How to Apply for a Credit Card: Need to Follow These 5 Quick Steps

Credit cards are fast becoming one of the most preferred types of plastic currency in India. Between January 2017 and January 2018, almost 7.39 million new credit cards were issued, pushing the number of total cards in circulation to 36.24 million. This sharp rise is thanks to the host of benefits cards available today, along with an easy to meet credit card eligibility criteria.

Many financial institutions also accept online application for credit cards, which helps save time and hassle of extensive paperwork. You only have to follow some quick steps to apply for a credit card.

5 quick steps to easily apply for a credit card

Know your eligibility –

A borrower has to meet some specific credit card eligibility criteria for application. Various factors like age, income, credit score, etc. play a crucial role in determining whether a lender will sanction a card or not. Although it varies between the financial institutions, following are some of the standard requirements.

• Age – Your age must be between 25 to 65 years.
• Credit history – You should have a good credit history to apply for a credit card. A defaulter will be treated as a risky borrower, and the lender might not grant the application.
• Credit score – Most financial institutions require a minimum credit score of 750 to issue a credit card.

These are some of the general credit card eligibility criteria that you have to meet. Other than this, you must be an Indian residence and a salaried or self-employed professional.

Search for a suitable lender

The next step to apply for a credit card online should be a thorough search to find a lender that suits your requirements. You should pick a financial institution which offers the maximum set of varying benefits and features. You should also look at various loyalty programs before zeroing-in on one credit card provider.

After you define your requirements, check the details of a credit card plan. Remember to check the following –

• Joining and annual fees.
• Welcome bonus and reward programs.
• Complimentary features.
• Acceptance with various merchants and point-of-sale outlets.

You should also consider the different types of credit cards that a financial organisation has to offer. For example, Bajaj Finserv RBL Bank SuperCard has 6 variants that you can choose from- Platinum Choice SuperCard, Platinum Choice First Year Free SuperCard, Platinum Plus SuperCard, Platinum Plus First Year Free SuperCard, World Prime SuperCard and World Plus SuperCard. These different variants come with somewhat different benefits to better suit your unique requirements.




SuperCard brings the features of 4 different cards in one. It is a credit card, cash card, EMI card, and a loan card, packed in a single package. You can enjoy several industry-first features with this card.

Bajaj Finserv also has pre-approved offers for credit cards, personal loans, home loans, business loans, and a range of financial products and services. These offers help you save time by simplifying the process of financing. You only have to provide some necessary details online to check your pre-approved offer.

Collect the necessary documents

After you select a lender, contact them for further information on what you will need to apply for a credit card. You can also check their website to know how to apply for a credit card online. Every financial institution will also have a list of documents they require to approve an application. Here are some of the most common and essential documents.

• Identity proof like passport, driving licence, Voter ID, PAN card, Aadhaar card, etc.
• Address proof. This can include some of the above-mentioned documents and various utility bills including electricity bills, telephone bills, etc.
• Recent passport-sized photograph.

You will have to submit all the required documents at the time of applying for a credit card. A missing paper can void your application.

Online application process

After you meet all credit card eligibility criteria, find a suitable lender who provides with an online application process. Visit their website and fill the application details with the necessary information.

You will have to submit the documents mentioned above. You will get a notification from the lender for updates or follow-ups.

Knowing the status of your application

After your application is accepted, you will find a response on your application and credit card status. These are categorized accordingly –

• Under process – It means that the financial institution is still handling the application.
• Dispatched – After a lender issues a card and sends it to you via post, it will show as dispatched.
• On hold – Any discrepancy in the application process will cause the application to show an on-hold status.

Thanks to the easy to meet credit card eligibility, quick application process, and attractive features and benefits, credit cards are now the preferred mode of cashless transactions in the country. Applying for a credit card is easier. Go ahead with a pending application today.

Author Bio:

Gaurav khanna is an experienced financial advisor, digital marketer and writer who is well known for his ability to predict market trends. You can find Gaurav on Linked

Importance of Credit Cards in the Context of Human Trade and Finance

Finance is a broad concept which can actually be placed under two concepts, one as the study of how money is being managed, and another is the allocation of resources efficiently. Finance is a very important terms in the aspect of mankind, as human being just cannot exist on earth without finance. Each and every entity on earth that is being managed or run by man needs finance, be it a micro concept as, functioning of a single household, or in the broader aspect as the functioning of entire government or large business firms, all need finance to develop and grow as well as exist. 

Origin and Types

Origin of the term finance can be traced back to the time of the development of human civilization, however it can be found as a very popular word of the eighteenth century, meaning of which is management of money and wealth. Later this term has evolved into a greater extent, not only in the aspect of its practicality or academic importance, but also it is regarded as one of the important branch of economics. Finance is thus important in overall growth and development of human being. Finance can be also categorized in three forms according to the importance and uses such as public finance, personal finance and corporate finance.

