Credit cards are quickly becoming one of the prominent modes of alternate currency in India. It is especially popular amongst the nation’s younger populace, thanks to the convenience and features credit cards have to offer.
A substantial number of prospective cardholders apply for free credit cards every year. If you are planning to apply for your first credit card, there are certain factors you should know and consider while applying.
Let’s take a look -
- Do not apply for multiple credit cards at once. Contrary to increasing your chances of successful approval, multiple applications at the same time will affect your credit score. Lenders will also consider you credit-dependent, which is likely to decrease the chances of successful approval.
- Always check your credit score, along with repayment capability, total liability, etc. before applying for a credit card. Financial institutions enforce strict eligibility criteria for products like free credit cards. You have to fulfill all the requirements to successfully apply for the same.
- You should also consider aspects like the applicable interest rate, annual fees, and other benefits associated with the credit card before applying. Credit cards with an affordable rate of interest help keep the overall cost to a minimum, allowing easy repayment of the borrowed amount. Low fees and charges also keep the overall cost down.
Many credit card companies also offer customer loyalty programs, usually in the form of rewards points. Cards like RBL Bank SuperCard offer attractive discounts, cashback, and other amenities like complimentary airport lounge access, which can prove beneficial. You can also collect and redeem your reward points for gifts and discounts.
Carefully selecting a credit card that best meets your unique requirements will allow you to maximize its utilization, without burdening yourself with repayments.
Download the Bajaj Finserv App applying for credit card.
Also Read: 5 Money-Saving Tips for Your Credit Card
