Using a credit card to meet your short-term financial requirement is the best way to manage your finances. With a credit card, you can purchase goods and services from the credit limit set by your bank. There are several ways you can benefit from a credit card. For instance, you can build your credit, earn rewards, cashback, and bonuses.
So, if you have decided to apply for a credit card, it is good news. But, before filling out your credit card application, it is imperative to gather all the information you need to see it through.
Here are the details required to fill out when you apply for a credit card online:
- Name of applicant
- Residential address
- Date of birth
- Employment information
- Rent payment amount
- PAN number
- Income
- Email address
- Phone number
- Type of bank account
To apply for a credit card, you will need to visit your bank’s website, choose the type of credit card you wish to apply for, complete your application, and click the Submit button. Your issuing bank will take some time to run verification checks to determine whether or not you are a creditworthy person. You will receive a notification of your application either by call or to your registered email address.
Top tips to apply for a new credit card
Before applying for a new credit card, it is essential to have a plan in place. You will need to have a strategy to secure a credit card that best serves your needs. Here are the top tips to get approved for the credit card you want.
- Choose the right kind of credit card
Do not apply for the first credit card you see on the internet. Several cards come with similar features and benefits. Therefore, it is crucial to conduct your due diligence to find the right credit card for your needs. A golden piece of advice would be to assess your needs. Ask yourself:
- Do you want a credit score to earn rewards on everyday spending?
- Do you want a credit card with no annual fee, 0% introductory APR, or;
- Do you need a balance transfer card to consolidate your debts?
Make sure not to settle down until you find the right credit card for yourself.
- Check your credit score to assess your eligibility
It is imperative to maintain an excellent credit score to get a regular credit card, but if you have a bad or low credit score, you will have to settle for less than ideal. You can get a secured credit card that comes with no perks, but it can build your credit score. You will have to deposit a sum of money with your bank to get a secured card.
So, before applying for a new credit card, you will need to check your credit score to see if your score falls within the range that your issuing bank requires to approve your application for your preferred credit card.
- Submit your application through secure portals
Most banks in India offer secure application portals that encrypt and protect your data. However, before applying for a credit card, make sure your bank’s portal is a safe platform to submit your data. While checking your issuing bank’s website for security, make sure the URL in the address bar is “HTTPS” instead of “HTTP.” The extra “s” shows that your data is transmitted through a secure network.
- Provide accurate and honest information
You may think that a little white lie on your new credit card application is not a big deal. It is worth noting that lying on your credit card application is considered an offense and may lead to hefty fines. Besides, you will risk your reputation to secure credit.
Your issuing bank may not detect small lies, and they may not even care too much. But you have to be honest and provide accurate information whenever you apply for a new credit card.
- Make sure to understand your credit card agreement
Do not apply for a credit card if you are sure it is not going to pay off in the long run. If you want to apply for a credit card, it is crucial to understand what you must do to uphold your end of the bargain. For instance, you may have to pay interest charges and other penalties for late payments.
In short
Applying for a credit card is easy and hassle-free. By paying heed to the above-said tips, you can get the right credit card and avail of maximum benefits based on your needs.
