Owning a credit card provides various
benefits; Besides serving as a stronger security portal for your money, it
helps in easy and secure payments and aids in getting future loans, to mention
a few. Consequently, a lot of people are inclined to buy credit cards. If you
are one of them, browse through these five things that everyone planning to buy
a credit card should consider:
Eligibility
Your take home income is one of the most important criteria to access your eligibility to own a credit card, as it determines your repayment capacity. It not only helps the bank interpret your eligibility but also assist in setting the credit limit on your card, at the time of issual. Hence, it is crucial that you check the criteria of minimum threshold income for credit cards in whichever bank you chose to apply. You’ll have to present your latest ITR copy as your income proof.
Your take home income is one of the most important criteria to access your eligibility to own a credit card, as it determines your repayment capacity. It not only helps the bank interpret your eligibility but also assist in setting the credit limit on your card, at the time of issual. Hence, it is crucial that you check the criteria of minimum threshold income for credit cards in whichever bank you chose to apply. You’ll have to present your latest ITR copy as your income proof.
Relationship with the Bank
Applying in a bank where you already hold an account simplifies and speeds up the process. In this case, the bank already knows you as a customer and has witnessed your behaviour over the years, hence it saves the time of proofing. However, it is crucial that your share a healthy relationship with your bank, i.e. throughout your time with the bank you have maintained your account properly, always having a minimum amount of balance and a consistent flow of money.
Applying in a bank where you already hold an account simplifies and speeds up the process. In this case, the bank already knows you as a customer and has witnessed your behaviour over the years, hence it saves the time of proofing. However, it is crucial that your share a healthy relationship with your bank, i.e. throughout your time with the bank you have maintained your account properly, always having a minimum amount of balance and a consistent flow of money.
Credit History
Credit Information Bureau (India) Limited (CIBIL) is an information company that maintains the record of every individual’s payments pertaining to loans and credit cards. When you apply for a credit card, your past credit history and any personal, education or home loan is checked by your company through this CIBIL report. This makes it mandatory that you make your payments in time and clear any outstanding loan before you apply for a credit card.
Credit Information Bureau (India) Limited (CIBIL) is an information company that maintains the record of every individual’s payments pertaining to loans and credit cards. When you apply for a credit card, your past credit history and any personal, education or home loan is checked by your company through this CIBIL report. This makes it mandatory that you make your payments in time and clear any outstanding loan before you apply for a credit card.
Purpose
Your credit card should be bought in accordance with the major purpose you want it to use it for. This helps you chose a card that caters to your needs and provides more credit points and other benefits. Check different credit card offers and decide what suits you the best.
Your credit card should be bought in accordance with the major purpose you want it to use it for. This helps you chose a card that caters to your needs and provides more credit points and other benefits. Check different credit card offers and decide what suits you the best.
Free or Annual Fee Credit Card
Free for lifetime credit cards are a suitable option for you if your expenses are basic in nature. However, if you require heavy usage on your card, i.e. you use it for more than 40% of your payments, then it is a wise idea to go for premium credit cards that charge you an annual fee. This cost may range from Rs99 to a few thousands per annum, but comes with various benefits and higher reward points. With Axis Bank, you can apply for creditcard online.
Free for lifetime credit cards are a suitable option for you if your expenses are basic in nature. However, if you require heavy usage on your card, i.e. you use it for more than 40% of your payments, then it is a wise idea to go for premium credit cards that charge you an annual fee. This cost may range from Rs99 to a few thousands per annum, but comes with various benefits and higher reward points. With Axis Bank, you can apply for creditcard online.
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