Mon. Jul 6th, 2020

5 Tips to Getting Your Free Credit Card in India

credit card

As per data published in the Financial Express, India had about 52 million credit card users in the year 2019. The data is evidence of the fact that despite an overall economic slowdown, digital transactions have only gained traction over the years. 

More individuals are opting for credit cards in lieu of traditional payment to preserve the liquidity of their finances.

Now, while most credit cards require users to pay a nominal sum as an annual maintenance fee, several issuers have also done away with this charge. Individuals looking for a charge-free credit card apply tips that can refer to the list below to boost their chances of availing such a card.

  • Maintain a healthy credit score

Most credit card issuers require applicants to have a high credit score of 750 or above to deem them eligible to avail of a card. The case is no different for zero annual charge cards. To boost your chances of availing such a card, you must ensure that you have a healthy credit score. 

In case your credit score is less than desirable, you can adopt the following measures to boost it before undertaking the credit card application process – 

  1. Repay your outstanding debts.
  2. Have a healthy credit mix.
  3. Maintain a low credit utilization ratio, etc.
  • Have a steady source of income

Financial institutions gauge an individual’s capability to repay the credits they avail. As a result, they necessitate applicants to have a steady source of income to avail of an online credit card

Keeping these credit card eligibility criteria in mind, it is crucial to ensure that you have a steady source of income – whether a salaried job or a business with a long-term vintage before making an application for a card.

  • Do not make multiple applications within a short while

Multiple applications within a short period can lead to frequent inquiries into your credit report. This can hurt your credit score and make it further difficult for you to avail of a zero annual fee card. It is, thus, crucial to ensure that you have a gap of at least a few months between your credit applications.

If you are applying again because you’re previous application was rejected, make sure you understand the reasons why you may have been declined a credit card in the first place. 

  • Check eligibility criteria

To have your card application approved, you must check and comply with the eligibility criteria about that particular product. While most credit card issuers put forth nominal criteria like age limitations and income stability, others may demand other norms to be fulfilled. It is, thus, crucial to check before applying.

  • Keeps required documents handy

Every company requires applicants to submit a set of documents while undertaking the credit card application process. It is imperative to learn about these requirements before applying to ensure that there are no hassles in the application process. These are, in fact, one of the most important things to know before applying for a credit card.

Nonetheless, while availing these credit cards may allow users to save on the annual fee, they will necessitate on to give away several perks and benefits. 

To maximize the benefits of using cards, individuals can instead opt for cards with industry-first features, in exchange for a minimal annual charge.

For instance, the Bajaj Finserv RBL Bank SuperCard is one such card that offers the benefits of four cards clubbed into one. Individuals can use it as a loan card, EMI card, and cash card alongside a credit card. 

The above-mentioned factors, apart from the attractive benefits offered by such cards, make them much more compelling over zero-charge ones. 

It is, thus, imperative to consider every factor carefully before making a decision and applying for a particular product.