In order to get your hands on the best rewards credit cards in India, you need to come good on the eligibility criteria set by the respective credit card company. Unlike the old days when you needed to do this via a phone call or a physical visit, you can simply go online, feed in some details, and you’ll know if you’re eligible or not. You need to work smart and build your portfolio so that no credit card provider rejects your application.
Let us find out more about ways in which you can improve your eligibility:
7 Ways to Increase Your Chances of Owning a Credit Card
Of course, the core eligibility criteria to apply for a credit card in India are that you have to be 21 years plus, an Indian National with a steady employment source and a decent financial account, and an individual with a high credit score. But there are other factors you must consider to increase your chances of owning a credit card.
Here are the top 7 ways in which can enhance your eligibility, making you more ready to apply for a credit card, and getting instant approval for the same:
1. Build Your Credit Score
The most important criterion for applying for a credit card is a good credit rating. Keep a stringent check on your credit report and check for errors that may have occurred in your report. If the credit score is less, then improve it. The following ways can help you get a higher credit score in a hassle-free manner.
· Pay your debts on time
· Don’t miss a single EMI
· Don’t indulge in late payments
· Don’t default on loans
· Minimise credit card/loan applications
2. Maintain Stability in Your Employment/Business
Having a smooth employment/business path and a regular and stable source of income increases your chances of acquiring a credit card faster. This proves your credibility as an employee and guarantees a smooth repayment capacity.
3. Increase Your Income
If you want instant approval for credit card applications or are seeking a high credit limit, you must increase your income and highlight the same in your documentation.
4. Apply at the Most Appropriate Time
There are credit card seasons when providers make offers, such as zero application charges, zero hidden fees, maximum reward redemption points, no redemption charges, and a lower rate of interest. Several providers offer a long interest-free period compared to regular days of the year. Look for and grab the opportunity and apply at the most appropriate time.
The other way is to apply when you are ready. If you have a stable source of income, a lower debt position, a good relationship with your financial institution, and multiple sources of income, it’s the right time to apply for a credit card.
5. Experiment with Different Types of Credit Cards
If you want access to multiple credit cards, it’s best to apply for different kinds from different providers. The features, benefits, reward point redemption system, applications, technology, and user interface differs. It is best to experience the best of all worlds.
Using Visa and Mastercard Credit Cards have their unique benefits, giving you various options to manage your expenses and earn credit card rewards and returns on multiple cards.
6. Don’t Apply for Too Many Cards at Once
Applying for too many credit cards at the same time or facing application rejections can bring your credibility and credit score down. Also, applying for a higher credit limit may not always work positively, as it only shows your dependence on credit cards.
If you apply for too many credit cards, it also shows your need, which may result in getting credit cards with a lower limit or high-interest rates. It is best to go for pre-approved offers or simply depend on a few elite credit cards.
7. Pay off Existing Debts
Before you apply for credit cards:
· Pay off your existing loans.
· Reduce your current debt.
· Repay your EMIs on time.
· Consolidate your debt using solutions like balance transfers.
This will help as your credit ratings improve, and you can get good deals on credit cards.
Conclusion
It is NOT difficult to apply for a credit card if you have good credit rating, appropriate documents and you meet the basic eligibility criteria. The aforementioned strategies will help increase your chances of owning more credit cards, increase your credit card rewards, and work positively on your credit score!