Credit cards are one of the most popular payment modes today. Credit cards offer instant solution whenever you lack cash in your purse. It is due to the several offers and benefits of different kinds of credit card that a large number of varieties have emerged in this field introduced by all the banks. Another perk of credit card is that it will hardly take 15 minutes to apply for it online and a few days to be delivered at your doorstep. If you are looking forward to apply for a credit card online, here are the steps that you should follow to apply for credit card online.
1. Choose The Bank
There are several Nationalized and private banks that offers credit cards. Before you apply for any credit card, you should know from which bank you want it to be issued. It can be SBI, PNB, UBI, ICICI or Bandhan bank, the call is yours. This decision is generally influence by the trust factor. A large population in India depends on SBI for any financial decision. However, the commercial banks are competing with their tempting offers and benefits. Some banks have collaboration with shopping sites and this can be an advantage for you to avail to greater discounts while you are shopping.
2. Choose the type of Credit Card
After choosing the bank, you need to know the different options provided to you. A bank can have more than 15 credit cards which serve different purposes and may have handpicked benefits for the customers. You should go through the details of all the credit cards and decide the type of credit card you want to serve your purpose. For example, if you are looking for privileges in airport or railways, you will opt for a Travel Credit card. Similarly, there are fuel cards that give privileges during the payments in fuel stations. Different banks have tie-ups that ensure discounts. Some credit cards even offer cash backs.
3. Go to the official site of the bank
After making the crucial decisions of choosing the type of credit card and bank, you should enter the official site of the bank and click on the “apply now” button in the credit card section and then choose the credit card you want to apply for. You should check out the benefits that the credit card provides. There are some banks that can customize the facilities according to the requirement of the customer. You should go through the details of the credit card properly in order to make a decision that is profitable to you. Banks offer tailor-made privileges for you through their credit cards.
4. Apply for the credit card by filling up your details
For applying for the credit card you need to share the personal credentials like name, PAN number, address, relationship with the bank (loan or account holder), birth date, mobile number, email ID, your source of income, if you have any more credit card or not. All the information should be filled correctly without a single mistake. A bank may require scanned documents like scanned copy of voter ID, Adhar card, PAN card, proof of residential address.
5. Check your Credit Score
Credit Score plays a vital role in approval of the credit card. The requirement of credit score depends on the bank. Usually, 690 and above is considered as a good credit score. To attain a good credit score one must make all his payments on time, keep balances low on the existing credit card (if any) and avoid new debts. To ensure a good credit score, one must make sure that he/she does not have much debt to be balanced. The bank checks your credit score after you apply for the credit card.
6. Include all your income in the application
After the credit score, it is the income source that determines your creditworthiness. When you enlist the income sources in your application, a debt to income ratio is generated which determines your ability of make the payments of the credit card. According to this ratio, the debt and credit limit is decreased or increased. Hence, it is essential to provide all your income details to get greater facilities from the credit card. If an issuer provides any wrong information in this section, he/she can be charged with credit card fraud which will surely lead to legal actions. Hence, one should not overstate his income to get a greater credit. The income sources you mention in your application can influence your approval for the credit card from the bank.
You have to check the box of “I agree” where you are declaring that all the information provided by you are genuine and any discrepancy will result in legal action. You may need to upload the scanned copy of your signature as a proof of self-declaration. This step cannot be skipped and holds an importance to the bank. This is the last step of application that is required to be done in order to apply for the credit card.
8. Wait for the Approval
After you have applied online for the credit card, it is the turn of the bank to verify each and every detail that you have provided. The bank special attention in calculating the credit score and verifying the credentials of his income provided in the application. One may get rejected for low credit score. In such cases, one should clear the previous dates and apply again for the credit card. This phase may take a longer time; however, the issuer will be notified if his application for the credit card is approved.
The online application for credit card is simple and can be completed in the above sequence without any hassle. As the bank verifies all the details provide by you, you get the approval of getting the credit card. You desired credit card will be delivered at your doorstep in a few days and you can activate and use it whenever you desire.