chose a credit card that best serves your needs.

●Complete your application form

After choosing your preferred credit card, you will need to visit your lender’s website and click on the “Apply Now” tab. You will land on a new page wherein you will have to provide your personal and financial information, such as your name, address, PAN number, annual income, monthly expenses, and bank account balance.

After filling in your application form, you will need to upload the reverent document and then click on submit. Before submitting your application, it is advisable to cross-check your details. The application process time varies from issuer to issuer, but you will be notified about your credit card application status within 10 to 15 days.

Enjoy the benefits of a credit card but ensure to manage your finances wisely.

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