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A Handy Guide to Help You Apply for Your First Credit Card

By 29.8.2018         Phone:9716171569       Mail Now Send Mail   Post Comments

Credit cards come with many advantages. With the expansion of the financial market and changes in lending policies, now, it is convenient to get a credit card if a person has a regular source of income. Any salaried or self-employed individual can apply for these cards online.

Getting a credit card liberates you financially as you donít have to worry about getting funds for day-to-day purchases and payments. Also, if you repay the dues on or before time, you donít have to pay any interest. Apply for a credit card, furnish the required documents, and avail the card to enjoy its various benefits.

Hereís a guide to help you get your first credit card:

- Be prepared to handle the responsibility of owning a credit card

Being prepared means having a regular source of income to make those credit repayments every month before the due date. It is necessary to repay the utilised credit as non-repayment attracts high interest which can lead you to a financial mess. It also reduces your credibility, lowering your CIBIL score.

- Check your eligibility

Although getting this card is easy, you need to check whether you meet the credit card eligibility requirements.

Check these points to decide if you are eligible.
- An Indian resident
- 18 years and above
- Salaried or self-employed
- Good credit history/no defaults

If you meet all of these criteria, you are eligible to get most credit cards.

- Compare features of different cards

You will need to select the right card for your specific use. Different financial companies bring credit cards specific to different customers. The right card will be the one that caters to your needs precisely. Choose your card based on some specific features like Ė

- Low or no annual fees Ė You obviously want to keep your first credit card active for a long time and your credit history strong. Hence, opt for one which charges minimal to no annual fees so that you donít need to pay big just for keeping your card active.

- EMI options Ė Select a card that gives you the flexibility to pay for your products in EMIs.

- Rewards, discounts and cashbacks Ė Some financial organisations enable you to earn discounts, reward points and cashbacks on online or offline purchases. While discounts and cashbacks can save you good amounts, reward points can bring you attractive gifts and vouchers when redeemed.

For example, the Bajaj Finserv RBL Bank SuperCard offers several industry-first features like interest-free ATM withdrawals, emergency loan on the available credit limit, etc.

- Find out about documents, processing fees and security features

Applying for a credit card online is much easier as the processing and approval procedure is fast. Get these documents ready before applying for your card.

- Address proof like electricity bill, rent agreement, Voter ID, etc.

- Identity proof like PAN Card, Driving License, Voter ID, etc.

- One photograph (passport size)

Along with these, make sure the organisation assures your credit cardís security.

A word of caution for first-time applicants:

Do not apply for all credit cards that you find suitable. If the financial institution declines your application, your credit score will go down. So, choose a card that fits your requirements the best to avoid this disappointment in the first step.

Hence, understand every feature of your chosen credit card and manage your finances well to save more.

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