When you apply for credit cards, it’s essential to understand the eligibility process. That way, you can make a well-informed decision and put yourself in the best position to receive approval. The process of actually getting a credit card is simple, and the steps may vary slightly depending on the credit card issuer. The key is choosing a credit card according to your spending habits and financial requirements.
Functionality of a Credit Card
Unlike a debit card, a credit card allows you to make purchases now for which you can pay later. Here’s how it can help you manage your finances and daily as well as emergency expenses.
- You can use a credit card for online transactions like booking a hotel, shopping from e-tailers, making bill payments and more
- You can make payments in person using your credit card, like purchasing fuel, grocery shopping and more
- You can enjoy an interest-free period of 45-60 days on purchases depending on your billing cycle and purchase date
- You can pay your credit card bills in the form of EMIs, which make it easier to repay large bills at a comparatively lower interest rate
- You can get an SMS alert on every purchase you make, which makes monitoring your spending easier
- You can use your credit card during international travel by paying added forex charges
- You can apply for a loan against your credit limit, which is a quick and convenient method at the time of emergency
- You can also withdraw money from an ATM during emergencies
- You get zero liability protection, which helps with any unauthorised purchases if your card gets lost/stolen
Select a Credit Card According to Your Requirements
Keeping the usage of these payment instruments in mind, remember that all credit cards come with different benefits:
- Some give you flat cashback on every purchase you make, while others provide lucrative cashback on a few specific purchase categories
- Some credit cards give exclusive deals on travel expenses like hotel and flight bookings, discounts at specific restaurants and more
- Some credit cards offer accelerated reward points on expenses like fuel payments, grocery shopping and travel
- Some credit cards offer discounts on purchases made with partner retailers like Samsung, Swiggy and more
- Some cards offer premium perks like concierge services, lounge access at airports and railway stations, golf games and more
- Some cards get you free deserts or services at partner restaurants or retailers
You can explore a wide range of credit cards and their reward programs to find one that fits your lifestyle. If you spend a considerable amount on fuel, opting for the best credit card for fuel is wise. The same goes for these card categories:
- Lifestyle cards
- Shopping cards
- Rewards cards
- Cashback cards
- Sports cards
- Dining cards
- Business cards
- Corporate cards
- Travel cards
- Fuel cards
Choose a credit card that aligns with your spending habits and financial goals.
Key Requirements to Review Before Applying
Getting credit card approval can be a simple process if you have checked the necessary criteria:
- You should have a good credit score. When you apply for a credit card, your credit history is a determining factor.
- You should be creditworthy. It depends on your previous loan repayment or other debts you have.
- You should have a stable source of income.
- You should submit the necessary documents:
- Identity Proof
- Address Proof
- Income Proof
- A copy of the PAN card
On the basis of the information provided by you, your credit card issuer will run a verification process. Once verified successfully, your credit card provider will issue the credit card to you.
Some credit card companies also require you to earn a minimum income. Make sure you meet the terms as well as those related to your:
- Age
- Place of residence
- Job stability
Credit Card Application Process
You can apply credit card online and offline.
For online application, visit your credit card provider’s official website:
- Click on ‘Apply for credit card’
- Choose from the available options according to your needs
- Fill the necessary details and attach the required documents
For offline procedure, visit your nearest credit card issuer’s branch:
- Ask the representative for the application form
- Fill out the application and submit it with the necessary documents
Now, you’ll be able to select and apply for a credit card more effectively. If you’re looking for an instant approval credit card, the One Credit Card is a game changer with zero annual and joining fees.
This stylish metal card guarantees you 5X rewards on your top two spending categories, like groceries, entertainment, or travel. What’s more, you can get a flat 2% value-back on fuel and a 1% fuel surcharge waiver using this credit card. Apply now and enjoy all these benefits at your fingertips.
