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How to Apply for Credit Cards Online? Research Team | Posted On Friday, June 28,2019, 04:49 PM

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How to Apply for Credit Cards Online?



Apply for Credit Cards:

To meet the rising demands of customers, banks have made the application process for credit cards, really easy. Credit cards can be applied either online or offline. Sometimes, banks also pre-approve credit cards for customers with good credit score.

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How to Apply for Credit Cards Online?

Eligibility for Credit Cards:

An applicant must meet certain eligibility criteria, before applying for a credit card. The eligibility criteria varies across lenders, depending on the type of credit card applied and the bank to which the application is made. Given below are some general eligibility criteria:

  • Credit cards are issued by banks only to Indian citizens. NRIs can also apply for credit cards.
  • The applicant must be at least 21 years of age.
  • The applicant must have a stable job and a steady source of income. Self employed can also avail credit cards.
  • Banks have certain minimum income requirements, which must be fulfilled by the applicants. The minimum income requirements vary across banks.
  • You can easily avail credit cards with good credit score. A CIBIL score of 700 and above is preferred.

See Also: 5 Reasons To Use Credit Cards

Why Credit Card is Important?

  • Credit cards offer short-term financial assistance. Credit cards are generally availed to manage expenses when you are short of cash.
  • The bank charges interest only if repayments are not made, within billing cycle + grace period. So, the user actually enjoys interest free-period with credit cards.
  • Using a credit card helps build credit score real fast. Secured credit cards are also used to improve your credit score.
  • The user also gets additional benefits with credit cards like discounts, coupons, cashbacks and reward points.

How to Find the Right Credit Card?

Here are some tips to help you find the right credit card:

  • Track Your Spending Pattern: Keep track on where your salary is being spent. If you lead a lavish lifestyle, then opt for a lifestyle credit card. If you are a frequent diner, then avail a dining credit card. You can also opt for a rewards credit card or a cashback card.
  • Reward Type: Each credit card offers a certain type of reward in the form of cashbacks, coupons, coupon codes, discounts on travel, retail, dining, lifestyle and so on.
  • Fees and Other Charges: Credit cards attract a lot of fees and have high interest, which is why you must be extremely careful. Compare credit cards across banks on parameters like interest rates, joining fees and annual fees. Choose a credit card which charges less interest.
  • Card offers: Choose a credit card which suits your budget and also has good offers.
  • Welcome Bonus: Each credit card offers an interest-free period. Some banks offer welcome gifts and a bonus on availing credit cards.

See Also: How To Choose Credit Card?

How to Apply for a Credit Card?

Online Application: A bank customer can apply for credit cards online, once they meet eligibility criteria. Online credit applications can be made by logging on to net banking website and applying for credit cards by filling a basic form with personal details. 

You will receive a call from a bank executive, who guides you through the process of credit card application.  The bank sends a representative to collect your documents and verify address of residence, post which your credit card is approved. The credit card is sent to your postal address.

Offline Application: Customers can also apply for a credit card by visiting the bank branch. You meet the bank executive and communicate your requirements. The bank executive guides you through the process and conducts verification of your documents, post which the credit card is approved. To get the card approved, the customer has to submit KYC documents, application form, income statement and passport sized photographs.

See Also: How To Manage Your Credit Card Debt Smartly!

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