Comprehensive Guide to Applying for Credit Card Online

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Credit cards can be useful tools for managing money. It can assist you in making larger purchases without a large sum of money. A credit card can also help you in better budgeting and building your credit portfolio.

To be eligible for a credit card, you must apply for credit card online, but the application process isn’t as complicated as it may appear. Follow our step-by-step guide to improve your chances of approval when applying for a Bajaj Finserv RBL credit card.

How Do We Apply For A Credit Card?

Applying for a credit card online is a simple process, but only after you’ve decided which credit card you want to buy. Following the comparison and decision on which type of credit card to pursue, you must take the following steps:

  • Visit the official website of the bank.
  • In the ‘Credit Cards’ section, click ‘Apply.’
  • Enter personal information such as your occupation, mobile number, monthly income, PIN code, etc.
  • Choose your preferred credit card and then click ‘Check Eligibility.’
  • If you meet all of the credit card eligibility requirements for the selected card, you will be asked to continue with the application and enter information such as your name, email address, date of birth, and PAN.
  • Continue by entering your residential address and PIN code.
  • Following that, you will be asked to enter your employment information, such as the company’s name, address, PIN code, and landline number.
  • Finally, to complete the application process, you must verify your mobile number using the OTP sent to your phone.

Following the completion of this process, you will be contacted by the bank/NBFC to suggest a time and location for the physical documentation process. Your application will then be processed after the bank dispatches a field agent to the location you’ve suggested to carry out the same task.

It is important to note that your application may be rejected if you do not meet any of the bank’s credit card eligibility requirements or if you have previously applied for a credit card from the same issuer within the last 6 months.

How to Use Credit Cards Correctly

You should not begin splurging now that you have joined the ranks of different types of credit card users. When used wisely, credit cards can be extremely beneficial. So, here are a few pointers to get you started with your credit card in the right direction:

  • Recognize your billing cycle: Your credit card has a billing cycle, and your statement will cover the same time frame. The bill due date is usually within 10-15 days of bill generation. This transaction will have a 45-day interest-free period.
  • Pay your bills in full and on time: The first and most important thing to remember about credit cards is to pay them in full and on time. As previously stated, missed and late credit card payments can result in high-interest charges that quickly accumulate into a debt pile. As a result, always pay your Bajaj Finserv RBL credit card bills on time and in full.
  • Maintain a good credit utilisation ratio: The credit utilisation ratio is the ratio of your debts to your total credit limit. A lower ratio is thought to be better, and it would also result in a higher credit score. You can set your limits, such as 30%. When you reach this limit, try not to charge any more bills to your credit card until you have paid some of them off. If the bank determines that you are a responsible borrower after some time, it may invite you to request a limit increase. If you want to improve your utilisation ratio, you should accept the same.
  • Check your statement regularly: Make keeping track of your credit card spending a habit. Log in to your credit card account and review the balance of your credit limit as well as the expenses you have incurred thus far. Viewing a list of your expenses can be more impactful at times. Examine your statement, and if you discover a fraudulent transaction, notify the bank immediately.
  • Do not rely on credit cards to make ends meet: Remember that a type of credit card is a form of borrowing, and you should not use it for frivolous expenses. And if you do, make sure you only go up to a limit you can afford. At all costs, avoid cash advances. Use your credit card to purchase items that you cannot afford to pay for in full.

Summing Up

Applying credit cards online responsibly can help you build a good credit score. This can be accomplished by maintaining a reasonable utilisation ratio and paying your bills full. Begin with good credit habits and manage your expenses, and you will go a long way with different types of credit card.

Read also: Comparing Credit and Debit Cards: What Are the Main Differences?

Komal Singh

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