In recent years, the rise of credit card usage has been at a remarkable height. It is quite evident from a survey that the number of credit cards issued stands at 49 million; the number of credit cardholders has only been on the rise. Owing to the list of conveniences that credit cards bring, they are being preferred over conventional transaction cards.
However, finding the right credit card for yourself is vital when you are willing to make the most of their features. Besides, one can find several credit cards that are dedicated to specific functionalities. Customers can opt for an online credit card to gain access to benefits easily.
Tips to choose the best credit card
A credit card that enables you to enhance your purchasing power while keeping the cost contained is likely to be the best credit card. Nevertheless, certain other features, such as rewards and cashback, have been incorporated by most issuers to make it even more useful.
Hence, appropriate analysis and understanding to compare credit cards are necessary to make the right decision. Here are a few tips that might help in doing so.
● Know your financial status
To keep reaping the benefits of a credit card, you have to pay your credit card bills in time. So, make sure you have a regular source of income to prove your credibility for timely repayment to the financial institution.
● Check eligibility criteria
Ensure that you fulfillthe necessary criteria of age, nationality, and income, etc. when you opt for a credit card. Meeting all of them, you can proceed for a credit card to apply online process which is convenient and requires minimum documentation.
● Determine your credit score
Clear your existing dues or loans and take necessary steps that help improve your credit score before applying for a new credit card. Steps like a regular and timely repayment of an existing credit will reflect in your credit report, assuring the issuer of your habit of responsible borrowing.
● Analyze the credit limit
Get the insights of the credit limit offered to you by the credit card issuer. It is always advisable to opt for a lower limit in the beginning if you are a new user. It will help you keep your expenses and repayments within the check and help manage credit cards efficiently.
● Ask for relevant charges
Credit cards often include additional charges. Ask your preferred financial institution about the fees included while you get the credit card.
● Check features and benefits
Credit cards are rich in multiple features and benefits. Check for those with your issuer when you apply for the credit card. Likewise, you can enjoy the exclusive benefits of a SuperCard that other credit cards do not offer.
Once you have known the features offered by the financial institution, do not forget to compare credit card features with others. This will help you acknowledge the best card for you.
Documents required to apply for a credit card
Besides eligibility check and fulfilling other prerequisites, you should also have a set of essential documents ready to complete the application process. These are your KYC documents such as PAN card, Voter ID, driving license, etc. for your identity and address proof.
Other than that, you will have to produce the income proof, irrespective of being a salaried or a self-employed individual. Most financial institutions ask for payslips for the last three months for the former, and IT returns for the latter when you resort to credit card apply online process.
In this regard, you may opt for the likes of Bajaj Finserv RBL Bank SuperCard. It not only makes documentation simple but also keeps eligibility to a minimum for easy qualification along with being feature-rich.
Additionally, to further ease the process of financing, the card issuer also provides pre-approved offers and makes the approval of credit cards faster. These offers are available on other financial products too, such as personal loans, business loans, etc. You can check your pre-approved offer only with a couple of essential details like your name and contact details.
Also, make sure you conduct a thorough check beforehand to avoid instances where your credit application can be rejected. Above all, the onus of getting approved as well as using a credit card rightfully is on the customer.
