3 Important Things To Remember Before Credit Card Apply Online

Do you want to apply for a credit card online?

People make mistakes when they apply for a credit card online. 

Want to know how?

Until the end of June 2024, there are almost 95 Million credit card users in India (Report). And this number is growing as the country is becoming digital.

Nowadays a person whose income is more than 15K per month can apply for credit cards.

But everyone who has used any financial product like Credit Cards or Loans before, and again going to apply for a new one should cross-check a few important points before credit card online.

3 Things To Remember Before Credit Card Apply Online

What are your own financial/Card requirements?

A credit card is an unsecured loan that you can use to make payments. But you should be always careful about your all financial & card needs.

Look for your financial requirements, do you really need a credit card or do you just want to keep it in your pocket to show everyone?

Many times we never think about the requirements while applying for financial products like Credit Cards.

Because sales associate always prefers us the product which gives them more benefits.

So if you need a credit card for travel and also want to use it for shopping and dining, then ask for a multi-purpose card with both features.

An entertainment credit card will not give you Travel and Fuel benefits.

Crosscheck your existing credits & debt.

Have you taken any loans in the past? Are you paying any EMI?

If yes then must think before applying for any new credit card or Loan.

Because existing debts and financial liabilities can cut down your current financial status in front of banks and other financial institutions.

Example: If your annual income is 4 Lac and you are already paying EMI for a personal loan of 3 Lac and using 2 credit cards with a credit limit of 1.5 Lac each.

Then you are already in debt of more than your total annual income.

These all financial details will be mentioned in your credit reports as credit agencies always update our financial status in their database.

How to maintain fewer credit cards?

How many cards do you already hold?

Holding too many credit cards is not a status symbol. Because this habit can destroy your credit score too!  Yes, this is true.

Using too many credit cards means more liabilities and debt. So if you miss any payment bank will cut down your Credit Points.

Did you pay a minimum amount on any card in the last statement?

How many times have you made minimum payments for your cards? If it’s more than 4 times then this is a sign of big trouble.

Because making regular minimum payments will not only affect your credit score but also the repayment amount will increase due to multiple penalties and surcharges.

Don’t only depend on credit cards.

A credit card is a very useful product if you use it carefully. So use them while you need them and you can get some benefits by using your card.

As buying any product for your home on EMI is a good idea, than booking an unnecessary travel trip just because you are getting some food and drink vouchers.

Try to avoid your card to buy everything with it. Use them while you can get some good benefits by paying with credit cards. 

How should you use credit cards to get more benefits?

Never do overspendings with credit cards.

Always look for the best deals and discounts on the cards as many e-commerce sites also offer up to 50% discounts and value backs if you use credit cards for making payments. 

Search for the best deals on cards where you can save some amount. 

Try to avoid using your credit cards for cash withdrawal as banks charge more Interest on cash by Card facility.  Make payments on time and save your money, time and energy.

Credit cards are the best for those who use them in the best way.

Also Read:

• 11 Best Credit Cards for Beginners In India.
• 5 Super-premium Credit Cards In India.
• 15 Best Credit Cards For Regular Use.
• 11 Best Low Salary Credit Cards In India.
• 7 Best Credit Cards For Shopping In India.
• 5 Best Credit Cards For Fuel In India.
• SBI Simply Save Credit Card.