When it comes to juggling your last-minute money, credit cards are a reliable option. They are a financial instrument available from both banking and non-banking institutions that allows you to borrow funds up to a pre-determined limit to help you manage your finances. Many see it as a liability or a way to get loaded with debts. However, the benefits can outweigh the disadvantages when used with responsibility. They provide advantages, security, and convenience.
Why do I need a Credit Card?
Credit cards are an important tool to help maintain a good credit score. When used with responsibility, can be helpful to your financial well-being. One can gain money simply by using their cards! Additionally, there are multiple perks offered by multiple lending companies that can enable one to save on their purchases!
A credit card will help you control your monthly cash flow and monitor your spending if you use it responsibly. They can be used for free if you pay off all your payments per month, thanks to the card grace periods. Furthermore, some offer cash back or other incentives as a bonus.
You shouldn’t have trouble having a credit card if you’re an adult with a stable career and a history of making on-time payments on student loans or car loans. Find out how to apply for a and what to expect during the application process.
After the pandemic, many financial institutions have made the process easier by providing an online application with credit card apps.
Here are some basic requirements to keep in mind before applying for a credit card online:
- Make sure to check the age criteria of the lending institution. Most lending apps have an eligibility criterion of 21 and above for successful application.
- You have all the required Government documents needed for issuing one. Most lending companies require an Aadhar card and PAN card to help approve your card.
- You must also have a well-paying job to help pay your bills.
- Credit history needs to be positive before applying.
When filling out a credit card application, double-check that all the information you enter is right. If you’re not sure how to fill out the form, ask your company for assistance. You’ll have to sign the paperwork to acknowledge that all the information you’ve provided is accurate, and any inaccurate information you provide may be considered fraud. These applications are easy to fill out. You’ll reveal your name, revenue, and, if desired, information about approved users or balance transfer requests. The bank or the lender can notify you of their decision either immediately online or by mail within 7 to 10 business days.
Many of the best credit cards require at least three to five years of good credit history, and some also require more than seven. Don’t be discouraged if you’re turned down for one because your credit file isn’t perfect; it doesn’t necessarily mean you have bad credit.
How to apply for a credit card with a mobile app:
- Download the mobile app
- Register if new user.
- Go to the Credit card application page.
- Fill in the required details.
- Submit the required documents. Typically, you will need to submit an ID proof, Address proof, Bank documents.
- Complete the online KYC procedure
You can apply for a Bajaj Finserv cobrand credit card with the mobile app. It is one of the best credit cards available in the market now. Some benefits include:
- Effortless EMI Conversions: Convert your big-ticket purchases to easy and affordable EMIs.
- Avail emergency advance on your credit limit: Get an instant loan on your credit limit.
- No-interest cash withdrawal: Withdraw cash from any of the ATMs in the country at zero interest up to 50 days.
- Enjoy attractive benefits such as discounts and offers on products like accessories, gadgets, clothes, etc.
- Earn reward points on your purchases. Earn and redeem reward points for the down payment at the Network stores.
- Save big on your expenses.
Once you get it, make sure to:
- Make timely payments of your dues.
- Earn and redeem your Reward points
- Build credit score
- Pay off your debts