Evolution of Payment and Transaction

With the advent of science and technology, human have made large progress in the field of science and technology. Not only in the area of science, have they moreover developed as most advanced species on earth. With the fusion of technology in every sphere, financial transaction has also evolved in more advanced from. Gone were the days of barter system or paper money. Now transaction is made largely through the process of plastic money or electronic payment. The growth of technology has revolutionized the procedure of money payment with e-money, debit cards and mobile payment gaining more popularity. 

Importance of Credit Cards

It is often said that if the outstanding balance is paid regularly at the end of each month, and if the expense is controlled efficiently, Credit Cards are the best source of money payment and making useful transaction. Credits Cards are very important tools dealing in the concept on finance and hence its benefits can be numerous.

1. Helps in resolution of Disputes – Credits cards are more secure and active than debit card in terms of any fraud transaction. In debit cards money may be out of your bank account by the time you come to know, but credit cards are safe in the way that in case of any fraud transaction, money remains intact.

2. Get More On Payment- While making any payment through credit cards, there are various schemes and offers available on the credit purchase, such as money back guarantee, money refund scheme, or bonus points, or even surprise gifts. These are not available on any other mode of transaction.

Conclusion

Thus credit cards offer plenty of benefits one can avail of than any other mode of payment or transaction. Finance is therefore very important aspect of human civilization and without it the entire society just cannot exist. Importance of credit Card is also inseparable, as it is one very important mode of money transaction and payment, thus becoming one very important tool of human trade and finance.

Author’s bio – Alisa Martin has written several quality articles on Logbook Loans. She suggests her readers to visit Logbookmoney.com to avail more information on the same.

Cash Back Credit Cards that Reward Home Improvement Purchases This Spring

This guest post was written by Jason Bushey. Jason is a full-time personal finance blogger, and he runs the day to day operations at Creditnet.com. 

It's already April, which means spring has arrived and homeowners are ready to crawl out of hibernation and get cracking on the spring cleaning we've all been putting off for months. DIY repairs may be the cheaper (and more fulfilling) route when it comes to home improvement this spring, but those expenses can certainly add up.

For their part, some credit card companies are willing to help out by offering bonus cash back on these home improvement purchases. Chase, Discover and American Express are all promoting 5 percent cash back or more on home improvement purchases made in quarter 2 of 2013, extending through June 30th.

If you're hoping to earn rewards on the home improvement purchases you plan on making anyway, here are four cards that can help take the sting out of spring cleaning:

1.) Discover it

Home Improvement Bonus: 5 percent cash back on up to $1,500 in purchases at home improvement stores

This popular cash back card from Discover is offering members 5 percent cash back on up to $1,500 in eligible home improvement purchases through June, 2013 when they enroll. All other purchases net 1 percent cash back per dollar spent. And since there's no annual fee, this is essentially one of the best free credit cards to carry so long as you pay your balance back in full each month.

What's the catch? The cap on bonus cash back earned is $1,500, so the most a member can earn on bonus cash back is $75 per quarter. That said, all other purchases earn the standard one percent, so no matter what you're buying with a Discover it Card you're still earning some cash back.

The Final Word: The quality of this card goes way beyond the 5 percent cash back bonus - there's also a 14 month 0 percent APR period applied to purchases and balance transfers, making this one of the best 0 percent interest credit cards on the market today - and in the short term you can earn some decent cash back for your home improvement purchases.

2.) Chase Freedom

Home Improvement Bonus: 5 percent cash back on up to $1,500 in purchases at Lowe's

The Chase Freedom card is offering cardholders 5 percent cash back on up to $1,500 in purchases at Lowe's. And if you want to reward yourself at the end of a day for a job well done, that same 5 percent offer extends to restaurant and movie theater purchases, too. That sounds like a pretty good Saturday!

What's the catch? If you don't live near a Lowe's you're sort of out of luck, and there's the aforementioned cap on 5 percent cash back at $1,500 in purchases. But like the Discover it Card, Chase Freedom members will earn 1 percent cash back on all purchases, so again you're still getting something for each swipe of your card.

The Final Word: This is another excellent cash back option, and as a bonus members who spend $500 within the first three months of their account opening will earn a $100 cash back bonus. Combined with your 5 percent cash back offer and you can save a bundle on home improvement purchases this spring.

3.) TrueEarnings Card from Costco and American Express

Home Improvement Bonus: 3 percent cash back on up to $4,000 in purchases made at Costco each year.

Costco has all the tools you'll need to get the ball rolling on those home improvement plans. Plus, they'll even reward you with 3 percent cash back at stand-alone US gas stations (again, up to $4,000), so not only will you receive cash back for the purchases you make at the store - you'll earn bonus cash back just for getting there, too.

What's the Catch? You'll need a Costco membership card to take advantage of cash back offered with this American Express card, and the $4,000 cap means a max of $120 bonus cash back each year. Like the cards before it, cardholders still earn 1% on all other purchases.

The Final Word: If you frequent Costco often (and we know there are plenty of you out there that do), this is an excellent card to carry year-round, long after you've put the finishing touches on that broken gutter or new doghouse.

Earn more than just self-satisfaction - and an improved living space - when you use the above credit cards to make your home improvement purchases this spring.