With a credit card in your wallet you can shop immediately and pay later, avail emergency loans and also earn reward points. Since issuers offer various types of credit cards to suit your unique needs and pack them with offers, cashback and discounts, you may be tempted to apply for one to economise everyday spends. However, all credit card applications aren’t approved. To ensure yours is, take note of the credit card application procedure and how to improve your chances.
How to apply for a credit card?
Most issuers allow you to apply for a credit card online, eliminating the need to physically visit a branch and carry out complicated, long-drawn procedures. Here is how to apply for a credit card online in just a few clicks.
Visit your preferred issuer’s website
From the menu bar, navigate to the section on credit cards
Choose the right type of credit card that suits your need
Click on ‘Apply Now’
Fill out the application form and submit it
Wait for a representative to get back to you for further procedures
Typically, issuers take anywhere from a few hours to a few days to approve your credit card application. However, your application may get delayed if you don’t meet the credit card eligibility criteria, don’t submit the right documents, or have a poor credit score. Therefore, to dodge rejection and expedite approval, follow these tips.
Check your credit card eligibility criteria
In order to apply for a credit card, issuers require you to meet certain eligibility criteria. Though these criteria vary across issuers, below are the common ones.
You should be aged between 25 and 65 years
Your credit score should be 750 or more
Your credit report should be clear of any defaults
You should have an ongoing relationship with the issuer
You should have a regular income
Get your credit score on track
A good credit score, of at least 750, shows that you are creditworthy and manage borrowed funds responsibly. This is why issuers prefer to approve applications after taking into account your credit score to ensure that you won’t default. Therefore, evaluate your credit score and work on your shortcomings, if any, before applying for a card. In fact, start by examining your credit report and check for errors. If you find any, have them rectified at the earliest.
Gather all the documents required
Next, learn about the documentation needed to prove your eligibility and submit the required ones. If you fail to do so, or submit incomplete/incorrect documents, your application might be stalled, or worse yet, rejected. Typically, these are the documents required.
Identity proof such as PAN card, voter’s ID, Aadhaar card, passport, etc.
Address proof such as utility bills, ration card, etc.
A passport-size photo
Have an existing relationship with the issuer
Having a savings, current or an investment account with your issuer before applying for a credit card accelerates approval as the issuer is confident of your candidature.
Disclose adequate sources of income
Regular, ample income indicates that you have the means to pay your credit card bills on time. This is why even if your salary amount is on the lower side, disclosing other incomes like rental and interest income can increase your chances of approval.
By adhering to these tips, you can apply for credit card and also enjoy quick approval.
When looking for the best credit card in India, consider the versatile Bajaj Finserv RBL Bank SuperCard that has minimal charges, offers interest-free emergency loans up to 90 days and interest-free ATM withdrawals up to 50 days. It lets you convert your purchases into EMIs and also offers up to 20,000 reward points as a welcome gift. Here, you can also make credit card payments online and manage your credit account with ease.
To eliminate the possibility of rejection, check your pre-approved offer by entering your name and contact number. View a range of customised deals, apply using one and secure instant approval.