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
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 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
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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