Since the announcement of the Digital India initiative in 2014, the use of financial instruments such as credit cards has increased significantly. As per recent data, more than 125 million POS transactions were made using credit cards. These financial instruments have played a vital role in increasing the purchasing capacity of Indians by making it possible to convert their transactions into monthly EMIs.
They also come in handy when individuals require funds on an urgent basis to fulfill various requirements. With the growing use of credit cards, the number of financial institutions issuing them is also increasing. Hence, before learning how to apply for a credit card online, individuals must weigh the different options available to choose one that is best suited to their needs.
Guidelines to choose the best credit card
Here are some tips that individuals should consider when opting for a credit card –
When choosing a credit card for the first time, individuals must enquire about the fees that are associated with this financial instrument. Examples of such fees include joining and renewal fees. There are some credit card issuers who waive off the renewal fees if certain criteria are fulfilled by an individual.
Credit card issuers impose additional charges in the form of interest on the unpaid outstanding balance. Moreover, they also levy fixed charges on cash withdrawals made using the credit card. Hence, before knowing how to apply for a credit card online, individuals must be aware of the charges that are imposed by credit card providers.
Nonetheless, one of the latest financial instruments, the Bajaj Finserv RBL Bank SuperCard allows its users to make interest-free cash withdrawals. It enables individuals to avail cash from ATMs, without having to pay interest against it for a term extending up to 50 days.
It also offers various other benefits such as emergency loan advance, top-notch security against threats of cybercrime, and more. All these features are instrumental in making it arguably the best credit card among other similar products in the current market.
Before opting for a credit card, one must enquire about the cash limit in a credit card that is being offered by the provider. If an individual ends up spending more than the amount sanctioned by the card issuer, he or she has to pay the over-limit fees that are charged on the amount exceeding the pre-set limit.
Moreover, utilizing the full credit limit can also have a significant impact on the credit profile of an individual due to an increased chance of default. It is, thus, essential for an individual to know how to use a credit card wisely to avoid paying additional charges and maintain a healthy credit score. Before learning how to apply for a credit card online, individuals need to check their credit score to confirm whether they fulfill this particular requirement.
Credit cards come with various rewards and benefits. As an individual starts making purchases using a credit card, he or she begins to earn reward points. These accumulated reward points can later be redeemed to avail a wide range of offers and benefits. The reward points, along with various essential information, are represented in a credit card statement.
Besides rewards, financial institutions like Bajaj Finserv provides pre-approved offers on credit cards. Individuals can utilize these offers to enjoy a hassle-free application process for credit cards, personal loans, business loans, etc. Check your pre-approved offer by filling in some details like your name and contact number.
Make sure to keep the above-mentioned pointers in mind when you apply for a credit card online. Also, look through different card options in the market to avail the one best suited to your needs.