Points to Keep in Mind When Applying For a Credit Card


Credit cards are one form of medium wherein you can borrow funds and repay it later. The money that you spend on your expenditure, is actually the funds you borrow from the bank. You repay the borrowed funds, when you pay off the credit card bill. Hence this is one reason as to why banks have a stringent checking procedure before approving a credit card to any individual.

Your credit score is one the most important criteria which will help you get a credit card. Thus, before you apply for a credit card, it is most important to ensure that you have the best credit score.

The credit score depends on a number of factors. A steady income, or being a salaried person will work in your favour. This is to ensure that one is able to pay the credit card bill each month. You will have to provide your personal information like your PAN details, salary details etc.

The best place to apply for a credit card is your bank. Having an account with the bank can help in approval of the credit card.

There are 3 ways you can apply for a credit card:

  1. Personally going to your bank

Simply go to your nearest bank, preferably the one you already have an account it. You will be required to fill out an application form and provide personal information. Based on the approval of credit card, the card will reach your address in a few weeks.

  1. Online

Nowadays the credit card forms are available on the bank’s website. Simply fill in all the details and submit the form. The bank might call personally to verify all the information. This is a fast system, in which approval process is much shorter.

  1. On Phone

Call the bank’s number and put in your request for a credit card. They will take down your information. Many a times, the approval will be instantaneous.

There are a few other points to consider while applying for a credit card:

  • Fully understand all the clauses and all the fees before finalizing
  • Know your credit card limit
  • Meet the payment deadlines every time
  • Ensure you are fully aware of the penalties for a late payment or overdraft
  • Avoid overdrafts on your account
  • Know your grace period
  • Keep all your personal information safe – especially while applying online or phone

Every bank offers a number of different, different perks. Have a discussion with the bank’s representative and choose the best one for you. They suggest the best card from their portfolio to address your specific needs.

Many credit cards have a system to get reward points against the purchases made. You can also get gifts or bonuses on all your purchases. Thus, a great way to get your shopping done or bills paid without any hassles.