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Credit card penetration in India is on the rise. Still, there is more room for growth in this segment. Confusion regarding the application process is what holds back several interested consumers from availing such handy financial tools. Nevertheless, the exact procedure for application is simple if one follows a few easy tips.
- Meeting eligibility criteria – Th process of how to apply for a credit card begins with assessing the eligibility criteria for the said product. Each credit card issuer sets different criteria for applicants to fulfill. Nevertheless, some common factors are credit scores over 750 and a stable source of income. Your age plays a role in credit card eligibility as well.
- Readying the necessary paperwork – After ensuring eligibility criteria fulfillment, an applicant needs to arrange all documents that need to be submitted alongside this application. OVDs for KYC, address proof, income proof, etc. are some of the necessary documents, which an applicant must submit.
- Clearing debts before application – Approval of a credit card application may be difficult if the applicant already has several outstanding dues in the market. Thus, to maximize your chances of approval, ensure repaying all such debts before a fresh credit card application.
- Comparison of various cards – Before sending an application, one should consider the kind of card he/she prefers. Based on this, an individual must undertake online research and comparison. Go through the various characteristics of each card to assess which of them suits your individual needs. For example, one who travels extensively can select a card, offering maximum rewards on hotel bookings or a flight ticket purchase.
Premium cards, such as the Bajaj Finserv RBL Bank SuperCard, provide the maximum benefits to cardholders. One can save as much as Rs.55,000 every year by smart usage of this credit card.
You may also look for Credit Card Loan App.
