We understand the pain! Credit card owners indeed get a lot of offers, be it Amazon, Zomato, or any other shopping platform. So how do you get one for yourself? What is the actual process behind getting a credit card?
Credit cards are a type of credit facility provided by banks. It allows customers to borrow funds within a pre-approved credit limit. It enables customers to make purchase transactions on goods and services. Credit cards simply help manage your spending effectively.
6 key steps to get your Credit Card:
- Check your credit score: A good credit score can help you get approved for better rewards and benefits. You can check your credit score for free from various credit bureaus and online credit monitoring services.
- Research and compare credit cards: Look for credit cards that meet your needs and requirements, such as cashback rewards, low-interest rates, or travel benefits. Compare the features, fees, and interest rates of different credit cards to find the best one for you.
- Apply for a credit card: Once you’ve finalized the card you want to apply for, fill out the application form online or in person. Be prepared to provide personal information, employment details, and financial information such as income and expenses.
- Wait for approval: After you submit your application, the card issuer will review your application and credit score to decide whether to approve you or not. The approval process can take a few days to several weeks, depending on the issuer.
- Activate your card: Once you receive your card, you’ll need to activate it before you can use it. You can do this online or by calling the issuer’s customer service.
- Use your credit card responsibly: Remember that it is a tool for borrowing money, and you’ll need to pay back what you borrow plus interest. Make sure to use your credit card responsibly by paying your bills on time and keeping your credit utilization low.
Voila, now you have your credit card. And it is time to build a healthy CIBIL score.Â
