A credit card is a saving grace in many ways: it lets you purchase now and pay later, avail emergency loans, and offers monetary benefits in the form of rewards. Further, it builds your credit history basis your repayment.
This, in turn, improves your credit score, which uplifts your creditworthiness and helps you get faster sanctions on other forms of credit. If you want to apply for a credit card and make the most of it to leverage your finances, here are three ways of doing it.
Visit the credit card issuer in person
If you are new to credit cards and wish to apply for your first one, you can approach a reputed issuer. Request the issuer to explain the norms, types, and charges of a credit card to you. However, it is best that you do your homework and shortlist issuers that offer the credit card that meets your needs and has lower interest charges for payment delays.
While you can avoid the penalties and charges on any credit card by meeting your repayment deadlines, handling a multifaceted credit card that charges the least and offers the best features will always benefit you in the long run.
Apply online via the phone or net banking
The second way is to apply for a credit card online. This is better than visiting the issuer as you can apply from anywhere at any time.
This adds to your convenience and accelerates the approval process. Also, when you apply online, you can explore various credit cards offered by a number of lenders, compare their offerings and charges, and thus arrive at the best one
Apply via pre-approved offer
You may receive many pre-approved credit card offers by your bank or other issuers. Issuers send these offers after evaluating your eligibility criteria, income, credit score, and other factors.
Thus, these are semi-approved offers that are fully approved once you apply for the credit card via the offer. This is the best way to apply for a credit card and also enjoy instant approval on the same.
For instance, issuers like Bajaj Finserv give pre-approved offers on an RBL Bank SuperCard. This is a feature-packed, versatile credit card that offers interest-free ATM withdrawals, interest-free emergency loans, and reward points of up to 20,000 as joining bonus.
So, check your pre-approved credit card offer from Bajaj Finserv before approaching any issuer.
Typically, the approval of a credit card application takes a few days to a week. However, there are instances when your application may get rejected if you do not meet the eligibility criteria, submit incorrect documentation, or when there is a mismatch relating to your name or address.
So, take note of the things to do before approaching an issuer in order to accelerate your approval process.
- The issuer has a set of credit card eligibility criteria. Check it and ensure you meet them before applying.
- The issuer requires you to submit certain documents that prove your eligibility. Produce all the required documents in one go to hasten the approval process.
- A credit score and history is a snapshot of your creditworthiness and speaks about your repayment behavior. A good score of 750 and above shows that you are financially responsible and will use the credit card responsibly. So, maintain or build your credit score, if required.
- Having an existing relationship with your issuer instills their confidence in you. So, apply with banks that you have a savings, current or investment account with.
- Apply only when you have the financial means to repay the credit card dues. Also, show a regular income so that the issuer can be sure that you will pay your dues on time.
Once you take care of the above, go ahead and apply for a credit card with your preferred issuer through any of the ways mentioned above. Finally, remember to use your credit card wisely to enjoy financial freedom.