Getting your dream credit card approved is not a big deal if you know which strings to pull. Let us find out how to go about applying for the best credit card in India.
The demand for credit cards has only amplified in recent years with the consumer strength rapidly increasing. People use credit cards for different reasons, and you should be clear of the reasons why you are opting for the best credit card in India.
If you are clear about this part, then you will have few issues with choosing your card.
The first question that credit card aspirants wonder about is whether they should go for a free or a paid card. This is no difficulty if you know the purpose of your credit card.
If you are getting the card to avail of discounts at an online store, there are plenty of credit cards available for free. However, your needs might be more sophisticated than this.
In such cases, you might want to own a paid card that comes with excellent benefits like the Bajaj Finserv RBL Bank SuperCard. Credit cards that offer cash advancement facilities, balance transfer, and other exclusive perks generally have an annual fee.
However, you should opt for these cards only if you find that you can break even on the annual fee easily, and make significant savings.
You must also pay extra attention to the maintenance fee of the card. It is imperative that you also understand the nuances involved, such as the credit card billing cycle. This period starts each month from the time your previous month’s bill is generated.
Are You Eligible for a Credit Card?
Aspiring for a credit card is great, but owning a good credit card is nothing short of an achievement. A good credit score is a must for obtaining a decent credit card. Your credit score is typically on the lower end of your history of liability repayment has not been the best.
That is why the best advice for aspiring credit cardholders is to maintain a good credit score, preferably over 700. Additionally, there are other fundamental requirements: you must be an Indian over 21 years of age (variable) and have valid address proof. Procuring a credit card at an early age is easier, even with a lower salary.
Most lenders require income proof before issuing a credit card. This rule is not stringent in the case of free credit cards, however. You can even avail your credit card against your fixed deposit amount if you are not currently employed. Make sure you have minimum liabilities to have a good impression with the lender at the outset.
As soon as you identify your desired credit card, ensure you meet the eligibility criteria before you start the application process.
What are the Different Categories of Credit Cards?
The best credit card in India should be one that combines some or the entirety of the following benefits. While you focus on inclusivity, do not forget to measure its practical relevance in your life.
- Lifestyle Card: This card gets you discounts on essentials and necessary utilities that you buy for your home. Paying with this card instantly slashes the MRP or provides direct cashback to your bank account.
- Travel Card: This card can make a difference in your spending if you are an avid traveler. Payless on air tickets and hotel bookings, and make your travel memories sweeter! Furthermore, these cards give you complimentary passes to domestic and international airport lounges.
- Entertainment Card: if you love to go to the movies, stand-up shows, or chic restaurants, this card is for you. Avail of great discounts and even complimentary tickets by paying with this card.
- Shopping Card: Wouldn’t shopping sprees be better with sizable discounts on your favorite items? Apart from that, you can pay the price of your favored items in convenient EMIs.
Some cards, such as the Bajaj Finserv RBL Bank SuperCard even offer no-cost EMIs on these transactions, so research well before you select your card.
- Rewards and Cashback Card: These cards provide you rewards and cashback with every eligible purchase.
- Business Card: You can opt for this card if you own a stable business. It gives you good deals on regular purchases.
How to Apply for the Best Credit Card in India?
Most banks allow you to apply online for a credit card. As soon as you think you have fulfilled the eligibility criteria, log on to the lender’s website. Browse the site and click on the ‘Apply’ button. You will be taken to the form page where you need to fill out basic details.
Make sure you enter a valid phone number because an OTP will be sent to the number for verification. Soon after you apply, a customer care executive will contact you to take the process forward.
Understanding your eligibility and requirement is key to choosing the ideal credit card. Furthermore, you should always choose a card according to your lifestyle and spending pattern.
Once you zero in on your preferred credit card, you can apply for the card online through the lender’s website.