According to an April 2020 report, India was home to more than 57 million credit cards. This number is continually rising with each passing day. Individuals looking to qualify for such a card would need to meet the eligibility criteria of their chosen NBFC.
Besides these criteria, you can also utilize the following tips to ensure simpler approval after you how to apply for a credit card online.
- Keep all necessary documents ready
When you opt for credit cards, you need to substantiate your eligibility fulfilment by providing certain documents. For instance, KYC, salary slips, savings account statements, etc., are all necessary documents when applying for such cards online. Keeping them ready at hand is essential, as it ensures a simplified application process with maximum chances of approval.
You can check which documents are necessary by inquiring about the same with your credit card provider or when you plan to apply for a credit card online.
- Build your credit score before applying
Financial institutions offer credit cards to individuals with the best credit repayment history. Thus, you need to maintain a CIBIL score of at least 750 to ensure hassle-free approvals. If you are an existing card user, you can use this credit card to improve your credit score. All you need to do is to pay your monthly card bills on time and in full.
Similarly, borrowers can pay their EMIs without fail to ensure an impressive credit rating. Scores of more than 750 on the CIBIL scale is essential when availing of options, such as the bajaj finserv platinum choice Supercard. These are premium credit cards, which offer the best features and facilities.
- Maintain a cordial relationship with the card provider
One of the reasons why your credit card application may have been declined can be because you failed to repay your earlier liabilities on time to the same financial institution concerned. For instance, if you apply for a credit card with the same NBFC where you have defaulted on a loan previously, the likelihood of facing rejection is immense when you apply for a credit card online.
Thus, applicants should have a cordial working relationship with his/her chosen provider. Besides easier approvals, favourable history can also help you avail the best credit cards from such NBFCs.
- Look for pre-approved offers
Some companies tend to provide pre-sanctioned credit card offers to eligible applicants. For instance, individuals can opt for cards like the Bajaj Finserv RBL Bank SuperCard, can look for these offers. This premium card comes with attractive features, such as interest-free cash withdrawal period and robust security.
Therefore, these pre-approved offers simplify and accelerate this credit application process. These offers are available on a range of financial products, such as personal loans, business loans and many more. You can check your pre-approved offer by submitting your full name and phone number.
- Diversifying your income
Your income plays a crucial role in determining whether you qualify for this Bajaj pre-approved SuperCard. Individuals with limited earning potential are considered riskier customers since their ability to repay credit is lower. However, if you have a significant income as a salaried employee or a self-employed individual, you can expect quicker approval for cards.
Thus, even if your salary is limited, ensure you mention additional sources of income such as rent, investments and more when you apply for a credit card online. Doing so should bolster your chances to acquire a card.
However, individuals who fail to opt for a regular credit card can choose to acquire a secured one instead. A secured credit card is provided against the value of an asset. In most cases, you can avail such a card from NBFCs with whom you have fixed deposits. The credit limit on these specialised cards tends to be lower than your deposit value.
For example, if your fixed deposit is worth Rs.1 lakh, you can expect your secured credit card against this asset to be worth around Rs.70,000 to Rs.80,000. Since a fixed deposit is collateralised, withdrawing this sum at the end of deposit tenure will also end the associated card’s validity.
Still, if you want to make the most out of your card, opt for an unsecured variant. These credit cards come with the best features and rewards programs.