The privilege of having interest-free withdrawals of cash comes with a credit card. For getting such credit cards, you need to visit the websites of the various banking financial institutions or non-banking financial institutions. Then, you need to go to the section of the credit card application and choose the desired credit card. It can provide you with the privilege of interest-free cash withdrawals along with emergency advances. Various credit cards offer diverse benefits. Get more about the features and benefits of credit cards before applying for one. In this article, we will discuss applying for a credit card.
Various features and benefits of credit cards
You can get various benefits on credit cards apart from the sign-in rewards. Read this guide to know some of the benefits offered by credit card lenders.
- Multiple cashback options
Some of the credit cards offer cashback on specific kinds of purchases. So, especially if you are shopping online, you will get cashback for using various credit cards.
- Keep the vendors in check.
Credit cards tend to keep the vendor in check. Every customer can cancel the payment if they have already paid.
Credit cards come with different kinds of insurance, including travel insurance. The cardholder may not have the information that they are already protected. Do read the various terms and conditions of the card before you can avail this feature.
- Universally accepted
If you visit any foreign country, you need to think twice before carrying your debit cards. But if you are traveling with a credit card, it can let you spend a lot. You need not have to search for an ATM or currency exchange center.
- Instant loan service
You can immediately access the credit limit like a source of the loan amount. It does not require any approval or acceptance. In case of emergencies, you can take up the loan amount. An individual also has the option to convert the bill of the credit card to their respective EMI. It can help to pay back the bill of the credit card immediately.
- Improvement of credit score
Whenever you pay your credit card bill regularly, it tends to improve the credit score or CIBIL score. The different credit mix or credit helps to form a part of an individual’s credit score. If you use a credit card, it helps to improve your credit score. Once the credit score increases, the cardholder receives a plethora of benefits. If you have chosen the RBL credit card, you need to check your credit score while logging in to the RBL credit card.
The charges of credit cards include the joining fee along with an annual fee. Apart from that, there are several charges, including foreign currency transaction charges, cash payment at branch charges, fuel transaction charges, rewards redemption charges, and many more. These charges depend on the card to card and the type of lender that you have.
Categorization of these credit cards
Various credit cards that you can avail of. Some of these cards are stated as platinum, whereas others are titanium. The benefits and rewards of these cards are different. For instance, the platinum card offers a bonus reward point of 1000 bonus for every 35 transactions of 1000 INR or more. However, one needs to do this every month to get the reward. Whereas in the case of the titanium credit card, you need to spend 10000 INR in 2 months to get a reward point of 1000 rewards.
The documentation of credit cards is straightforward. You need address proof along with ID proof. If you are salaried, you need to provide the last three months’ bank statement or salary slip. In the case of self-employment, you need to provide the ITR with the bank statement for the duration of the previous 3 months along with form number 16. Two passport-size color photographs should back everything.
Once you are all eligible for the credit cards, you can apply for the same by visiting the official website. Moreover, you can get the benefits of easy and quick approval. Whenever you choose a credit card to apply through online mode, you need to provide the necessary documentation.
Now the non-banking financial institutions and the banking institutions require minimum documents to provide a credit card. But if you want to take a personal loan, you need to provide thorough documentation compared to that of the credit card documentation. After the approval of the application, the financial lender will provide you with the credit card within 21 working days.
Before choosing your lender, you must compare the various terms and conditions that your lender provides. Some lenders offer multiple benefits on the credit card, whereas others may provide you with extra discounts and waivers. Before you choose one, you need to be cautious. This article provides you with various information about Applying for a credit card that you need to know before applying for credit cards in an online mode.