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Things That Matter When Applying For A Credit Card

Things To Know Before Applying For A Credit Card

Owning a Credit Card can be a fashion statement for some, but knowing how to use it responsibly is something not everyone might be aware of. Ideally speaking, Credit Cards can be used for a wide variety of purposes, like railway or flight ticket booking, filling petrol, shopping, dining, movie ticket booking and a host of other activities. So, Credit Cards come in really handy if you know how to use them effectively.

In India, however, people hardly invest time in analysing the type of Credit Card which would suit their requirement and not many are sure of how to apply for a Credit Card. So, here’s your chance to get an insight about Credit Card eligibility and the steps involved in applying for one.

What’s your Income?

Well, your income is the first thing that you need to consider before applying for a Credit Card. The higher your income, the more would be your credit limit as the banks would be sure that you have a better repayment capacity. Hence, a person earning Rs. 50,000 per month would surely have a higher credit limit on his Credit Card as against a person who earns Rs. 20,000 per month.

Past credit history matters

Did you have a Credit Card in the past and never bothered to pay your bills on time? Hold on! That could be a concern while applying for a new Credit Card since banks might have added your name to the defaulter list. Hence, it’s always advisable to check your credit scores on the CIBIL website so that you know if you are eligible to apply for a new Credit Card.

What’s your purpose?

Even before you think about applying a new Credit Card, be clear about the purpose for which you would be using the card. If you are looking to use it mainly for shopping and dining purposes, you can choose a card which gives you more offers on those expenditures. Spend some time in looking around for options provided by different banks on their Credit Cards, and then you can choose the appropriate one that’s tailor made for you!

Existing accounts with banks also matter

Having a salary or savings bank account with a bank? Bingo! You can approach the same bank for a Credit Card that suits your requirements. Banks always find it easier to check your income and other details if you have held an account with them for many years and the overall documentation process would be much easier and faster.

Your Age Does Matter

Yes, your age also does matter while applying for a Credit Card since the credit limit would be lower for a person who is above 55 years as the banks would keep in mind the repayment capacity. On the contrary, if your age falls between 18-35 years, you would enjoy a higher credit limit owing to your repayment capacity.

Now that you are aware of the features that affect a Credit Card application process, here’s a quick guide how you can apply for one in a snap.

How to Apply for Credit Card?

Applying for a Credit Card is not a difficult task these days and you can simply do that sitting within the comfort of your homes or offices. For instance, you can simply visit BankBazaar which helps you apply for a Credit Card in a few simple steps. Simply compare a variety of Credit Cards recommended for you and choose one that perfectly fits your wallet.

 

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