Individuals who are intending to avail of an online credit card should be well informed about the factors which card-issuing financial institutions consider for approval of the card. Any prospective user about to apply for a credit card online needs to consider these following pointers to successfully avail it.
1. Joining fee and an annual fee of credit cards
Individuals who are willing to avail of an online credit card should check whether the card in concern involves a joining and an annual fee. They should compare the fees applicable, if any, on the credit card with the features and benefits offered as reward points, vouchers, etc.
2. Eligibility criteria for applying for a credit card
To avail of an online credit card, the applicant has to meet certain eligibility criteria as mandated by the financial institution. Although such criteria vary between card issuers, general eligibility criteria may include –
- Candidate has to be at least 25 years of age.
- The applicant must have a healthy credit or CIBIL score around or above 750. There should be no records of late or due payments in the applicant’s credit history.
- The candidate should have an existing bank account under his/her name.
- The candidate should have a regular and stable source of income including proof of the same. Note that such documentation requirements may vary as per salaried and self-employed applicants.
3. Documents required to acquire a credit card
There is a specific set of documents required to apply for an online credit card. The list of documents are mentioned below –
- The candidate should produce his identity proof that includes Aadhaar Card/PAN Card/Driving License/Passport and Voter ID card.
- As an address proof, the individual should provide his/her electricity bill/Voter ID/Driving License, Ration Card, etc.
- As an income proof, the applicant has to produce his/her last salary slips, bank statements, income tax returns, and Form 16 documents.
- 2 passport-sized photographs of the candidate have to be provided as well.
4. Interest charged on cash withdrawals
On every cash withdrawal using a credit card, a charge is levied as processing fee other than interest rates applicable on the amount withdrawn. Most credit card issuers do not encourage cash withdrawals.
However, reputed financial institutions like Bajaj Finserv offer the Bajaj Finserv RBL Bank SuperCard with an interest-free ATM cash withdrawal facility for up to 50 days at a flat processing fee of 2.5% on the amount withdrawn. This card is easy to avail of following an easy RBL credit card login process.
5. Loan on the credit card
Top credit card issuers offer users the facility to avail of an emergency personal loan against the unutilized cash limit of the credit card. Users can benefit from such a facility in case of sudden cash shortage and use the card to swipe for immediate funds. Check whether the card of your choice offers such an instant loan feature. Such features are one of the reasons why you are smarter with a credit card in your pocket.
6. Customer security
Your preferred credit card issuer should offer the feature of online card management and track through a dedicated credit card app. Customers can lodge their complaints through this app 24/7 in case they encounter any financial ambiguity. For instance, you can go ahead with a Bajaj Finserv RBL credit card login through their dedicated mobile app.
7. Reward points
Almost every financial institution offers rewards to its customers on every credit card transaction or purchase. These reward points can be redeemed for exciting discounts, vouchers, cash back, cash, etc. Individuals should compare the rewards offered by different financial institutions and select one that will maximize their benefits.
8. Simple application process
It is always advisable to opt for card issuers who offer a simple application process involving minimum documentation and less cumbersome approval procedures.
9. Repayment options
Opt for a credit card issuer that allows multiple credit card bill payment options easily accessible online.
You can easily apply for a leading credit card online by simply referring to their dedicated website or mobile app. Make sure you have a health CIBIL score around or above 750 and provide the necessary documents to avail the card with ease. Know how to use a credit card wisely to best benefit from its features.
Shailendra Kumar is an experienced Financial Consultant and Tech Reviewer who has 6+ years of experience in the field of finance, business, and technology. He is very passionate to write about Finance, Business, Technology, Gadgets, Shopping, Fashion, Lifestyle, etc.